<\/p>\n\n\n\n
One of the great concerns for a deceased person’s family is how to withdraw the funds to pay funeral costs and administration expenses. Is it possible to use a power of attorney<\/a> to withdraw money from a deceased’s bank account in Florida? Read on to find out. <\/p>\n\n\n\n A power of attorney (POA) is a legal document used to grant authority to another person to make decisions on your behalf. The person executing the document is referred to as the “principal,” while the person receiving the authority is called the “agent” or “attorney-in-fact.” <\/p>\n\n\n\n The level of authority granted to the agent depends on the type of POA and the language used in the document. The principal can give broad or limited power to the agent, restricting the decision-making to specific matters. <\/p>\n\n\n\n Versatile by nature, a POA can be a valuable estate planning<\/a> tool. For example, you can execute a durable POA<\/a> naming an agent to handle your financial affairs in the event of incapacitation or severe illness. As specified by Florida Statutes \u00a7709.2109 (1), “a power of attorney terminates when: <\/p>\n\n\n\n When the principal dies, a POA is no longer effective and cannot be used to withdraw money from the decedent\u2019s account. Consequently, the agent or attorney-in-fact is no longer responsible for handling the affairs of the deceased principal. <\/p>\n\n\n\n To determine how to withdraw the money, the first step is to identify whether the account has designated beneficiaries. Beneficiary designations permit you to transfer an asset upon death without court intervention. <\/p>\n\n\n\n Examples of accounts with designated beneficiaries include retirement accounts (e.g., IRA, 401(k), etc.), brokerage accounts not listing the decedent as sole beneficiary, and bank accounts with transfer-on-death (TOD) or payable-on-death (POD) beneficiaries. <\/p>\n\n\n\n Please note that beneficiary designation does not avoid probate<\/a> if the decedent listed his or her estate as a beneficiary. In such cases, the account becomes part of the estate subject to court administration. <\/p>\n\n\n\n Without designated beneficiaries, it is time to identify the existence of joint account holders. An account owned by two or more individuals with rights of survivorship is not subject to probate. <\/p>\n\n\n\n If one of the joint owners dies, the surviving account owner is vested with the ownership title to the account. This way, it is possible to withdraw money from the account without a court order. <\/p>\n\n\n\n An account with neither designated beneficiaries nor joint account holders is subject to probate. In such cases, the court must appoint an executor to administer the asset. With statutory authority to handle the deceased’s estate, the executor can access the account and withdraw the remaining funds. <\/p>\n\n\n\n Avoid costly mistakes – contact Attorneys Romy B. Jurado<\/a> and Diana C. Collazos<\/a> today by calling (305) 921-0976<\/a> or emailing Romy@juradolawfirm.com<\/a> to find an efficient solution for your case. <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" One of the great concerns for a deceased person’s family is how to withdraw the funds to pay funeral costs…<\/p>\n","protected":false},"author":1,"featured_media":7458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"Can power of attorney withdraw money after death in Florida? Click here to find out. For help, call Your Florida Probate Lawyer at (305) 921-0976.","_seopress_robots_index":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[299,4],"tags":[301,305,303,334,336,26,28,23,27,25,24],"taxonomy_info":{"category":[{"value":299,"label":"Estate Planning"},{"value":4,"label":"Probate"}],"post_tag":[{"value":301,"label":"estate planning attorney"},{"value":305,"label":"estate planning attorney in Florida"},{"value":303,"label":"florida estate planning attorney"},{"value":334,"label":"florida probate attorney"},{"value":336,"label":"florida probate lawyer"},{"value":26,"label":"miami probate attorney"},{"value":28,"label":"probate attorney"},{"value":23,"label":"probate attorney in Florida"},{"value":27,"label":"probate