Father Appointed Sister In Law Power of Attorney

[cousinmose]

Spoke with friend that used to handle his investment accounts. He said the key is how investment account is registered. Is it a joint ownership with SIL or He owns with SIL as POA. If joint, he won’t be able to transfer funds to new account without her signature.

 

[justalayman]

Spoke with friend that used to handle his investment accounts. He said the key is how investment account is registered. Is it a joint ownership with SIL or He owns with SIL as POA. If joint, he won’t be able to transfer funds to new account without her signature.

Joint accounts are considered to be owned wholly by each party. Either has the right to manipulate the assets as if they were the sole owner. He wouldn’t be able to close the account but an empty account isn’t worth much.

But in case I’m wrong he would need to notify the account manager of the unlawful addition of your sil as an owner of the account. They can freeze activities of the account to prevent losses while your father takes actions needed to deal with the issue.

 

[cousinmose]

Thanks all for your advice. Hate seeing Dad go through this.

 

[cousinmose]

What is the process to revoke the POA and when does it take effect? Can I have it done at bank with Dad and Notary? Then hand deliver copy to the attorney that created, bank and investment broker?

 

[LdiJ]

What is the process to revoke the POA and when does it take effect? Can I have it done at bank with Dad and Notary? Then hand deliver copy to the attorney that created, bank and investment broker?

What do you mean by "attorney that created"? Are you saying that an attorney created the original POA?

Normally all that needs to be done is informing the person with the POA, in writing, that you are revoking the POA. It should not be necessary to inform the bank because your father should withdraw the funds and put them in a new account at a different bank. It might be necessary to inform the investment broker. It may or may not be useful to inform the attorney.

 

[cousinmose]

What do you mean by "attorney that created"? Are you saying that an attorney created the original POA?

Normally all that needs to be done is informing the person with the POA, in writing, that you are revoking the POA. It should not be necessary to inform the bank because your father should withdraw the funds and put them in a new account at a different bank. It might be necessary to inform the investment broker. It may or may not be useful to inform the attorney.

Yes, the attorney that created the original POA.

I downloaded a POWER of ATTORNEY REVOCATION form to have signed and notarized today. However, I don't know the exact date the original POA was created. Do I need that date to complete the process to revoke?

Thank you.

 

[justalayman]

Dad can Contact the bank and anybody else where the poa may be utilized and tell them verbally he is revoking all existing poa’s. Have him follow that up with a written letter.

Then send the revocation to the sister in law. It doesn’t have to be fancy. A simple statement that he is revoking all powers granted by any poa created prior to today.

 

[LdiJ]

Dad can Contact the bank and anybody else where the poa may be utilized and tell them verbally he is revoking all existing poa’s. Have him follow that up with a written letter.

Then send the revocation to the sister in law. It doesn’t have to be fancy. A simple statement that he is revoking all powers granted by any poa created prior to today.

I agree BUT sil has added her name to the accounts, so just revoking the POA does not entirely solve the problem. Dad needs to get the money out of the joint accounts before he tells sil that the POA is revoked, so that she does not run and clean out the accounts.

 

[justalayman]

I agree BUT sil has added her name to the accounts, so just revoking the POA does not entirely solve the problem. Dad needs to get the money out of the joint accounts before he tells sil that the POA is revoked, so that she does not run and clean out the accounts.

I was responding solely to the question about revoking a poa. Dad needs to inform the financial institutes, preferably before he tells sil. Given it appears she already abused the poa giving the financial insitkutes notice her poa is no longer in effect it will stop that. Yes, obviously dad needs to deal with the accounts (as already was discussed) but if he doesn’t cancel the poa sil could simply go and retitle the accounts again. The reason you inform the financial institution first is so sil can’t do an end around and change things.

 

[LdiJ]

I was responding solely to the question about revoking a poa. Dad needs to inform the financial institutes, preferably before he tells sil. Given it appears she already abused the poa giving the financial insitkutes notice her poa is no longer in effect it will stop that. Yes, obviously dad needs to deal with the accounts (as already was discussed) but if he doesn’t cancel the poa sil could simply go and retitle the accounts again. The reason you inform the financial institution first is so sil can’t do an end around and change things.

I see your point, but my concern would be that the banks could/would freeze things based on concerns of getting into the middle of a problem. I would get the money moved to another bank, in just dad's name, before telling anybody, anything. However, I agree that with the investment account that might not be possible, so I probably would do as you suggest and notify the investment people ahead of time.

 

[cousinmose]

Ok, he signed notarized form revoking POA, filed with Bank, transferred checking and savings to new accounts and faxed POA revocation form to Investment Office.

SIL spent $6K more in less than 1 month, including $2K to a Credit Union. Her account I assume.