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.