When does a general POA end?
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When does a general POA end?
Father granted daughter, who manages his business, General Power of Attorney 5 years ago. At the same time he Willed his entire estate to his 3 children and includedan option for the daughter with POA to buy 1/2 of his real estate, after his death, at a 25% reduction to market value. Over the past year, the 89 year old father’s mental capacity diminishes; he no longer understands the value of his real estate. He was officially diagnosed with moderate dementia 2 months ago and 5 months ago the daughter with POA convinced the father to sell option real estate at a 75% reduction.
Asked on January 12, 2012 under Estate Planning, Iowa
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation. To answer the question you have proposed, any Power of Atorney ends with the death of the person for whom it is granted. So the POA remains in effect as long as your Father is alive. But that is really not the issue here. The issue here is the undue influence that your sister has had on your Father who is not of sound mind to make such decisions. So what you need to do is to go to court, have her removed as POA, have him declared mentally incompetant to make decisions because of the dementia and to be appointed as this guardian and conservator of his estate. Then move to have the transaction set aside. Good luck.
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