![]() ![]() Your attorney can explain the pros and cons of joint ownership, draft an effective POA, and assist family members when disputes arise. To find an elder law attorney in your area, click here. When that happens, the party who makes it to the bank first often wins. ![]() While joint accounts can often be useful, sometimes, as in this case, joint owners or their agents can disagree about the use of funds in the accounts. Under most state laws, when two or more people own "joint" bank accounts, each of them has the right to the entire account, no matter whose money is actually in the account. While this case clearly illustrates the conflicts that can arise through the use of a POA, it also raises the issue of the proper use of joint bank accounts in estate planning. The jury found that Bank of America had not acted reasonably when it rejected Clarence Jr.'s request, even though the joint owner of the bank account had not agreed to the release of the funds. A jury returned a verdict against the bank and awarded $64,142 to Clarence Sr.'s estate. sued Bank of America under a Florida law that imposes penalties on financial institutions that refuse to honor reasonable requests from agents named in properly executed POAs. The other account owner then withdrew all of the funds from the account and placed them into her own account, effectively preventing Clarence Sr. of stealing his father's money, Bank of America refused to honor Clarence Jr.'s request. When she told the bank that she did not want the funds withdrawn and also accused Clarence Jr. Before doing so, Bank of America contacted the other person named on the account. With US Legal Forms, everything gets much easier.Acting as his father's agent under the POA, Clarence Jr., asked Bank of America to transfer $65,000 from the account into a new account that listed only his father as the owner. Double-check filled in information and consider requesting a legal representative to examine your Pennsylvania General Durable Power of Attorney for Property and Finances or Financial Effective Immediately for correctness. Download your document in a wanted format.Īfter finishing these simple actions, you can complete the sample in a preferred editor.Use your PayPal or credit card to pay for the service. ![]() Choose a convenient subscription and create your account.Buy Now if this file is the thing you need or go back to the Search field to get a different one.Utilize the Preview feature or read its description (if readily available). The exceptions to this rule are California, Delaware, Michigan, Minnesota, New Hampshire, New York, Pennsylvania and Vermont. ![]() Make certain that the form you found is eligible for use in the state it is required in.Utilize this brief step-by-step guide to get your Pennsylvania General Durable Power of Attorney for Property and Finances or Financial Effective Immediately: Users without an activated subscription can easily create an account. Soon after accessing the sample, it’ll be saved in the My Forms menu. Once you are in, the Download button will immediately appear on the template web page. If you’re a user having a US Legal Forms subscription, just log in your account. Find the templates you require on our website for high-quality forms and exact explanations. It gives you the ability to stay away from troubles when in court or dealing with formal organizations. That's why we advise utilizing correct Pennsylvania General Durable Power of Attorney for Property and Finances or Financial Effective Immediately templates made by skilled attorneys. The work with documents isn't the most uncomplicated job, especially for people who almost never work with legal paperwork. ![]()
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