if both parents die and there is a power of attourney notorized there are 4 siblings property worth approx. 40k what happens to property
3 Answers from Attorneys
The power of attorney ceases to be legally active once your parents died. If the property is bank accounts, then you can all sign an affadavit and the bank should transfer the money to the 4 of you equally. For real estate it is a little trickier, but there is an expedited process for small value Estates (under $150,000).
Is there a will? If so it governs where the property goes. If not the intestacy rules govern. The power of attorney is revoked by death. The procedures you must follow depend on the value and nature of all assets in the estate. If it is personal property, you likely can use an affidavit procedure, which is quite simple.
I agree with the previous attorneys that the power of attorney is automatically revoked. What else happens is a matter of speculation without knowing more facts.
Related Questions & Answers
My grandmother passed away after her only son died and had her daughter in law, my... Asked 8/15/13, 3:10 pm in United States California Probate, Trusts, Wills & Estates
My ex is retired military of 20 years. We were married for 20 years, have been... Asked 8/15/13, 8:56 am in United States California Probate, Trusts, Wills & Estates
Can a beneficiary in a family trust be removed as a beneficiary, and do they have to... Asked 8/14/13, 9:09 pm in United States California Probate, Trusts, Wills & Estates
My friend lived and worked with his father. Father passed away. Estate is in... Asked 8/11/13, 9:04 pm in United States California Probate, Trusts, Wills & Estates
My wife’s father passed away two weeks ago, there was a will dated 2007 that she and... Asked 8/10/13, 10:05 am in United States California Probate, Trusts, Wills & Estates