“I am my spouse’s power of attorney; they recently died, and the bank won’t let me talk with them, why?”
Let’s be honest here, estate planning documents can be very confusing. There are documents that only work while you are living and documents that strictly come into play when you are deceased. A Last Will and Testament are legal directions for after you have left this Earth (meaning you died – not gone to space). A trust is sort of the best of both worlds – it can work upon your incapacity and death.
A power of attorney, health care surrogate, and/or living will are estate documents to assist you only while you are living. In some instances, a power of attorney is used by your designated agent when the principal is somehow incapacitated (think dementia or a coma). It can also be used for a limited purpose, such as a power of attorney given for a real estate transaction.
Additionally, it may be used while you may have capacity but are indisposed or unavailable in some manner. As I have mentioned previously, to ensure this power of attorney doesn’t get into the wrong hands, it is always wise to name a trusted agent. Whether it’s planning for future incapacity or simply streamlining financial matters, having someone you can trust to act on your behalf is a big deal.
A power of attorney extinguishes upon death. This is why you can’t access your spouse’s accounts or speak to anyone on their behalf. This also includes any asset transfers or access to the bank account. Meaning, you cannot transfer any of the monies to you or utilize any of these funds.
You simply cannot use a power of attorney at a bank after your spouse, who gave you the power of attorney, has died. The better way to plan is to either make sure (after speaking to an attorney of course) that you are the owner of the bank account along with your spouse, that the account is titled in your trust’s name, or that you are the beneficiary of the account.
In wrapping up, having a power of attorney can really make life easier and can navigate life’s unexpected twists and turns with confidence. However, remember the power of attorney document will not work after you have passed away. If you’re considering establishing a power of attorney or have any questions about its implications, don’t hesitate to reach out. Cheers to peace of mind and smooth sailing ahead!
Tara David, Esq. of Estate Law of Florida, P.A. is located at 2211 E. Sample Road (Suite 101) in Lighthouse Point. Visit elflorida.com, email [email protected] or call 954-951-7274 for more information. Tara David offers complimentary consultations for estate planning and probate matters.