A valid Power of Attorney - many discrepancies...
I have a friend who is currently residing in Virginia (temporarily), although his ''legal'' residence is in North Carolina.
His aunt had him sign a Power of Attorney - making her the POA. The ''alleged'' descrepancies follows:
1) Aunt lives in NC, but used a Virginia address on the form
2) Aunt spelled her nephew's name incorrectly
3) Nephew is in an institution (for depression) and will be getting out in the near future. The POA has a part that says this POA form cannot at any time be cancelled or revoked.
Can you put a ''time frame'' on a POA? ''This POA form will expire on 12/02/02. One month prior the the expiration, all parties will discuss if the POA needs to be extended for a period of (whatever), otherwise it will expire at midnight on indicated date.
The nephew has just sold his home and received a substantial amount of money. The aunt has written into the POA that she is authorized to deposit funds into her account, pay any debtors as she see fit. Don't POA's need to open a separate account as a trustee?
Any legal advice on this matter would be greatly appreciated.
Thanking you in advance - R in Virginia
1 Answer from Attorneys
Re: A valid Power of Attorney - many discrepancies...
If the POA purports to be under North Carolina law, I am not qualified to answer this question. If it is under Virginia law, the fact that your friends name is misspelled can be explained as a typo as long as he was competent to sign. Just because he is depressed does not mean he was incompetent. A medical opinion as to his competency would be necessary. POAs can have an expiration date and can contain whatever terms the grantor of the power wants to have included. It sounds as if your friend should challenge this on the basis of undue influence. I do not believe that the POA can not be revoked.