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NSW Can a Beneficiary Freeze Funds if Exploitation is Suspected?

Discussion in 'Wills and Estate Planning Law Forum' started by Positive Tate, 18 October 2015.

  1. Positive Tate

    Positive Tate Member

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    On a joint signature bank account (operated by 2 x Power Of.Attorney's for an elderly incapacitated relative). What if one of the Power of Attorney's is unable to act? Does this give the remaining Power Of Attorney complete control over the bank account or can the future beneficiaries of the relative's Will freeze the funds to prevent exploitation ?

    Thank for your assistance with this matter.
     
  2. JS79

    JS79 Well-Known Member

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    Hi Positive Tate,

    Have a read of: Tips for Appointing a Power of Attorney (QLD) - Legal Blog - LawAnswers.com.au
    for tips and what you can do regarding a power of attorney.

    I have also attached an article regarding the rights of a beneficiary of the will : Are You a Beneficiary of a Will? Know Your Rights [QLD] - Legal Blog - LawAnswers.com.au

    If after reading these two articles you decide you would like some independent legal advice then see https://lawanswers.wufoo.com/forms/get-connected-with-the-right-lawyer-for-you/ to be connected to a local wills and probate lawyer.
     
  3. Pete Evans

    Pete Evans Well-Known Member

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    Hi JS79 , How you know Positive Tate is from Queensland ? I note your reference to QLD.

    Cheers
     
  4. JS79

    JS79 Well-Known Member

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    Pete,

    I have simply given two links to two articles that are on the law answers blog. The QLD reference is in the blog post.

    I do realise the poster is from NSW. These articles were given for general information purposes only in order for them to decide whether they would in fact like to get some legal advice from a lawyer.
     
  5. bluetongue

    bluetongue Well-Known Member

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    The answer to your question is dependent on what year the power of attorney was executed, and whether the power of attorney allows for the attorney to act in a sole capacity if the other appointed attorney is unable to act in this capacity. The joint signatory bank account may require 2 signatures and this may be treated separately from the power of attorney as you did not say if the signatories are acting in that capacity because of the power of attorney, or because of the account holder's requirement to have 2 signatories.
    With the amount of information that you have provided, a response cannot be provided to your question.
    Also, if the donor is not deceased, beneficiaries have no say over the donor's current assets.
     
  6. JS79

    JS79 Well-Known Member

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    Pete,

    Next to the topic of the post states which state the poster is from.
     

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