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My 92 year old father died last month and my 90 year old mother will soon receive his life insurance benefit payments. She has few monthly bills to pay, which are covered by Social Security and Medicare. Us siblings, one of whom has Power of Attorney for my mother, believe these insurance benefits and any other settlements should be held in a bank account FOR my mother, rather than in her own personal safety deposit bank box or in one of her purses and have her forget where she put it. We have suggested to Mom this more accountable means of keeping track of the money but she is refusing. In the past she has fallen for a lot of the financial scams... sending thousands of dollars to different people in order for her to claim a huge financial prize and so on. How can we make her understand that we need to do this for her financial safety? Do the insurance companies/Social Security/Medicare have a responsibility to include the Power of Attorney agent in on any financial transactions?

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Both of the answers above are completely correct. When I caregave, I took the checkbook away and said no here is your allowance after your bills are paid and the basic necessities and groceries I wouldnt pay for were paid. I heard crying and all the arguements. The answer was always the same no.
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I don't know, but, I'd be concerned too. It sounds like she's not able to resist financial exploitation. I'd see an attorney to see about getting Guardianship of the estate to manage her finances. With a history of falling for scams, I'd be worried that she might lose it all. I'd list all your observations of her behavior and seek legal advice.

Even if she temporarily agrees to allow you put the funds in the bank, she could withdraw that POA authority at any time and use the money as she pleases. I wouldn't like to take that risk.
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You pursue Guardianship. A POA can only carry out her wishes, not go against them. If you ALL agree she is losing competence and you ALL agree who should be the Guardian, see a lawyer and get it done.
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