POA changed the policies

[amchandl]

What is the name of your state? North Carolina

When my father-in-law was living (he died 3 weeks ago), my brother-in-law, who shared Power of Attorney with my husband, cashed out several insurance policies on my father-in-law. On the ones that he didn't cash out, he changed himself to beneficiary. This was all without my father-in-laws knowledge. Is there anything we can do to recover the money he received from cashing them out ($9,000) and put back into the estate any insurance money that he receives? He stole the policies from my father-in-laws desk, and we don't even know where all of the policies are.

 

[seniorjudge]

What is the name of your state? North Carolina

When my father-in-law was living (he died 3 weeks ago), my brother-in-law, who shared Power of Attorney with my husband, cashed out several insurance policies on my father-in-law. On the ones that he didn't cash out, he changed himself to beneficiary. This was all without my father-in-laws knowledge. Is there anything we can do to recover the money he received from cashing them out ($9,000) and put back into the estate any insurance money that he receives? He stole the policies from my father-in-laws desk, and we don't even know where all of the policies are.

Q: This was all without my father-in-laws knowledge.

A: If this was done with the POA signed by your father-in-law, then it was with the father-in-law's knowledge.

Read the POA; did BIL have the authority to do this?

 

[amchandl]

POA changed policies

A long time ago we found out that, while POA, my brother-in-law cashed out a $10,000 and got $7000. When we told my father-in-law, he was very upset and confronted the brother that cashed it out. He lied and said that he gave it to the funeral home for funeral arrangements for my FIL. Of course the funeral home never recieved any money. BIL used it for himself. Eventually my FIL revoked POA from that brother, but the policies were already cashed out or changed to him as beneficiary. Is there anything we can do to find out about policies that he will be getting money from now? Can we make him disclose those policies and somehow get beneficiary back to the estate?

 

[seniorjudge]

A long time ago we found out that, while POA, my brother-in-law cashed out a $10,000 and got $7000. When we told my father-in-law, he was very upset and confronted the brother that cashed it out. He lied and said that he gave it to the funeral home for funeral arrangements for my FIL. Of course the funeral home never recieved any money. BIL used it for himself. Eventually my FIL revoked POA from that brother, but the policies were already cashed out or changed to him as beneficiary. Is there anything we can do to find out about policies that he will be getting money from now? Can we make him disclose those policies and somehow get beneficiary back to the estate?

Time to hire a lawyer.

 

[amchandl]

POA changed policies

What exactly would we ask for? Can an attorney MAKE him tell what policies are out there? Our attorney that is handling the will didn't mention anything about trying to get it back. I don't think he wanted to mess with it. What kind of attorney would we need?

 

[seniorjudge]

What exactly would we ask for? Can an attorney MAKE him tell what policies are out there? Our attorney that is handling the will didn't mention anything about trying to get it back. I don't think he wanted to mess with it. What kind of attorney would we need?

One that is a little bit brighter than the one you have now.

 

[amchandl]

POA changed policies

Yes, that's becoming quite apparent. What would we sue for? What would it be called? Fraud? Would it be a civil or criminal matter? If civil, couldn't he just not pay and then we'd be out all of the money plus what we pay the lawyer. What would be our chances of winning?

 

[seniorjudge]

Yes, that's becoming quite apparent. What would we sue for? What would it be called? Fraud? Would it be a civil or criminal matter?

I doubt that the prosecutor would be much interested in this because pa gave the scoundrel a POA.

So, I would call it civil fraud.

 

[amchandl]

POA changed policies

How likely is it that we would win? Is it hard to win these type cases?

 

[seniorjudge]

How likely is it that we would win? Is it hard to win these type cases?

If I could answer questions like that, I'd be on the beach in the Bahamas sipping a margarita and smoking a Cuban cigar and not posting on this internet forum!

 

[amchandl]

POA changed policies

It sure seems like its easier to be a criminal these days than trying to do the right thing. As with everything else brother-in-law did, we'll most likely just sit back and watch him spend even more stolen money.

Thank you for all of your help.

 

[seniorjudge]

It sure seems like its easier to be a criminal these days than trying to do the right thing. As with everything else brother-in-law did, we'll most likely just sit back and watch him spend even more stolen money.

Thank you for all of your help.

You are welcome.

Yep, bad people sure get away with a lot of stuff...no argument there!

 

[Dandy Don]

Perhaps any civil lawyer or business lawyer could handle this for you but make sure that he proves that he has a track record of handling this type of case by asking for a reference. You need to be asking your attorney whether North Carolina has any laws on its books regarding abuse of power of attorney (which appears to be what happened here, especially if he can provide no accounting and receipts of how he was supposed to only spend this money on the decedent's personal care or medical care).

Some states have laws that specify that a POA can not be used to change beneficiary designations, but the cashing in of the insurance policy is going to be in a gray area since authority was given.

It may be difficult to find out what insurance companies he had dealings with without filing a lawsuit against him. If I were you I would consult with a physician to find out where and how to possibly order a copy of the decedent's computerized medical records from a Medical Insurance Bureau--it is a frequent occurrence that most life insurance companies order a person's medical records when the person applies for life insurance, and the names and addresses of the companies that inquire are kept on computerized record at whatever company is providing the records--similar to what a credit bureau report would look like.

The POA expired at the same time the death happened, so if he cashed out any policies after the death, that is stealing from an estate and he can face legal charges for that offense and have to repay the money back.

DANDY DON IN OKLAHOMA ([email protected])