There is a sibling who underhandedly coerced the parents suggesting that his way would be more beneficial to them financially. The sibling encouraged parents to assign him the right to handle all financial affairs knowing that the elderly parents are not cognizant of the sibling's under-handed intentions. The siblings changed the will, insurance beneficiaries including the removal of a more responsible sibling's name from the policy, designated himself as power of attorney for their financial affairs, continuous mismanagement of parents annuities, social security and ultimately had the parents to sign their house in her, depriving the other siblings from their parent's inheritance. What can be done to rectify the exploitation of elderly parents?
My 93 yr. old mother is still alive. She has never suggested that I be on her account. She now has dementia. I took her to an elder attorney, when she still had some reasoning, to make me POA and beneficiary. (I think I would have had that power anyway, being the only child with no other relatives, but it's best to make things legal.) I had to "talk her into" putting me on her bank account so I could make decisions for her if she couldn't (explained if she had a stroke and couldn't talk) and to be able to pay for her cremation, which, at the time I wouldn't have been able to afford. She agreed. I have treated my moms' finances the same as my dads'. I get the payment for the memory care facility and any money for toiletries, clothes or medications from her account. I take out $20. for my gas. Unfortunately, I am accused of stealing everything she has (because of the dementia), at least 10 times during each visit. She says mean things like, "I see you're having a good time spending my money." "Oh, those are new clothes. You bought them with my money." I'm so hurt by her accusations even though I know she's demented. There are some of us who are honest but my mother never confided in me regarding her finances and was very secretive them. I don't know why. She certainly isn't a millionare. How sad to have a good kid that you don't trust.
It's too bad when one dishonest child can distort the thinking of their parents to get them to do what they want. I don't have to deal with it and I'm grateful. I don't see anyway out of it but to have your parents put ALL the names of their children on their finances, with signatures required by all of them before money could be distributed.
How was the POA and will drawn up - did your sibling do this themselves or was an attorney hired. If you take your parents to an elder care attorney - which is what I did. They truly act on the best interests of the parents and the new documents will supersede the old documents. My mom has Alzheimer's but at the time the new will was drawn, the attorney was confident that she was cognizant enough for this to be done.
If you really feel that your parents are not cognitive and are being abused - I would recommend having a court appointed guardian. It is costly and time consuming, but your parents best interests will be addressed and their financial affairs would be handled someone who is not a family member. This may be your best option.