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re: Neurologist said he is considering filing with a judge to remove my FIL from his finances
Posted on 7/28/23 at 10:37 pm to StringedInstruments
Posted on 7/28/23 at 10:37 pm to StringedInstruments
I’ve been in banking over 30 years, please take this advice. Not only do you need a power of attorney, but you need to open a checking account for him & CLOSE ALL OF THE ACCOUNTS THAT HE IS AN OWNER OR SIGNOR. If you can’t close the accounts (direct deposits, etc) at least move the money to the new account as soon as it hits the current account.
The POA is great & necessary, but if he is an owner or signor on a bank account, he can still “move” his money. That means he can be taken advantage of.
The POA is great & necessary, but if he is an owner or signor on a bank account, he can still “move” his money. That means he can be taken advantage of.
Posted on 7/29/23 at 7:19 am to ManyTiger
quote:
but you need to open a checking account for him & CLOSE ALL OF THE ACCOUNTS THAT HE IS AN OWNER OR SIGNOR. If you can’t close the accounts (direct deposits, etc) at least move the money to the new account as soon as it hits the current account.
I've seen this work with someone who was in slow decline. Have a separate checking account they can still draw from, but keep the amounts low and don't have it tied to any investing accounts, CD's, etc. If the account gets drained its not financial ruin.
It's basically a set up like you'd do for a preteen or teenager.
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