Removing a Financial Power of Attorney? (business, range, buy, house)

[BrnTmr4Brkfst]

Is there anyway to remove someone having financial power of attorney?

My grandmother has a sizable trust due to the past success of the family business. However she's got some dementia at 88 years old, and can't manage her affairs by herself anymore. My mother took it upon herself to make it her my grandmother's power of attorney.

For a while things went smoothly, however certain decisions don't seem very kosher or in the interest of my grandmother.

My mother is fielding an offer to buy more of the family business (which is doing poorly) from a relative using my grandmother's assets. This will give her, through my grandmother, majority control of the family business. Many people in the family business disagree with this proposed change in power dynamics, and my mother is a lone voice shouting against the idea of selling the family business. Notably, my mother works for the family business, is the youngest, and has done the least to secure her retirement.

There's also the new issue of favoritism. As part of estate planning strategy, my grandmother has gifted generously to her grandchildren (the maximum non taxable federal gift allowance). This year in addition to that, my mother has used grandma's money to buy me a car, and is in the process of buying my sister a house worth roughly $200k. Suffice it to say my cousins have received no similar gifts, and would ostensibly object to what seems to be clear favoritism.

[Briolat21]

Umm--

this kind of sounds like a disaster. If your grandmother were competent and said "go ahead and buy sweet little lulu a new house!" - there'd be no issue.

But with your grandmother's competence questionable, well -- this just looks bad.

Seems like if someone in the family wanted to go after your mom for neglecting her fiduciary responsibility to her mother, there might be a case. Or at least enough strange looking to threaten a case and make everyone miserable.

I would think you'd have to go to course to have the power of attorney status changed - because if your grandmother is no longer competent, she cannot change it herself. So you'd have to basically get the court to find that your mother is not acting in the best interests of her mother, and then the court would appoint someone (like a financial guardianship) to manage things.

Sounds like it could get ugly..

[JanND]

Originally Posted by BrnTmr4Brkfst

Is there anyway to remove someone having financial power of attorney?

My grandmother has a sizable trust due to the past success of the family business. However she's got some dementia at 88 years old, and can't manage her affairs by herself anymore. My mother took it upon herself to make it her my grandmother's power of attorney.

For a while things went smoothly, however certain decisions don't seem very kosher or in the interest of my grandmother.

My mother is fielding an offer to buy more of the family business (which is doing poorly) from a relative using my grandmother's assets. This will give her, through my grandmother, majority control of the family business. Many people in the family business disagree with this proposed change in power dynamics, and my mother is a lone voice shouting against the idea of selling the family business. Notably, my mother works for the family business, is the youngest, and has done the least to secure her retirement.

There's also the new issue of favoritism. As part of estate planning strategy, my grandmother has gifted generously to her grandchildren (the maximum non taxable federal gift allowance). This year in addition to that, my mother has used grandma's money to buy me a car, and is in the process of buying my sister a house worth roughly $200k. Suffice it to say my cousins have received no similar gifts, and would ostensibly object to what seems to be clear favoritism.

See a probate attorney, or there should be an Ombudsman in your county...discuss w/ them your concerns.

Might be some info on these links
Power of Attorney Abuse Article
Removal of Power of Attorney