I have financial POA over my Dad whose dementia is growing worse. Can I restrict him from gaining access to his certificates of deposit?


I am afraid he may be scammed into giving away large sums of money.



As a follow-up on what bicycler said about the type of POA and whether you have to PROVE that the person is INCOMPETENT:
My Mom’s Durable POA states” I declare that this power of attorney shall not be affected by my disability or incapacity, and that the authority granted herein shall continue during any period while I am disabled or incapacitated.” In other words, I was able to evoke my power as Mom’s POA and sign any checks, insurance papers, required farm forms, etc. as soon as Mom went into the hospital and then was admitted to the nursing home. I did not have to prove that Mom was incompetent.
Helpful Answer (0)
Reply to DeeAnna

Jennifer61, the answer to whether you can restrict your dad's access to his own CDs depends on the type of POA and/or whether he has been declared incompetent. Some financial POAs immediately allow both the grantor (your dad) and the agent (you) to handle finances and some do not come into effect or restrict the grantor unless the grantor is deemed incompetent by one or more doctors. POAs vary depending upon what the grantor wanted to do and who wrote the POA. You should carefully read the POA to determine if it is sufficient for you to now restrict his access to his financial assets. If it is not sufficient, then you may be able to get him to sign a new POA that is sufficient, but he has to understand what he is signing for it to be a valid POA. If he is either unwilling to sign a new POA or is unable to understand what he is signing, then your only recourse may be to petition the court for guardianship and conservatorship.
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Reply to bicycler

Jennifer, Could you give us more background information.
Where are your Dad's CODs--at his house, in his safety deposit box? Is your Dad living at his house or with you or in an AL or NH? Are you a co-signee/co-owner on your dad's checking accounts and safety deposit box? Is there any other family members who would be willing to get the CODs for your Dad even if you tell them not to? Who do you think is "Scamming" your Dad?

Based on what you have stated, I would said that "No, your dad CANNOT get his CODs--if you have evoke your POA power over your Dad. If you have not evoke the POA, why not?

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Reply to DeeAnna