Ok thank you, so if we are both the power of attorney, does it mean that neither one of us can do something without the permission of a sister. Or do we have to agree on any kind of decision
It depends on how the POA is written up and you would need to ask the lawyer who writes it up according to how your mother wants it to be. Is your mother competent to have a lawyer to draw up a POA and to sign it?
On one level, the answer to this question is clear: no, you don't become jointly liable with your parents for their expenses when you take on the responsibility of managing their funds and financial affairs.
But the question brings up some important things to remember once you do start acting for your parents. Under the power of attorney, you are acting as a fiduciary: a person responsible for other peoples' money. So, considering the question with that in mind, you have carefully fulfill your responsibilities.
Like the trustee at the bank who manages funds for the bank customers, you can be held liable for you parents' expenses if you transfer their funds to yourself or use their money in a way that goes against their interests.
my brother in law is not working , but is taking care of my mother in law who is 87. he has power of attorney and his name on the checking account. that is where the problem is. he cant get assistance because they say he makes too much money because his name is on her account. does he need to have his name on the account to be power of attorney?
No. His name does not need to be on the account. He needs to read back over the POA document and ask a lawyer any related questions that he might have about it.
The only advantage to that is inheritance. I don't know why the people he is seeking assistance from can't see from the current account records that he's made no deposits because he has no income to deposit.
Can a Power Of Attorney take a person's property ? I ask because of a situation I see with my neibhor and I worry for they young son who cares for their Mother .
Sir what I mean is could they force me to leave , I take care of Our Mother and they went and got power of attorney , if she were to pass away , could they make me leave ? Does that give them that much power ?
Hello, my father is 88 years old and the last few years we have been noticing a decline in his memory. He seems to repeat the same information daily sometimes more than twice daily as if he hasn't mentioned it. He has not been making the best financial choices leaving his accounts in the negative. He also has a acres of land that owns no mortgage just pays taxes, he is now fixated on borrowing money on the land and he's been going around asking complete strangers to do so promising to sign the land over to them but still having the mindset that he will still be the owner after said transactions are done. We have tried explaining that this is not how any of this works you cannot sign over and the property still be yours. He gets so outraged and angry and the next day he starts again. Will having him sign POA prevent him from making any decisions on the property and his accounts? If so, is there a specific from needed and I read on a previous post that the verbiage should contain the word "durable"?
Durable does need to be in the language of the POA. Having him sign a POA will not prevent him from doing the things that he is doing. As long as he has not been declared incompetent by a doctor and a judge in seeking guardianship for him.
Have you taken him to his doctor for an evaluation and told him privately what your dad is doing? Your dad sounds like he has dementia which would explain everything. It would be best, if his insurance does not require a referral by a ;primary care doctor, to take him to a gerontologist to be evaluated.
Thank you and no he has not been declared incompetent by anyone, he refuses to go to a doctor and/or hospital and has refused for over 20 years now. What would you suggest please.
This is a shot and I hesitate to mention it, but he is being a danger to himself. Maybe, just maybe you could go before a magistrate and present to them how your dad is being a danger to himself and thus have your dad involuntarily committed for a psychological evaluation followed by a plea for an emergency guardianship from the court.
I hope some others have better ideas, but his stubbornness has locked him into a path of self destruction financially for which I don't have any other ideas on how to intervene.
But the question brings up some important things to remember once you do start acting for your parents. Under the power of attorney, you are acting as a fiduciary: a person responsible for other peoples' money. So, considering the question with that in mind, you have carefully fulfill your responsibilities.
Like the trustee at the bank who manages funds for the bank customers, you can be held liable for you parents' expenses if you transfer their funds to yourself or use their money in a way that goes against their interests.
No. His name does not need to be on the account. He needs to read back over the POA document and ask a lawyer any related questions that he might have about it.
The only advantage to that is inheritance. I don't know why the people he is seeking assistance from can't see from the current account records that he's made no deposits because he has no income to deposit.
Is this person a relative? How old is the "young son" (young son makes me think of a child, not an adult)?
More details will help posters provide answers.
Have you taken him to his doctor for an evaluation and told him privately what your dad is doing? Your dad sounds like he has dementia which would explain everything. It would be best, if his insurance does not require a referral by a ;primary care doctor, to take him to a gerontologist to be evaluated.
I hope some others have better ideas, but his stubbornness has locked him into a path of self destruction financially for which I don't have any other ideas on how to intervene.