My Mom and her husband are quite elderly and their house sold - a nice even 200k net proceeds that were needed to provide for their mutual care in their final declining years. (He is 91 and she is 84).
Larry (moms husband) has a daughter who is his PoA.
Larry and his PoA took out 100k of that 200k from Mom's Credit Union account (jointly held with Larry) and our understanding was that they were just going to put it into one of Larry's other bank accounts which are also joint accounts with Mothers name on them.
Instead, without our knowledge (our = my two sisters and I - one of my sisters being Mom's PoA) Larry and his daughter opened up two NEW accounts at his bank - and she had HER name put on there as Joint account holder, and mother was not added. Reminder - she is his PoA, and from our research, the Agent has a legal responsibility to keep her own assets separate and distinct from her principals assets. She has also held onto 15,000 in cash from the sale of a vehicle as opposed to depositing it into one of the joint accounts.
So the big question is - was she legal in having her name added to those new accounts, or is this only highly unethical?? Keep in mind Larry is more than a bit ‘confused' about all of this and when asked was quite upset that his wife of 38 years was not on either of the new accounts.
We are finding out through online research that if he passes, she can continue to hold that money as her own as she is joint account holder, and effectively ‘owns' the money to do with as she sees fit regardless that his will says any cash / assets are to go to his surviving spouse.
She swears she was acting on his instructions, and that he agreed to everything suggested by his bank. The man barely knows what day of the week it is, and could not have made conscious financial decisions for himself in our opinion.