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With my father, I have poa, but since it stops on death, we also have me as the coowner of his checking account and money market account, so that I can pay bills and arrange for a funeral upon his death. We don’t keep too much in this account, enough for the goals stated.
Power of Attorney question, wondering if anyone can help.
My 86 yo mom financially supports my 50 yo brother. I will have POA should she become incapacitated, so I would take care of finances then. After she passes away, would my POA stop immediately? I'm wondering how my brother will be supported (other than maybe he'll finally get a job) between passing and the completion of probate, etc. which I understand can take anywhere from 2 months to a year. The house is in a trust which would be available only when my bro turns 55, so I'm talking about bank saving and Wells Fargo dividends/modest investments, which are not in a trust. Thanks for any advice.
Can your mother put some money in a bank account with your brother as the POD (Payable Upon Death)? In fact, I'd encourage her to put beneficiaries on ALL financial accounts, insurance, annuities, etc. Any financial account with beneficiaries named will generally avoid probate completely.
And yes, the second she dies, the POA is no longer valid.
This is what my mom did. I could pay her bills after her death easily.
In terms of access, if the OP is using POA now she is likely already accessing the account.
Yes, OP, if your mom trusts you to do exactly as she wishes, and you know that you will, the easiest thing may be to just become a co owner on the bank accounts.
If the trust was set up correctly, are you sure that the other accounts and assets aren't already in the trust or have POD/TOD?
The whole point of a trust is to avoid probate (and/or have accounts with named beneficiaries).
Do you have a copy of the trust?
Still looking for the most current version, your comment refreshes my memory...from what I recall the trust deals with the house, and the lawyer has discretion to provide funds from sale of house to my brother until he would get it all at 55. I currently have no POA, only designated for the future, but my mom had a pacemaker put in last week and made me think about this...
-Make sure you are an OWNER n the bank account(s). When mom died the bank locked her account. I said let me in, I am on the account. Nope, sorry, you are an authorized USER not an OWNER and the owner has died. There was only $600 in it and after presenting the death certificate and will the bank transferred (wink, wink) the balance to my account (same bank). I suspect if it was a large amount it would have gotten complicated.
-Get the trust paperwork and wills and POAs and health care directives and bank accounts etc and read them. The time to do this is now when everyone is alive and can communicate.
-There are a zillion ways to set up trusts and this will be key to answering your question on the care of your brother. We have a trust set up for our daughter. She is 35 and married but because of mental and physical issues she will always be dependent on someone else. She and her H are terrible with money. We are not super wealthy but if she got her hands on our assets all at once they would be spent in record time. Our accounts are set up with the surviving spouse as beneficiary and when the last of us dies everything goes into the trust with instructions for the bank on how it is to be distributed. She doesn't ever get full control so when she dies it goes to our niece who is now 10. When she dies the balance goes to specified charities. The trust has the potential to last 80+ years. We gave everyone involved a copy of all the documents on a USB drive.
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