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Joint checking account money transfer

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rendirr

Junior Member
What is the name of your state (only U.S. law)? Illinois

My father, who is in declining health, has said he wants me to take over his finances so I'm getting POA. He and I also have a joint checking account, which I want to transfer to my savings account because it gets a better interest rate. My husband seems to think this is not legal. Since my name is on the account, can't I do anything I want with the money?What is the name of your state (only U.S. law)?
 


seniorjudge

Senior Member
Q: Since my name is on the account, can't I do anything I want with the money?

A: Yes, you can. Also make sure the POA includes the power to do what you want. Always make certain that you can account for literally every cent of where the money goes should you be standing before a judge some day who asks you what you did with the dough.
 

Zigner

Senior Member, Non-Attorney
Legally, yes you probably can move the money.

However, you have to think of the bigger picture. You are being placed in a position with a legal duty to properly manage your father's assets. You need to do this all above-board and without even the slightest hint of possible impropriety. I would suggest that you open a joint savings account with your father and move the money THERE. Or, open an account in his name, using your POA.
 

seniorjudge

Senior Member
Legally, yes you probably can move the money.

However, you have to think of the bigger picture. You are being placed in a position with a legal duty to properly manage your father's assets. You need to do this all above-board and without even the slightest hint of possible impropriety. I would suggest that you open a joint savings account with your father and move the money THERE. Or, open an account in his name, using your POA.
Excellent suggestions.
 

tranquility

Senior Member
It is HIGHLY unusual for a court to allow a comingling of funds in a situation like yours. I suggest a seperate account and accounting. Anything like what you propose, even with precise accounting will give you heartaches.
 

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