An elderly friend asked me to be the executor of her will and gave me a durable power of attorney. I also became a signer on her checking account. She can no longer take care of herself and needs to go to a nursing home. I'm concerned that being on her accounts and title of her truck will make me personally responsible for her fees. Any input???????
You say that your mother has a poor memory. Has she been seen to see if she has dementia and is competent to make legal decisions? You just might be dealing with someone who is no longer competent.
Taxes, in NJ your estate has to be pretty large for people who inherit to have to pay taxes.
After my father became ill and was no longer monitoring the account himself (my brother still had the debit card), I went to the bank to make my stand and was informed that banking laws had changed recently. I no longer needed my Dad to originate the change of taking me off the account (which had previously been the case). The bank manager sat with me and had me off of the account that afternoon. My father wasn't happy with me when I told him.
My brother was listed as POA on my father's account in very short order. I think that more fitting, given the situation.
I don't know how the laws read in every state, but I was greatly relieved to take action and remove my family's finances from the liability of someone else utilizing my father's funds.
This way I can write a check( her checks) for her to pay for her in a nursing home.
She does not have family & has Alzheimers .We both went to the bank together when she first was diagnosed with this disease & showed the POA FORMS TO THE BANK $ put joint on her banking account.I am canadian so check how it works in your State.I am not resposable for her bills if she can't pay.