Legal Question in Wills and Trusts in New York
Power of Attorney
My wife died jan 19,2002. Prior to her death the power of attorney was used to modify her stock portfolio, adding my name as sole survivor.The documents were sent to the brokerage house certified mail retutn receipt prior to her death. The brokerage house refuses to honor the power of attorney, they claim that they received the documents after her death, and therfore the power of attorney is cancelled after death. They said I must provide case law indicating the validity of the power of attorney, since it was executed prior to her death. Their intent is to enter the portfolio into the estate.
3 Answers from Attorneys
Re: Power of Attorney
The power lapses on her death. You would have had to used the power and made the transfers prior to her death.
Let me know if I can be of help.
Daniel Clement
Re: Power of Attorney
A power of attorney dies with a person, so the brokerage house has a good reason to be very careful about this matter. I would suggest you get an attorney, because this will probably be resolved more quickly and easily with an attorney than without.
Re: Power of Attorney
The facts need to be developed further here to determine the availability of a challenge to the position adopted by the brokerage firm. There are a number of fact-specific issues under NY law that need to be carefully considered and dealt with concerning the power of attorney and the sequence of events concerning the handling of the brokerage account, as well as the administration of the Estate. An experienced probate/estate planning attorney should be able to handle this under NY law. Please note that my legal services are available only with a signed engagement agreement in accordance with the Code of Professional Ethics applicable to attorneys licensed in the state of NY. If I can be of any help to you or people you know, give me a call as I would be pleased to provide legal support. Sincerely, Robert Beatson, II; 3-26-2002, 9 p.m. EST; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.
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