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Durable POA Removing Joint Owner From Account
by Randy Carey and John Burnett, BOL Gurus
Guru Bio
Question: Can the holder of a durable Power of Attorney remove the grantor (principal) from his/her account as a joint owner? For example, a son is attorney-in-fact for Mom, and he and Mom are both joint owners, but the son decides to remove Mom from the account as a joint owner. Is this acceptable if it is a durable POA?
Randy's Answer: This will be based on the powers outlined within the POA and the purposes of this action. I suggest that you get legal counsel involved in this question. Attorneys-in-fact cannot unjustly enrich themselves as they are suppose to be acting in a fiduciary capacity.
John's Answer: Assuming that the son's joint ownership of the account is not in question (he could have been a joint owner before the power of attorney was granted), he has the right to close the account (and open another in his own name). Taking that route (which is the preferred way for removing a joint owner from an account) takes the bank out of the middle and leaves a clean record of who did what and on what date.
First published on BankersOnline.com 9/10/07
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