Settling Deceased Parent Bank Account

[justasheila]

What is the name of your state? Ohio

Is it true that you have to wait a year from the date of death to settle checking and savings accounts of a deceased parent? As long as my sisters have power of attorney over the accounts they are free to use the accounts as they see fit without any legitimate proof. I have three sisters and the two oldest have power over attorney and refuse to discuss this issue. It will be a year in just a little over one month.

 

[ladybg1]

From everything I have read on here-Power of Attorney ends when the party dies. Unless your sisters have opened probate & are the representatives, they probably have no right to spend the money. You need to check with the probate court 1st & check with the bank to see how they were listed on the account. JTWROS would give them the money, but just being an authorized signature would not.

 

[Dandy Don]

No it is not true. They are hoping you wait that long so that you won't find out that they have drained the account that they should have transferred to an estate account at the time of death, IF the account did not list them as Joint Tenants With Right of Survivorship.

DANDY DON IN OKLAHOMA ([email protected])