Article Archives >> Lead Stories >> July 16-31, 2006
Preview of Article:
Power of Attorney Authorizes GiftsOnly in Best Interest of Principal
Nephew’s transfer of $820,000 to himself
is overturned so that charity may receive bequest
Excerpt
The Court of Appeals in New York has held that a statutory short
form power of attorney permits an attorney-in-fact to make gifts
of a principal’s assets only in the best interests of the
principal and has overturned a nephew’s gift of $820,000 to
himself. As a result, the Salvation Army will inherit the funds
pursuant to the principal’s will. (Estate of Ferrara,
No 92, 6/29/06.)
George Ferrara, a retired stockbroker living in Florida, executed a will in 1999 specifically stating that he did not intend to make provision for any family member and leaving his entire residuary estate to the Salvation Army. He was single and had no children. His closest relatives were his brother and sister and their children.
Article Archives >> Lead Stories >> July 16-31, 2006
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