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POA and avoiding probate

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anais

Junior Member
What is the name of your state (only U.S. law)? Michigan
I have POA for my mother and we now have a joint bank account (after my father died, we set this up). I am executor and the sole benefactor - I am an only child. Can I use the money in this bank account for whatever I want without the bank questioning me? When I help her sell her home, can I transfer that money to my own bank account? She has investments at another bank - can I transfer those over to cash and put them in our join bank account in order to avoid probate? Thanks.
 


rowz

Member
consult with an elder care attorney.....ASAP.

MHO is that you cannot do what you said that you want to do here as it is conversion.

Is the elder in or about ot be put in a nursing home?
 

seniorjudge

Senior Member
What is the name of your state (only U.S. law)? Michigan
I have POA for my mother and we now have a joint bank account (after my father died, we set this up). I am executor and the sole benefactor - I am an only child. Can I use the money in this bank account for whatever I want without the bank questioning me? When I help her sell her home, can I transfer that money to my own bank account? She has investments at another bank - can I transfer those over to cash and put them in our join bank account in order to avoid probate? Thanks.
If everything you say is 100% accurate, then you should have no problems.
 

BlondiePB

Senior Member
What is the name of your state (only U.S. law)? Michigan
I have POA for my mother and we now have a joint bank account (after my father died, we set this up). I am executor and the sole benefactor - I am an only child. Can I use the money in this bank account for whatever I want without the bank questioning me?
Yes.
When I help her sell her home, can I transfer that money to my own bank account?
Transfer the proceeds for her home to the joint account.
She has investments at another bank - can I transfer those over to cash and put them in our join bank account in order to avoid probate?
Yes.
You're welcome.

Keep in mind that mom's assests must be used for her nursing home care.
 

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