When is a Durable Power of Attorney needed?
Full Question:
Both husband and wife own everything jointly. The question arises should they both seek Durable Power of Attorney should one be disabled. If so, will a spouse still be protected against things such as one of the spouses changing or naming a beneficiary to the life insurance policy, selling the jointly owned house or jointly owned stocks without the others permission. The other spouse would still need the rights to sign the checks and to pay bills or withdraw money from a joint banking account. Can the spouse sign checks and make withdrawals on the joint banking account if the other becomes disabled with Durable Power of Attorney? Would the spouse be able to make changes to the insurance policy, sell the jointly owned house or jointly owned stocks with Durable Power of Attorney should the other become disabled?
01/08/2007 |
Category: Power of Att... ยป Health Care ... |
State: ALL |
#218
Answer:
In most jurisdictions, with Durable Power of Attorney, your spouse can still sign checks and make withdrawals on joint bank accounts, but your spouse cannot sell jointly owned stocks or a jointly owned home without both of your signatures. Your spouse also cannot change or name a beneficiary on your life insurance or your retirement benefits. Although you both own everything jointly, the both of you should consider having Durable Power of Attorney.