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Durable Power Of Attorney For Your Parents

Trust & Estate Tip of the Day: Do you have a Durable Power of Attorney for one or both of your parents? Are you also a joint owner of their bank account for convenience purposes? If so, you’d better confirm with the bank that you are actually a joint owner and not just listed as the power of attorney (which is called attorney-in-fact). I see this happen often – the (adult) child thinks he/she is a joint owner of the bank account, mom/dad dies, and all of a sudden the account has to go through probate because it really wasn’t a joint account, the child just had access via the Durable Power of Attorney.

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