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Asked in MA May 18, 2022 ,  0 answers Visitors: 1
I am power of attorney for my dad. My dad had a CD in his name and my sister's name, and she would take my dad who has dementia to the bank to withdraw funds from it. So I then went to the bank with my dad and removed her name from the CD, and transferred the CD into my name only to prevent my sisters from taking my dad to the bank to withdraw funds for themselves. Is it illegal for me to have done that with his CD? My sisters do not seem to think I have that right to do such a thing.
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2 Answers

Anonymous
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Posted on / May 10, 2016 09:46:00

It is legal so long as you acknowledge that the funds are part of his estate. The CD should read your name as Attorney in fact for your father. If the bank will not do it that way, you might want to create a revocable trust to hold his assets, assuming the DPOA provides you can do that. Make sure the division of the property is equal between you and your siblings. If you would like assistance, please feel free to call me.

Anonymous
Reply

Posted on / May 10, 2016 09:46:00

It is legal so long as you acknowledge that the funds are part of his estate. The CD should read your name as Attorney in fact for your father. If the bank will not do it that way, you might want to create a revocable trust to hold his assets, assuming the DPOA provides you can do that. Make sure the division of the property is equal between you and your siblings. If you would like assistance, please feel free to call me.

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