Our mother passed away in Dec 2006 and Bank of America sent the paperwork for her IRA out to our father. AS POA for our father, she marked it to be rolled into our father's IRA and to re-assign the beneficaries of his IRA to myself and my sister. This was completed on Mar 21, 2007. Our father passed away on Mar 30, 2007. Bank of America has never processed our mother's paperwork so now they want to pay everything out to our father's estate instead of to us. They say that they don't accept POA's. Is this legal? Is there a State or Federal committee/department that can look into the mishandling of the funds by the bank. I don't feel that my sister and I should be punished because the bank can not perform they responsibilities in a timely manner. Any direction would be greatly appreciated.
2007-10-19 09:07:45 · 3 answers · asked by M V 1 in Politics & Government ➔ Law & Ethics
Get a lawyer, a POA is a legal document. A person with a POA is a legal representative of the person who had it drawn up, it is almost like saying you are that person.
2007-10-19 11:51:00 · answer #1 · answered by Jim J 2 · 0⤊ 1⤋
No one is obligated to accept a POA. As such, they can decline to do so.
2007-10-19 16:11:18 · answer #2 · answered by davidmi711 7 · 0⤊ 0⤋
Get a lawyer. This isn't something you can deal with alone.
2007-10-19 16:10:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