PoA daughter registers herself as joint account owner

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Latest post Sat, Mar 11 2017 4:53 PM by Drew. 6 replies.
  • Mon, Mar 6 2017 3:31 PM

    • gribbleman
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    PoA daughter registers herself as joint account owner

    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.

     

  • Mon, Mar 6 2017 3:41 PM In reply to

    Re: PoA daughter registers herself as joint account owner

    gribbleman:
    Larry (moms husband) has a daughter who is his PoA.

    HAS his POA, not "is."

     

    gribbleman:
    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.

    First of all, nothing says you and your siblings need to be notified about this sort of thing (although you obviously were notified or you wouldn't be telling us about it).  Second, did this happen with or without your mother's knowledge and consent?

     

    gribbleman:
    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.

    Not entirely accurate, but close enough.  However, just because her name was put on this account doesn't mean she isn't keeping her assets separate from those of your stepfather.

     

    gribbleman:
    was she legal in having her name added to those new accounts, or is this only highly unethical?

    If her father approved it, then it's perfectly legal.  That said, it's NOT the best way to handle this sort of situation because, if the money is in the joint account at the time of your stepfather's death, it likely will become his daughter's money by virtue of the terms of the joint account agreement (such agreements almost always provide that full title to money in a joint account passes to the survivor in the event of the death of one of the account holders).  If she refuses to pay over the money to his estate, then the executor of the estate would have to sue her.

     

    gribbleman:
    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.

    Larry might want to revoke the POA and/or insist that his daughter change things.

    Keep in mind that the situation you have described is something that only your stepfather and mother have standing to address.  You have no legal interest in the situation.

  • Mon, Mar 6 2017 3:52 PM In reply to

    • gribbleman
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    Re: PoA daughter registers herself as joint account owner

    Mother had no knowledge or was given a change to approve of where the money went. 

     

  • Mon, Mar 6 2017 4:43 PM In reply to

    Re: PoA daughter registers herself as joint account owner

    She needs to talk with her husband about fixing this situation.

  • Tue, Mar 7 2017 11:13 AM In reply to

    • Drew
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    Re: PoA daughter registers herself as joint account owner

    Mom needs to talk to her husband like darn soon wo poa anywhere near and fix two things...get that account closed out by dad and the poa revoked ....there are extreme risks ahead to not get it done ....yes, dad is entitled to be unwise ..and do so wo Moms permission ...just get it done like yesterday before dad is held to be incompetent .....but it's up to dad....



  • Wed, Mar 8 2017 5:10 AM In reply to

    • Drew
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    Re: PoA daughter registers herself as joint account owner

    I get it that Larry and his daughter may want to be sure that she gets 1/2 of the pot .....but if the proceeds of the sale were intended to fund the parents life into sunset ...that is now put at massive risk. And if Larry passes first, his daughter has no duty to care for stepmother with those funds .

    THis is easy to undue IF dad acts first to empty pot like TODAY and revoke PoA 



  • Sat, Mar 11 2017 4:53 PM In reply to

    • Drew
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    • Joined on Thu, Mar 30 2000
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    Re: PoA daughter registers herself as joint account owner

    AND / or Mom moves her 1/2 the pot to a safe new pot just in her name ....



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