My 66 year old MIL is in the process of being evaluated by a psychiatrist. No formal diagnosis yet, but he suspects early
stage Dementia / Alzheimers.
She has minor memory / language problems and outwardly appears OK, but she has
significant issues organizing and completing tasks. Her finances are a mess, her apartment is a
mess, and she's having trouble routinely taking care of daily tasks like
washing dishes and taking out the trash. She is also impulsive, so it is
difficult to keep up with her daily activities and spending.
Psychiatrist advised us to take over her finances, monitor her meds,
implement financial and heathcare POA, living will, last will, and start
thinking about what she needs as far as in-home help and/or assisted
She is retired, has a pension from OPM (post office), gets a small Social
Security benefit, and lives alone (2.5 hours from us).
We want to set up a separate checking account in our name, deposit her SS
and OPM benefits there, and use it solely for paying her bills and sending her
I’ve read conflicting information regarding whether or not it is OK to
deposit SS and OPM benefits an account that doesn’t have the beneficiary’s name
on it. Does her name have to be on the
account? (it's not that we don't "want" her on it, but we need it to be separate
because she will spend the money intended for bills)
Neither OPM or SS recognize POA, they each have their own representative
payee approval process. Do we need to go
this (complicated) route when she’s willing to just call them and change the
direct deposit routing numbers to the new account?