He gave my cousin POA she then took 57000 from his account and placed it in another account of which she is their poa without tellIng anyone but that person. After my father passed he will named my sister poa and that everthing he had was to be spilt between his 3 children evenly there after this lady removed 57000 she left 13000 in the account can she do this
While Dad was alive, Dad gave coursin permission t remove $57,000 of that account and place it in an accont that only had her and Dad's name on it.
AFTER Dad dies, the sister is now poa (THE WAY DAD WANTED IT). The other account has BOTH names on it. when dad died, whatever is left in THAT account now belongs to the cousin. The 3 kids, can't touch it. In fact, if the cousin doesn't even want to share how much is left, she/he in under NO obligation to do so.
People People People.............I am begging everyone reading this....
Get A will written today! even on a bar napkin!!!
You are the most selfish person alive if you don't write a will.
The pain and suffering you "will" cause once you die is intolerable for those you leave behind.
Ever if you want to leave a "f*ck you" will and leave EVERYTHING to your ferret (Murray).....and don't forget about Riley.
Sincerely,
Kathy
It does not sound like the second account was Dad's and cousin/POA. But rather a third person. Is that person another relative/sibling?
No one can have POA after the death. All POA's die with the person who issued it, since they can no longer direct their financial decisions because they are dead.
If Dad died without a will, then the state's rules on Probating such cases take over. If Dad had a will, the person he selected as his executor has to handle
the estate of Dad including paying all of his bills.
Sounds like the cousin saw the POA was her license to steal---truly shameful if that was her intent---but not uncommon. Too often the senior's funds become a grab bag for family members, who use the funds for them or think how nice it is to buy gifts for grandchildren etc. No it is the senior's life savings and they need to preserve it to help pay for the senior's needs while still on this earth.
Good Luck.
1) The dad chose HIS person he wanted as POA. (the cousin)
2) Dad agreed with the cousin that he/she put some of the money in an extra account so that the checks had BOTH names on them. As his dementia got worse through the years, the cousin needed more and more money to help. (she also deserves some compensation that SHE thinks is fairand the siblings think is FAIR for her work.) Siblings often want to pay their brothers and sisters (or cousins) LESS then what the work is worth. This is ridiculous! If you hire a perfect stranger to take care of your mom it costs $18/hour. Why not pay the family memeber minimum wage..... or at least half of minimum wage?
Did I mention money can cause SO MANY PROBLEMS once the family comes back together after being a part for 20, 30, 40 years? Everyone goes RIGHT BACK to their roles from back then.
She is the late one.
She is the sick one.
He is the hardest worker of all of us.
He/she is the disorganized one.
he/she is the irresponsible one....
and on and on and on....
What a mess!!!!!
kathy
Don't leave us hangin"!
"God is great,beer is good and people are crazy."But consult a lawyer..and please as stated above make a will and advance directives now ..I cannot stress it enough
Dad is free to do whatever he wants with his money. If he was unduly influenced by his POA, that is very unfortunate. But sans being able to prove that she coerced him into signing the new account paperwork? There's not a darned thing anyone can do.
It's not that unusual for someone to leave money to the person helping them during the final years of their life. A POA often falls in that category.
If I'm misunderstanding you, and she put the money only into her OWN name, then she is guilty of a crime and can be reported to the State's Attorney office. But I doubt that's what she did.
While it's unusual for a cousin to be named POA when their are multiple children involved, it is NOT unusual for a POA to encourage their charge to set up accounts in this way. Unfortunately. Most often it's someone's child arranging affairs in this way to bypass his siblings.
A Power of Attorney can be a lot of work, an honor and a privilege. It is also a very powerful document.
And yes. A Power of Attorney expires at death. I think what you mean is that your sister was made Executrix of your dad's will. An Executrix, by comparison to a POA, has very little "power" at all. They are charged legally with enforcing the terms of the written will. The will has no control over funds placed jointly OR naming someone as Contingent Beneficiary just as it has no control over life insurance proceeds naming someone beneficiary. In both cases, those funds pass directly to the named person upon death.
