While I am Financial POA can I be named co- owner of my dad's bank account. And named soul beneficiary of his life Ins.?

So what’s the timeline on the backstory?
Imo I think that’s super important as to whether you as DPOA are doing actions now to benefit yourself so your not being “fiduciary duty” like Stacy posted.

Thats self dealing and if your sibs are unhappy with this, they can get APS involved &/or go to court to have you removed as DPOA and get guardianship done.

If dad bought life insurance in 1990 and listed you & only you as his beneficiary, AND left off all his 4 other kids, that was his decision and so long ago it should not an be an issue. But if he “did” this and was a change of beneficiary to his existing life insurance policy & done since you become his DPOA or since you started actively doing stuff as his DPoA, that’s a problem. Your not being a proper fiduciary.

You get him to make you a co-owner of his bank account, that’s imo not being a proper fiduciary either. It’s not like he allowed you to just be a signatory on the account. That’s what a fiduciary should do if the account owner allows it and can totally on their own sign off on the paperwork at his bank to allow for a signatory added. If you did changes to his bank account online, and your 4 sibs find out, well in the words of the handsome and talented Ricky Ricardo / Desi Arnaz “Lucy, jouuu got some essplainin’ to jou”

4 siblings, likelihood is 1 is already pissed at you abt something.
& expect 1 or more of the 4 spouses will be too if they find you’ve done life insurance & banking changes. & very.

you can’t be self dealing.
Helpful Answer (2)
Reply to igloo572

You can be pay on death if that is the wish of your father. But you should not co own the account. That is not good for many reasons. You can be the beneficiary of your life insurance if your father has assigned you as such. Often a parent wishes to give more to a sibling who is doing these onerous chores of paying bills, handling finances and investments, paying taxes and etc. for them; If there is a will it would be excellent if the parent would stipulate that this insurance policy was left to you BECAUSE..... and that that account was left to you BECAUSE........ In the case of my brother, he made me his POA and I was on his accounts to pay as his POA, signing checks as his name by my POA. And he made me the Trustee of his Trust. This was easy in that I was his only heir, his only sibling, and there were no other family members. HAD there been, then without good paperwork it would always be possible for other siblings to come in with claims and contesting. It is best to consult an elder law attorney with these questions; that is your best way forward so that things don't get messy at the end. Stacy is correct. You have a fiduciary responsibility; keep diaries; keep meticulous records of your expenditure, time and care for your Dad.
Helpful Answer (2)
Reply to AlvaDeer

You cannot directly influence or act in your own interest. It is a breach of fiduciary responsibility.
Helpful Answer (3)
Reply to Stacy0122

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