Legal Question in Banking Law in Arizona

Power of Depository

I have attempted to find a similar form and have had no success. I'm attempting to locate a POD for use with my mother's deposit account that would not allow my creditors to access her deposits in the event of my real estate failure or similar. She is very elderly and I must be able to assist her financial activities but I as a real estate developer I do not want to risk having her assets compromised by my credit activities.


Asked on 10/06/08, 7:24 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Power of Depository

What is the source of the funds?

Who has access to the accounts? (CHeck writing etc.)

Is she mentally capable, or in need of a conservator?

There is no "form" required to make deposits to an account. However, if your sole purpose is to locate assets away from creditors, you may be out of the grey areas and into the dark zone.

If you have the ability to access funds in the account for your own debts, a court may hold you liable to creditors.

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Answered on 10/06/08, 7:42 pm


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