expert in miami"},{"value":25,"label":"probate law in florida"},{"value":24,"label":"probate lawyer in florida"}]},"featured_image_src_large":["https:\/\/yourfloridaprobatelawyer.com\/wp-content\/uploads\/2022\/08\/can-power-of-attorney-withdraw-money-after-death-in-florida-1024x683.png",1024,683,true],"author_info":{"display_name":"Romy Jurado","author_link":"https:\/\/yourfloridaprobatelawyer.com\/author\/romy\/"},"comment_info":0,"category_info":[{"term_id":299,"name":"Estate Planning","slug":"estate-planning","term_group":0,"term_taxonomy_id":299,"taxonomy":"category","description":"","parent":0,"count":136,"filter":"raw","cat_ID":299,"category_count":136,"category_description":"","cat_name":"Estate Planning","category_nicename":"estate-planning","category_parent":0},{"term_id":4,"name":"Probate","slug":"probate","term_group":0,"term_taxonomy_id":4,"taxonomy":"category","description":"","parent":0,"count":182,"filter":"raw","cat_ID":4,"category_count":182,"category_description":"","cat_name":"Probate","category_nicename":"probate","category_parent":0}],"tag_info":[{"term_id":301,"name":"estate planning attorney","slug":"estate-planning-attorney","term_group":0,"term_taxonomy_id":301,"taxonomy":"post_tag","description":"","parent":0,"count":140,"filter":"raw"},{"term_id":305,"name":"estate planning attorney in Florida","slug":"estate-planning-attorney-in-florida","term_group":0,"term_taxonomy_id":305,"taxonomy":"post_tag","description":"","parent":0,"count":140,"filter":"raw"},{"term_id":303,"name":"florida estate planning attorney","slug":"florida-estate-planning-attorney","term_group":0,"term_taxonomy_id":303,"taxonomy":"post_tag","description":"","parent":0,"count":139,"filter":"raw"},{"term_id":334,"name":"florida probate attorney","slug":"florida-probate-attorney","term_group":0,"term_taxonomy_id":334,"taxonomy":"post_tag","description":"","parent":0,"count":128,"filter":"raw"},{"term_id":336,"name":"florida probate lawyer","slug":"florida-probate-lawyer","term_group":0,"term_taxonomy_id":336,"taxonomy":"post_tag","description":"","parent":0,"count":111,"filter":"raw"},{"term_id":26,"name":"miami probate attorney","slug":"miami-probate-attorney","term_group":0,"term_taxonomy_id":26,"taxonomy":"post_tag","description":"","parent":0,"count":203,"filter":"raw"},{"term_id":28,"name":"probate attorney","slug":"probate-attorney","term_group":0,"term_taxonomy_id":28,"taxonomy":"post_tag","description":"","parent":0,"count":203,"filter":"raw"},{"term_id":23,"name":"probate attorney in Florida","slug":"probate-attorney-in-florida","term_group":0,"term_taxonomy_id":23,"taxonomy":"post_tag","description":"","parent":0,"count":207,"filter":"raw"},{"term_id":27,"name":"probate expert in miami","slug":"probate-expert-in-miami","term_group":0,"term_taxonomy_id":27,"taxonomy":"post_tag","description":"","parent":0,"count":204,"filter":"raw"},{"term_id":25,"name":"probate law in florida","slug":"probate-law-in-florida","term_group":0,"term_taxonomy_id":25,"taxonomy":"post_tag","description":"","parent":0,"count":204,"filter":"raw"},{"term_id":24,"name":"probate lawyer in florida","slug":"probate-lawyer-in-florida","term_group":0,"term_taxonomy_id":24,"taxonomy":"post_tag","description":"","parent":0,"count":206,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/posts\/7453"}],"collection":[{"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/comments?post=7453"}],"version-history":[{"count":0,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/posts\/7453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/media\/7458"}],"wp:attachment":[{"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/media?parent=7453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/categories?post=7453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yourfloridaprobatelawyer.com\/wp-json\/wp\/v2\/tags?post=7453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Florida Power of Attorney – Understanding the Basics <\/h2>\n\n\n\n
Can Power of Attorney Withdraw Money After Death in Florida? – The Verdict <\/h2>\n\n\n\n
Handling a Deceased’s Bank Account – Immediately Contact Your Florida Probate Lawyer <\/h2>\n\n\n\n