The sister cannot be named POA after death. POA is only in effect when the person is alive. The executor of the will takes over the finances after that.
We've been there.
Yes, consult with a lawyer. In fact, if you can, you probably should speak to two or three. You may find a range of opinions that you'll have to weigh out, blend, etc.
Yes, track the money.
Yes, someone can attempt to file charges if he or she can show a crime has been committed. That's most likely the role of the executor of the will who would have access to any and all bank records with a little leg work and can act in the estate's interest.
Before going any further, investigate what is and what is not elder abuse and an abuse of a Power of Attorney in your state. Know the facts as they relate to your specific situation before continuing. Don't necessarily trust what any professional wants to spin your way. Whomever in the family is going to deal with this needs - most likely the executor - to be ready to be an informed advocate.
Some things to keep in mind in terms of questions to ask yourself and others -
Was your dad competent when he signed the POA giving power to your cousin? Dementia may or may not make your dad incompetent. That's the key to whether or not the POA was valid in the first place. If a reputable attorney drafted and assisted, then that professional likely (but not necessarily) did a competency test as part of the process. If the POA was not valid, there is a process to challenge it but that will cost money out of pocket unless you can show a crime that your city/county/state chooses to prosecute. As an aside, anyone can tell you, "this is a crime!" but it's really up to a prosecutor's office at some level to both agree and decide that it's grieveous enough to warrant their time. Don't be too shocked if what you think is horrible just isn't bad enough...depending on where you live.
What did the POA say? If there were provisions that state that the money was to be used for your dad's care and it wasn't, there's a legal problem. The next question is whether or not you can obtain a remedy and at what personal cost to you, the executor, or the rest of the family out of pocket.
It all comes down to this: why was $57K withdrawn into a separate account? Was your dad aware that this withdrawal had occurred? Was he competent at the time it occurred? Did he direct that it occur? What was money in this account used for?
There are likely few easy answers and probably no easy solutions to this problem as the executor digs into it - assuming that the executor agrees to what you've suggested. We'll pray that you find the answers you need, the strength to do something about what you find, and that peace would reign.
So please do yourself a favor and hire attorney
that deals with this type of thing and settle
It illegally. Just my opinion I think she took
advantage, so get legal advice. Good Luck
First mom and dad can not give any person over $13,000.00 without consequences per IRS. IRS says for an individual to not be taxed a gift is no greater than $13,000 A YEAR to a single person as long as he signs a gift letter, a form especially for a gift.
So since Dad's name is still on the account the $57,000 is part of his estate. Without a will or trust, the family can go to court and sue the cousin.
I would definitely consult an attorneys advice.
Hope that helps, Debbie
Once Dad has passed the executor takes control of all monies and bills, if Dad's is not on the account those monies will be considered a gift and this gift is over the IRS limits. Turn that cousin to the IRS, and if Dad's name is on the account then the executor has control of those monies and distributed these monies per the will or trust.
My dad has passed but if my mom needs the monies that dad gave us as a gift, I have to pay back or if the State needs it they will take all of the monies that he gave us.
I had to consult my trust attorney when my parents came to live with me and I was trying to help them protect their monies.
But it is illegal for cousin to keep the monies after dad's death. Those monies was only provided for cousin to make emergency financial decision for his needs while he is alive.
You should get control of the monies ASAP or the cousin will move it or say that she spent it, then you will have to sue her for what ever assets she has left, as say house, car, furniture jewelry etc.
But if account has both names, the cousin has to provide the bank with his death certificate, to get his name off of that account. So cousin can't move the monies until cousin provides those items. I had to do this with our banks after my dad's death, so I would assume that all banks require the same.
Debbie
And I have also checked my facts about the accounts. I said it depends on if the dad's name was on the account or not.
SO I HAVE CHECKED MY FACTS. This is also what my attorney has told me.