Durable POA vs joint account...

[qosmox]

What is the name of your state? New York
(New york)

My grandfather has all symptoms of dementia now.He is an owner of

two savings accounts.A year ago when I went to Europe for 3month

a non-family person (his friend) took advantage of my absence and

persuaded my grandpa to put his name into those accounts (" or ") .

When I returned my grandfather gave me the Durable POA for finance (6 month ago).

At present he is getting worse,he is careless and cant manage his

affairs.He is stubborn and become very agressive when try to explain

that his friend is a swindler.If he is recognized as disabled or there is a

need of placing him into a nursing home WHO WILL HAVE MORE POWER

OVER THESE ACOUNTS?

Thanks for your help!What is the name of your state?

 

[pojo2]

If you have DPOA you may protect his assets in any manner you see fit. IF the account can be with drawn by either party then use the DPOA, withdraw the funds and place them into another account in his name only. Make sure you take your duly authorized DPOA to the institutions when doing this. Of course putting them into your name would not look as if you were protecting Dad.

One other point do the accounts take 2 signatures to with draw the funds? As you can see is is JUST as easy for the other person to clean out those funds since it is in both their names.

 

[qosmox]

Thank you pojo2

The point is my g'pa is not diagnosed yet. And if I take the other person off from these accounts now his reaction can be unpredictable. He will either renew his friend or revoke my DPOA. I want neither.I think its better get him diagnosed first and after that modify his accounts.
What do you think about this?

By the way here is the 4th chapter of my DPOA:

4) Banking and other financial Institution transactions

My attorney-in-fact may do any act that I can do through an agent in connection with any banking transaction that might affect my financial or other interests. My attorney-in-fact's powers include but are not limited to the power to:

(a) Continue, modify and terminate any deposit account or other banking arrangement, or open either in the name of the agent alone or my name alone or in both our name3 jointly, a deposit account of any type in any financial institution, rent a safe deposit box or vault space, have access to a safe deposit box or vault to which I would have access, and make other contracts with the institution.

(b) Make, sign and deliver checks or drafts, and withdraw my funds or property from any financial institution by check, order or otherwise.

(c) Prepare financial statements concerning my 333et3 and liabilities or income and expenses and deliver them to any financial institution, and receive statements, notices or other documents from any financial institution.

(d) Borrow money from a financial institution on terms my attorney-in-fact deems acceptable, give security out of my assets, and pay, renew or extend the time of payment of any note given by or on my behalf.


Durable Power of Attorney for Finances — Page 4


Thank you!

 

[BlondiePB]

What is the name of your state? New York
(New york)

My grandfather has all symptoms of dementia now.He is an owner of

two savings accounts.A year ago when I went to Europe for 3month

a non-family person (his friend) took advantage of my absence and

persuaded my grandpa to put his name into those accounts (" or ") .

When I returned my grandfather gave me the Durable POA for finance (6 month ago).

At present he is getting worse,he is careless and cant manage his

affairs.He is stubborn and become very agressive when try to explain

that his friend is a swindler.If he is recognized as disabled or there is a

need of placing him into a nursing home WHO WILL HAVE MORE POWER

OVER THESE ACOUNTS?

Thanks for your help!What is the name of your state?

First of all, grandpa did not have the mental capacity to grant you POA. Dementia just does not all of a sudden appear in 6 months. Petition for guardianship over gramps in the county where he resides. You need an Elder Law/Probate attorney that specializes in guardianships. Have the attorney freeze grandpa's bank accounts until the court hearing. Grandpa will have a court appointed examination committee that will go to his home to evaluate him.

Where's this "so-called" friend of gramps? Does he live with or nearby to grandpa?

 

[qosmox]

First of all, grandpa did not have the mental capacity to grant you POA. Dementia just does not all of a sudden appear in 6 months. Petition for guardianship over gramps in the county where he resides. You need an Elder Law/Probate attorney that specializes in guardianships. Have the attorney freeze grandpa's bank accounts until the court hearing. Grandpa will have a court appointed examination committee that will go to his home to evaluate him.

Where's this "so-called" friend of gramps? Does he live with or nearby to grandpa?

Thank you Blondie!
Lets take it step by step,Ok?

First I'm not a doctor to diagnose the exact kind of his mental problem.I just stated that he has symptoms of dementia (perhaps its the early stage of Alzheimers d. or smth like that).
Having done some med.literature i concluded that his behavior is nothing else but dementia.Anyway he is incompetent.

Second: his "his friend" lives in the same state that we do ( 30min by subway,New York City)

Please reply your point of views.Thank you .

 

[BlondiePB]

Thank you Blondie!
Lets take it step by step,Ok?

First I'm not a doctor to diagnose the exact kind of his mental problem.I just stated that he has symptoms of dementia (perhaps its the early stage of Alzheimers d. or smth like that).
Having done some med.literature i concluded that his behavior is nothing else but dementia.Anyway he is incompetent.We live together in the same apartment so I'm able to watch him doing abnormal things. Here are the symptoms I take into consideration:

-asking the same question many time;

-repeating the same stories from his childhood (12-16 y.o) everyday;

-forgetting date,day,month,his age,the year of his wedding,the year and age of deceased; wife(my g'ma),etc.;

-talking to himself for hours;

-very hostile, agressive, envious("..I'm old-you are young.."), unforgiving, extreemly greedy,etc.;

-accusing me if anything wrong in the house & and then scolding all day long;

-fear of open window,unlocked door;

-refusing to take a bath (once per month).

-no changing of clothes;bad smell

-almost unable to read or write;

-sleeping with axe under his bed;

-wishing death to jews and russians;

-fading sense of smell & taste;

-walking naked around the flat (sometimes);

-and the most unbelievable he began tramping & mixing with bums-he brings food & clothes from garbage eating it and even offering me to join.He has recently caught scabies (contagious skin infection) & infected me.

I must admitt physically he is not bad,though 80 y.o.

Second: his "his friend" lives in the same state that we do ( 30min by subway,New York City)

Please reply your point of views.Thank you .

Rather than spending your time researching signs & symptoms of dementia, please spend your time getting guardianship over grandpa as this will take about 6-8 weeks. Don't let gramps friend know about it. This friend of gramps is not family; therefore, there is no reason for him to be notified regarding the guardianship.