Conservatorshop, Accounting or What? (co-trustee, medical POA)
This is a discussion on Conservatorshop, Accounting or What? (co-trustee, medical POA) within the Wills, Trusts, Estates forum, part of the Other Family Law Matters category; For over 5 years I have been managing my parent’s finances (dad passed away in 05) and he never wanted ...
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#1 |
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Junior Member
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Join Date: Nov 2010
Posts: 1
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For over 5 years I have been managing my parent’s finances (dad passed away in 05) and he never wanted my older sister (and her husband) to have control of his finances. I am also co-trustee and on bank accounts and medical POA. Last month I was checking the status of funds in my mother's (she's 85) accounts as I always do and discovered her IRA was closed. Tried calling her; no answer or callback. I contacted an attorney for advise, I have POA with requires 2 certified letters which I don’t have, but sense my mother does not and never has made any financial decisions, on his advise I moved the remainder of the funds into another account to protect them. I soon discovered that my sister and her husband took my mother to the bank after I moved the funds to discover they were not in the account, the stress of all this put my mother in hospital that day. I then found that they told my mother I was not managing her finances well (despite meeting with the financial advisor annually to review and make changes as needed and reviewing her statements with her) and they would not help her out in any way unless they had control of all of her money. Now I find they took her to have her POA changed to remove me as agent because they told her I took her money. (all money was returned after an investigation and a stop payment placed on the cashier's check that was issued, although I had access to all accounts since I managed her finances). What are my options? Can I petition for conservatorship and how, can I ask for an accounting? Just not sure what my next steps should be. Myself, 2 brothers and grandchildren are all beneficiaries and I'm trying to protect my dad's wishes for this money.
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#2 |
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Top Level Member
Join Date: Dec 2009
Posts: 12,580
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I wish to inform you that you were managing funds under POA. In this regard, the POA can be changed at any time by the person. Presently as your mother is alive, therefore, she is having power to dispose of the assets which are in her name as she likes. Your right to have accounting was there in your father's assets when your father was deceased. In this regard, you may demand accounts from the person managing property of your deceased father and you may demand that your share should be given to you. If you were appointed to distribute assets after his death as Executor of his estate then only court may change you in relation to your father's assets and not the other family members. In that case, after the father died then you as a legal heir was having interest in his property and for any mis-utilization of funds or misappropriation of funds you may take action in court and can demand accounts. Hence, till your mother is alive and can think reasonably till then her property is may be dealt by her in any manner as she likes including changing her POA while in your father assets you may demand accounting pertaining to your share.
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Probate/ Executor (deceased father, abandoned property laws)
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proper use of funds in power of attorney
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