How do I take control of my mother's finances?

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J

JennMc Asked November 2017

How do I take control of my mother's finances?

My mother has dementia and I have a POA but I don't know how I go about taking control? She doesn't think she does anything wrong but will spend all of her money or find people to take people to her to the bank and then drains her account. Should I open a new account in my name? She will be getting disability payments soon but I worry she'll get a hold of it and spend it on frivolous things. How have others dealt with taking finances over when they don't think you need to?

Alzheimer's & Dementia Financial Planning Power of Attorney (POA)

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score 2 · Answer 1

you need to have a letter from the Dr. ( on formal letterhead from his office) stating that she is incompetent ( has dementia). You then take this and POA to the bank.

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score 0 · Answer 2

You likely know this, but your medical POA authorizes you to discuss your mom's medical needs with any doctor.

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score 0 · Answer 3

You likely know this, but your medical POA authorizes you to discuss your mom's medical needs with any doctor.

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score 3 · Answer 4

Ok I will do that. Yes I have a medical POA as well. I have been having a hard time telling the Dr everything at the visits because she argues with me on the information, says it isn't true or tries to explain it away. So we don't get to everything. I can send a letter to her though. I hadn't thought of that.

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score 0 · Answer 5

Do you have medical POA as well?

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score 0 · Answer 6

Yes, it will be in effect. That is why it is called Durable.

Don't wait for the doctor to tell you she is incompetent. Ask the doctor to evaluate her plus tell the doctor or write them a latter sharing your concerns.

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score 0 · Answer 7

Her nuerologist did say to begin thinking if the future but she hasn't said to me she is incompetent but I don't think she knows everything that has gone on either. So maybe I can do a better job there. My mom doesn't think she even has dementia let alone makes poor decisions so it has been difficult.

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score 0 · Answer 8

Yes I take her to all of her Dr appointments. I have a durable POA so I can use it now if needed and it will still be good after she is incompetent or disabled.

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score 0 · Answer 9

A doctor who specializes in gereatrics, the care of older people. A neurologist could evaluate her also

Does the Durable POA say when it goes into effect. Some say when the person is diagnosed as incompetent.

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