By clicking
Talk to a Specialist, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
I never co-mingle money and this account contains only my Mom's money, her written checks, and electronic payments with carefully written notes for each debit and credit.
I do write checks from the account occasionally and have signed my own name as I'm on the account.
I often see here where someone has a medical note stating a POA has been activated & is in effect. We’ve never been asked at any nursing facility, hospital or business for proof of activation.
Apparently the word "or" is used differently compared to using the word "and" or no added word. I was my Dad's financial Power of Attorney. Had zero problems getting this done. That way I could manage his account and write checks for bills as he no longer wanted to deal with check writing.
I never co-mingled my money with his.
Tomorrow Sig Other and I will go to my bank to add his OR to my checking account in case for some reason I cannot write checks for bills.
Here are some examples of problems that might occur when ownership isn't clear: 1) Creditors of any owner of the joint account might be able to get funds from the account.
2) A spouse of any owner of the joint account might have a 50% interest in some or all of the funds.
3) A divorcing spouse of any owner of the joint account can ask for the joint account to be divided in the divorce.
4) The full value of the account might be considered an asset for an owner who is applying for Medicaid or other means-tested benefits.
As POA you do not need to add your name, nor should you. You need to keep a clear line between hers and your finances.
The bank probably has their own rules on how to handle things.