What is the name of your state (only U.S. law)? Florida
We live in Massachusetts, however my In-Laws live in Florida.
My husband is named POA along with his sister. Sister lives in FL as do his parents. In January sister took it upon herself to establish a durable POA. My husband and his brothers were against this, but she went ahead anyway. Luckily my husband is listed as POA as well. Sister's reasoning for this was that my FIL was making terrible mistakes with the checking account, paying bills twice etc. We have no proof or evidence, but when pressed, sister says he sends checks to the local VA/ Republican party etc. Small amounts $20-$30(The junk mail sent to the elderly is a seperate conversation). Since the POA established in February, she has changed the mailing address of the bank accounts to her home address and has added her name to the checks.
What is disturbing is that we found evidence of "investments" $38K made to sister's business ventures (pyramid scheme) over the past year - made from the Investment account and personal bank accounts - disbursements ranging from $15K to $3K. So while Sister claims a POA was necessary she has been accepting these checks. Nor did she disclose this activity to her brothers.
Yesterday we received a copy of an annuity purchase $54K with her name on it transferring /exchanging funds in my FIL's investment accounts. My inlaws are unaware of this transaction.
Thus my question - if 2 POA's are listed on a POA, should the broker be getting two signatures on such investments? Do we have the right to be consulted on such transactions as well as to obtain copies of statments?
At what point is a POA abused - Sister seems to be taking more and more liberties with the money and frankly we are concerned.
We live in Massachusetts, however my In-Laws live in Florida.
My husband is named POA along with his sister. Sister lives in FL as do his parents. In January sister took it upon herself to establish a durable POA. My husband and his brothers were against this, but she went ahead anyway. Luckily my husband is listed as POA as well. Sister's reasoning for this was that my FIL was making terrible mistakes with the checking account, paying bills twice etc. We have no proof or evidence, but when pressed, sister says he sends checks to the local VA/ Republican party etc. Small amounts $20-$30(The junk mail sent to the elderly is a seperate conversation). Since the POA established in February, she has changed the mailing address of the bank accounts to her home address and has added her name to the checks.
What is disturbing is that we found evidence of "investments" $38K made to sister's business ventures (pyramid scheme) over the past year - made from the Investment account and personal bank accounts - disbursements ranging from $15K to $3K. So while Sister claims a POA was necessary she has been accepting these checks. Nor did she disclose this activity to her brothers.
Yesterday we received a copy of an annuity purchase $54K with her name on it transferring /exchanging funds in my FIL's investment accounts. My inlaws are unaware of this transaction.
Thus my question - if 2 POA's are listed on a POA, should the broker be getting two signatures on such investments? Do we have the right to be consulted on such transactions as well as to obtain copies of statments?
At what point is a POA abused - Sister seems to be taking more and more liberties with the money and frankly we are concerned.