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I set up accounts and all that for DH’s tax-deferred accounts. I designated beneficiaries (me, me and me).
As successor trustee, we did some spoofing on my mother-in-law’s accounts after she passed. They never knew they weren’t talking to her.
When we recently wanted to make a withdrawal of cash left over from a conversion of old-company stock to new-company stock (the company he worked for was bought) all it took was a phone call. But they would have noticed, I think, had I called.
In our case, we both have access to each other's IRAs online. Either one of us can sell funds from the others account, because our computers are registered, and the funds are deposited into a joint account that we both sign on. Can you do that?
I set up accounts and all that for DH’s tax-deferred accounts. I designated beneficiaries (me, me and me).
As successor trustee, we did some spoofing on my mother-in-law’s accounts after she passed. They never knew they weren’t talking to her.
When we recently wanted to make a withdrawal of cash left over from a conversion of old-company stock to new-company stock (the company he worked for was bought) all it took was a phone call. But they would have noticed, I think, had I called.
Given the mental state of the spouse as stated below, the OP probably can't get a durable financial POA:
A person has to be mentally competent in order to issue a durable power of attorney to someone. If the spouse is as mentally disabled as the OP implies, it's too late to get a POA. Guardianship will be required.
I presumed that the OP asked a 'what if' question, not that it was the actual situation. If s/he went to an attorney, the attorney would explain that.
I think the only legal way is to petition the courts for guardianship of your spouse if a POA is no longer possible. Most brokerage accounts allow a third party to manage a person's account, but that requires the spouse to sign forms to set it up.
Shrug. I don't see this as any different from DH using my account name and password to get into my online bank account, which is titled solely to me.
I agree. This seems to be tied into the modern legal 'you need blah blah blah' or you will be sued, and we will get your money. Course, if you have us make a DPOA, we will also get your money. We can't lose.
I hate litigious crap.
Thanks to this thread, I called Vanguard to get the form to update my husband’s account. After filling out the form, I should be legit. I will do the same for my account.
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