My Mom's bank wants my name on her account. Could the creditors take money from my Mom's account? - AgingCare.com

My Mom's bank wants my name on her account. Could the creditors take money from my Mom's account?

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The bank wants my name on my moms account is there away that the creditors could take money from her account?

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whatdoido, having POA for your husband gives you the authority to use his funds in the bank for his care. How advanced is his Alzheimers?
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I have spent all my saving on running the home and now husband has Alzheimer and I have to care for him and he flaunt all his excess funds gambling and infedility and gifts to others but I forgave and he has funds in bank I,m afraid to touch and need the help what recourse do I have ihave poa for him
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Letter of Testament is a legal document that gives the executor of the will the power to probate the estate of the deceased. All probatable assets cannot be touched until the County Probate court initiates the Letter of Testament to the executor stated in the Official Will.
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I would first find out the reason why your mother's bank wants your name on her account, which I assume would be a joint account. There are practical reasons, such as being able to pay her bills if she's unable. I'm a joint signatory on my father's account and I would never relinquish that authority as I've had to use it not only to pay bills but to monitor the account.

I assume your concern about creditors would be yours, rather than your mother's? Without prying, do you have a legitimate reason to be concerned (i.e., do you have significant debt, are you in default on your obligations, etc.)? I'm not prying - it's none of my business, but it is a factor to be considered if that's your concern.

Lastly, having worked in elder law firms and knowing that there there are such a range of protections, I would raise your concerns with one of the bankers, a manager perhaps, and find out specifically how potential situations of concern would be handled. If there's a risk factor for your creditors' access, you might want to talk to ask the banker for another workable option, or talk to an elder law attorney to find out a better method. Believe me, it's worth the cost to get a professional involved now.

Some communities have free legal advice for seniors, and there are also legal aide societies that might be able to help you. In my state, there's an elder law organization which provides excellent free advice to seniors.

Good luck in resolving this issue.
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TCofMa, I saw one of these also, and have signed one for my hubby's long term care insurance - but then I was paying that anyways. I pay all our bills pretty much even if hubby's name is on them. The idea is that a critical insurance would not lapse just when you needed it not to lapse the most. If you were put in a position to pay it, you would probably be in a position to cancel it if no longer needed. Check with your estate planner or lawyer first though if circumstances are not clear.
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Interestingly enough my mother's home and car insurance co wants her to name another person (family member most likely) that would be responsible for covering her insurance premiums should she not be able to pay them herself. I've not heard of this before. So far they haven't pressed issue other than with a letter attached with her yearly insurance renewal. I live with her now, so should I sign this document anyway? I know she has enough money to take care of her expenes like that. I am taking care of the food and utility bills and other sundrys which helps her out. Once she passes I will inherit everything she has and all that insurance stuff will change anyway. Is this a normal practice for insurance companies? What should I do?
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no
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Is a Letter of Testament the same thing as a death certificate?
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As executor of the estate, the bank should have allowed you to create an account, saying it is the estate of your mom's name. Then, those bills can be payed out of that account. I think that I would ask someone higher up in the bank to look at the will and let you act as the executor of your mom's estate.
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I want to share my experience as my Mom passed away last month. I was POA but that was terminated at her death. I had her will naming me as executor of her estate to pay final expenses. The bank did not recognize the will would not even look at it. I was writing checks for the expenses at the pharmacy. She passed on 7th they froze her account on the 13th. Non payment of bills were then sent to collections. I was told I needed a Letter of Testament to set up an estate account of course that would have been a lawyer fee. I am thankful we went ahead and pain for her funeral the day she went into Hospice. I called my Lawyer and she told me since all 3 of us were POD just to get the money and split the expenses. I wanted to give some to the church but was not able to before the split of the funds. Mom thought she had it set up that I could pay her bills not sure if things are different from state to state but they would not even let me set up online banking for her. It is so sad that you are faced with these situations when you are also grieving over your loss.
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