How do you set up bank accounts once you've been chosen as a conservator? - AgingCare.com

How do you set up bank accounts once you've been chosen as a conservator?

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My husband and I have been appointed conservators for my in-laws. Has anyone had experience setting up bank accounts for this and also how to contact social security to have their checks direct deposited into the estate accounts??

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Conservator must put the account in the Ward's name only. Conservator is only a signer on the account. Conservator must do tax returns annually. How the funds are spent is spelled out in the court order. If it specifies medical expenses, then it can only be spent on medical expenses. The conservator has to keep records and receipts and submit annual reports to the court. What happens at 18? Again you must read the court order. Many times the Conservator is in effect until age 21. Read the documents. Attend Conservator training provided by the courts.
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Consulted with a lawyer and he said not to hire one since the insurance company is settling for max on policy and all medical bills are paid for with $105K extra after bills. Court approval is just because she is a minor or money would have been paid by insurance company already. All that is left is to go to court for documents. When I say we I am talking more on the side of us as parents. Yes my wife is conservator so she is in control ( I have no problem with that). My main concern right now is just setting up account to hold the funds. Talked to bank and they said all they need is court document stating wife is conservator and how funds are to be reported for spending being in my daughters best interest. What type of restrictions do they put on spending of the money, say if my daughter wants a car. It is her money after all (if wife approves). Do we need a POA if she is a minor? Can her acct be setup as my wife as a joint on acct or how is that acct setup so the money can be withdrawn. And lastly what happens when daughter turns 18 years old. This is why I ask about Joint on account.
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Rickkk, I don't know why you are saying "we". If her mother is conservator you will be totally out of the picture. You need your own lawyer in court, to represent only your interests. See an attorney.
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I am trying to find out about the in's and out's of conservator ship for a minor. My daughter was in a car accident and since she is a minor settlement will be approved by a judge. All is straight forward on the claim and after medical insurance payout she will receive just over 100K. Judge should award her mother as conservator and have not yet setup a bank account. When we go to court, what documents do I need to ask for and we want to setup an account but don't know what name's and how cost will be paid out of it. She will have 2 more surgeries in about 3 months.
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Finally got it done. The court appointed lawyer for my mother had a contact at CHASE. He said : Get a document from my lawyer indicating the the branch manager does NOT have to sign a "proof of restriction" document. Chase has their own way of sending off a "proof of restriction" to the courts. Once this was sent off to Chase, they went ahead and opened the new account, closed the old account. All finished. The funny thing was that I expected real problems with Social Security but they were the easiest to deal with. They'll tell you what must be done. When that was done everything went as smooth as silk. My advice ? See above.
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Finally, I got the amended letter of appointment.. Still Chase now says that the problem wasn't the language but it's that the "boiler plate" document in "The order of appointment" that requires a signed signature of the bank manager that the account IS IN FACT RESTRICTED as asked in the document. Which BTW it should be (partially restricted). But, CHASE doesn't want to "have" to sign this "Proof of restriction" document and therein lies the problem. My lawyer will speak to the judge tomorrow to see if he can do something. He's never seen anything like this. My advice so far is NEVER RESTRICT any of the money if you don't have to. NEVER, NEVER NEVER... I restricted some of the money that I wouldn't need for 6 or 7 years so as to SAVE money on the BOND that's required for the amount that's NOT restricted. That turned out to be a major mistake. You save nothing as now ALL lawyers have been back and forth at court and costs have multiplied. We're now into more than 11K so far.
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Still waiting on the motion to make a new letter of appointment with different wording. Who know how long this takes. Sheesh ! It's so abusive for the banks and the courts to do this to someone. Besides the stress of helping an elderly parent in a nursing home go through dementia and all it's other problems these banks and the court should be ashamed of themselves. It's been more than 2 months so far since I originally went to court and actually got a letter of appointment. I'm not even talking about the two months prior to that, waiting for a court date.
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Went to court. The judge is giving me more time. If needed, they'll fix the wording in my letter of appointment. If needed they'll allow THE BANK to send the Proof of Restriction document from their Legal department to the courts rather than a notarized signature on the "proof of restriction document" by the bank manager in the bank branch. It seems THE BANK didn't want to allow their bank manager. They don't want a bank manager to sign "ANYTHING". As far as the OTHER BANK, I'm going tomorrow to set up the small account "Conservator" also. And we'll have to hope it will go well. I'll get back to let you all know.
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bookluvr,

Yes, that would be true for Guardianship, but I also have Conservatorship. That's the financial end of this. And they've already rejected my POA which is why I was told to get Conservatorship.I'm going to court again on Tuesday to explain. It might just be language in the paperwork that's making the bank balk. It's been a nightmare.I will let you know if I've solved this.
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Bradh1, can you continue to update us in this? In case someone runs into the same problem, they'll know what to do, too.... FYI, when my mom was alive, my dad had legal guardianship through the court. Our local tax department wanted POA and considered the guardianship paper as inferior, therefore unacceptable document. I tried explaining that dad's guardianship is more legal than a POA. No dice. POA only.
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