Follow
Share

Helped aunt set-up trust 3 years ago - - DPOA was effective immediately (upon signing). I need to gain access to accounts to help pay for end-of-life care. Account manager's at investment companies are trying to protect aunt (which I am happy about) but wouldn't budge with letter from my attorney. I believe next step is their compliance department to get final ruling/clarification.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
I would have thought that your DPOA would be enough, but I agree it's good that they are cautious. I'd frankly ask the company what else is needed. You can't be in an unusual situation. Perhaps they need something from the doctor.
Good luck with this. Please keep in touch,
Carol
Helpful Answer (0)
Report

It sounds like the account manager is being extra cautious and you're right, that's a good thing, but not if it's standing in the way of doing what you need to do.

My dad was in a nursing home. He had an annuity and I was able to access it with my DPOA....and a password that my dad had set up. My dad was mentally declining and I thought, "Oh Lord, this is going to be fun". My brother and I tried to figure it out (dad was not a complicated guy) and finally we thought, "Why don't we just ask him??" I did, my dad told me the password, and the funds were released. Oh, there was some paperwork that needed to be filled out but I was able to do that on my dad's behalf with my DPOA. It was a fairly easy process, easier than I thought it would be.

I would think that with DPOA you should have access to your aunt's accounts. That's what the DPOA is for! Maybe your aunt has a ton of dough in these accounts that is causing the account manager to hesitate? My dad's annuity was less than $20,000.

Read the fine print of your DPOA to the account manager, or better yet, send him a copy of the DPOA. From what you said, it sounds as if you're about to begin running in circles.
Helpful Answer (0)
Report

Thanks for the quick replies! Unfortunately, I had my attorney send them both a letter outlining a clear explanation - no go. Now I have to get their compliance group involved but this will take more attorney fees. I have already asked one of the account managers to forward my request to their compliance office directly but he has opted to not do so.
Helpful Answer (0)
Report

Make a call to the office of the president of the company. Explain nicely what problems this is causing you, and how very pitiful your aunt is. Things happen when you call the top dog.
Helpful Answer (0)
Report

The immediate DPOA should have set everything up so that you don't have to jump through any hoops. They are making you do so anyway.

I like what jinx has suggested, however I wouldn't call I would put it in writing ASAP, but yes to the "top dog".

I would include not only a copy of the lawyers letter but also documentation from two doctors to have evaluated her and either the nursing home or the hospice that is caring for her. Then you should explain in the letter that the delays are decreasing her quality of life and may put you in a position of having to spend some of her money I'm sure the bills which was never the intention of the immediate DPOA in the first place.

They are taking unnecessary hardline position and you need it for is to try to get them to be sympathetic with your plight, hopefully before you need to take for the legal action which will ultimately cost your aunt, their client, unnecessary expenditures.
Helpful Answer (0)
Report

I just went through this this year with my mom. They asked for a letter from her Dr stating she couldn't handle her own affairs. After recieving that, there was no problem getting access.

It was a matter of them trying to protect her assets, which is a good thing.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.