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Executor/Power of Attorney

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S

Shaparopa

Guest
is it wise to designate a relative (a nephew on my aunt's deceased husbands side of the family) as an executor and also give him power of attorney over my aunt's finances? I am the closest relative (niece), and have some doubts about the intentions of my long lost, now found nephew. My aunt is very elderely and all of her estate in inangible..i.e., bank accounts, CD's, plus, she has tons of money sitting in her safe deposit box. I am the primary beneficiary on most of her accounts..not sure about the money in the safe deposit box. Another question is: Is the nephew obligated to keep me informed f any changes in the will or any financial transactions that take place with my aunt's accounts? I reside in Florida. My aunt resides in Colorado.
 


J

jolawanda

Guest
Is it wise?

I say NO. We just had all this stuff happen and never knew the exact amount of the estate at the time of the parents death, now we are 3 years later still waiting for the distribution. I say get an independent trustee service.
 
A

advisor10

Guest
JULY 26, 2001

DEAR SHAPAROPA:

I agree with the independent trustee service, as well. Or, a professional accountant/attorney associated with the trust department of a bank has experience in these kinds of situations.

Is there any other relative besides this nephew who could perform the function? Why are you so deadset on using him? This situation is ripe for abuse. Before deciding one way or another, have a background check done on him (costing $200-$300 from any private investigator) to see if there is anything that is questionable or dishonest (an arrest record, etc.).

You also need to contact the bank to find out their policy on exactly who is able to access the safe deposit box--don't wait until she dies to find out that only the estate executor has access, when you may have been assuming that it was you who would have access!

The nephew (or any one else) is NOT obligated to keep you informed about changes in a will (anyone could trump you by having a new will prepared that you wouldn't even know about until the death occurred!), since that is considered a private, confidential document of the person for whom the will is drafted.

Do you know where the will is and would you have immediate access to it if your aunt died? You also should consider asking your aunt to put some or all of her assets in a trust account if she has not already done so.

SINCERELY,

[email protected]
 

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