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In addition to refusing to honor valid durable powers of attorney, the Bank of America and some other banks now refuse to allow access to the accounts of deceased individuals when there are more than one personal representative appointed.
In the case of Tracey E. Fern vs. Anthony W. Baker, the Massachusetts Appeals Court finds that agents under a durable power of attorney can make gifts to themselves if they can meet the burden of proving that doing so is consistent with the grantor’s donative intent.
Gifting powers in durable powers of attorney that restrict gifts to the agent or limit gifts to the gift tax exclusion amount can create problems for estate and MassHealth planning.
Methods to ensure that a durable power of attorney will be accepted by banks and investment firms, including revocable living trust
Fundamental estate planning for new, young parents
Only a probate court through a conservatorship proceeding can declare someone incompetent to execute a durable power of attorney
An explanation of why clients should not execute springing durable powers of attorney
Michigan case highlights need for agents under durable powers of attorney to keep good records of their actions
The fiance of an ill or deceased individual has no more legal rights than a stranger unless they have been granted status through a durable power of attorney, health care proxy and will.
We recommend that everyone execute a durable power of attorney as long as they have someone they trust to appoint. A power of attorney is a document that allows the individual appointed to make financial and legal decisions on your behalf.
