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Should I Give Power of Attorney to the Executor for My Inheritance?
My Grandmother recently died in Ohio where she'd lived with my Mother (her only child). My Mother is executor of the estate. I live in Florida.
My Mother claims that I have to sign a letter for her to get me my inheritance. The letter she wants me to sign says: I, xxxx, give my mother, xxxx, power of attorney to complete any financial transactions for me. I am currently living in the state of Florida and not able to travel to Ohio on regular basis. I understand I will be receiving a monetary inheritance from my grandmother, xxxx thus giving my mother power of attorney to complete any transactions. Not that I don't trust my Mother, but... well, I don't trust anyone else when it comes to my money. What I'm wondering is if letters like this are standard practice. What does signing such a letter really mean for me? Would signing such a letter allow my Mother to legally steal part or all of the inheritance? Is there different wording I could use to re-write the letter to protect myself from such possibilities? Thank you all in advance for your answers. |
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"I don't see problem in the letter. you can take advice from professionals. but in any case you are natural heir to your grandfather and to your mother's property."
What? What is a natural heir? You did read that there is a Will, right? And the mother is still living, right? No, the people inheriting sign Court papers, not a "cover all bases power of attorney." Maybe I'm missing something - although you do say you don't know, just thought you'd answer anyway. |
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What would be the purpose of your mother's having power of attorney? I wouldn't think it would be necessary if you are named in your grandmother's will. Your inheritance should come directly to you from the estate with no POA needed. (I am not lawyer, but have personal experience as an heir.)
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I'm not sure I understand the need for the POA. As executor, your mother already has the power to act on behalf of the estate. The only reason I can think of, is if you were given a specific bequest and there is a need to liquidate it.
I would definitely ask what the purpose of the POA is. At the least I would modify it as follows: I, xxxx, give my mother, xxxx, power of attorney to complete any financial transactions for me with respect to the distribution of the estate of my grandmother, xxxx.. This is because I am currently living in the state of Florida and not able to travel to Ohio on regular basis. I understand I will be receiving a monetary inheritance from my grandmother, xxxx thus giving my mother power of attorney to complete any transactions with respect to that inheritance. At least this limits the POA only to transactions related to the estate. Also I would ask for a copy of the will first to determine what you will inherit. |
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IF I signed such a POA I would want it reviewed by an Attorney AND I would want it to be very, very specific - I see absolutely no need for a POA unless the mother is somehow making some arrangement after the inheritance is transferred into OP's name. Like WG, I've been on all sides of this, and I was out of State.
Never, ever have I signed a POA concerning an estate matter - and there were stocks split three ways. The Executor split them and then it was mine to handle myself. Being out of State meant nothing. Now, if the mother is somehow inheriting property with the OP and the mother wants to liquidate it (or something similar) it gets transferred into the "new" names and then maybe the mother needs a POA to liquidate. As Executor of the estate I don't think she does. |
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No, do not sign the POA.
Probate typically takes months if not years. It is not something that needs paperwork in a hurry. I can't think of anything that would need your mother to sign something in your behalf that you could not just as well sign in Florida and e-mail, fax, or mail to her. I'm guessing that she has a lazy lawyer. 150 years ago, a POA might have made some sense. Not today in the age of instant communication. |
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