Seeking advice from anyone handling finances with POA or that had to become representative payee for an elder parent?

Make sure you have a detailed list of all bank accounts, assets, credit cards, liabilities, real property, IRA's, passwords, etc Set up a schedule to make sure everything gets paid on time. Set up on line banking. I recommend using QuickBooks or some other program to track all revenue and expenses as you go. If you don't use a computer then get a large banking log book to track everything. I found it easiest to set up separate files by subject and keep receipts for all transactions--do for both internet and hard copies. I recommend a separate email address for all related transactions. It is easiest if you start all of this immediately.

Soc Security does not recognize your POA so it is best to get a Personal Representative. It does not mean that your person cannot decide how to spend their funds but might require some oversight.

If real estate is involved, I found out the hard way that the title companies would not honor the POA when I tried to sell my sister's real estate. This was despite the POA being very clear that real estate transactions were included. I was told to get a guardianship or conservatorship before they would honor the sales agreement. Several attorneys told me that as private companies they can do whatever they want. So it means delays, lots of extra expenses even though we all thought we had been responsible by having POA set up along with wills, etc. So if real estate is in the picture, talk with an attorney to find out what to do now in the event it will need to be sold.

* You need to provide the bank with copy of the POA.
Once provided and set up, get documentation that you have control over the account.

*Social Security Representative Payee.
- You need to sign up; fill out required forms and provide POA document.
- Ask they what their procedure is - they will do a financial evaluation (perhaps yearly).
- Keep track of expenditures as SS Office instructs you to do.

* Whatever legal authority you have needs to be documented / provided to banking institutions - or wherever his money goes (auto deposited?)

Keep copies of every document.
Request a copy of ANY +EVERYTHING you sign.

* You need to keep ACCURATE records of expenditures, keeping all receipts.
- if you do not have already, keep a journal / record in a book (a blank book you can write in) documenting the what, when, where, etc.
- I do this and keep receipts in an envelope 'per month" .
- Keep good records: Separate files for 1) Bank/POA and 2) Soc Sec Payee Rep

If you need help, ask financial institution management.

Gena / Touch Matters

FYI - Be aware that legally, when your loved one passes, your POA expires, and the bank won't recognize it.

Guitarguy46: Perhaps you can garner information about your query through the SSA website.

As a representative payee, you are required by Social Security Administration to: (1) Use funds received to pay for the current and foreseeable needs of the beneficiary; (2) Save any funds not needed to meet current needs; (3) Keep accurate records of how you used the beneficiary’s money.

Please also note that having PoA, being an authorized representative, or having a joint bank account with the beneficiary is not the same as being a payee. According to Social Security, these arrangements do not give you legal authority to negotiate and manage payments for someone receiving Social Security payments. In order to be a payee, you must apply for this position and be appointed as a payee by Social Security.

You have nothing to fear about being a representative payee for your father as long as you keep all receipts of anything you purchase with your father’s Social Security money just in case you are called in for an audit. If your father buys things online you can print the statements to show what he purchased. Social Security just wants to make sure that his money is used for his needs.

Good luck.

I never became payee for my Mom. She had put me on her bank account long before I needed to use the POA. At the time the POA became in effect, the Bank received a copy. Mom never moved out of the County. She went from her house, to the AL to LTC all within 15 min of her bank. Since my nephew still lived in her house, I never changed her address. I picked up her mail at her house. I continued to let her SS check go to her acct at her bank. I just wrote checks as her POA and was never questioned. Getting payee was going to be a pain and I saw no need for it. SS does not except POA.

Now, if your moving the acct to another bank, that may mean u becoming payee for his SS as already said. Me, if possible, I would leave the account where it is if the move is not taking the person miles away from their home. If Dad is capable of buying online I see no need for SS payee because like said, he would not be in charge of his money.

I don't see where an address change alone would have anything to do with becoming payee, as long as your not changing banks. And it seems if Dad can order on-line, he can speak for himself.

I was told when I spoke with SSA that my dad could NOT have any access to his money once I became Rep payee.

I chose not to do that because I refused to take his ability to spend his money anyway he wanted.

If your dad can shop online, he can verbally give SSA permission to speak with you and allow an address change.

Have you set up online access with SSA? Everyone should do this, it stops hackers from being able to do it.

You already manage his money by way of POA at the bank. There should be no need to be representative payee with SSA. That comes in to play when SSA cannot reach beneficiary by mail or if someone reports he is being exploited by others etc. I took care of all finances for my mother and never needed payee designation for her SSA funds.

I am conservator for my dad and I had to do this in order to change his direct deposit for his SS check (we were closing one of his accounts.) It was an easy process but as I recall, it took a while to get an appointment. Annual reporting is easy. I already do a full conservatorship accounting so this is just one more.

When I did it for my BIL I had a doctor fill out the paperwork which was sent into social security then social security sent a letter to my BIL which he didn't answer then I became his representative payee for social security. All you have to do is report to the social security every year how you used his money like for housing, food and savings if you can save.

They do not ask for bank accounts.

Prayers.