Power Of Attorney Rights?

[Stephano]

I'm thinking of asking my 90 year old mom to give me durable power of attorney rights in financial matters. My concern is that my mom may allow a friend of hers to stay in her vacant home rent free indefinately or she may end of selling it to her friend at a huge discount. As Power of Attorney can I prevent this from happening? At the moment she is of sound mind.

[Chappel]

Schelli said: 1 It is her property to do with as she wants, since she is currently of sound mind. What gives you the right to second guess her in her decisions? 51 months ago

[mardel]

You would have to be guardian to stop a sale.

[Manny]

I cared for a 90-something relative for many years. She appointed me POA and made me her health care proxy. At your mother's age, she should definitely do this--with you or with whomever she decides to trust with her life and finances.   I did not worry about friends in the home. I needed to worry about the round-the-clock home health aides.   When you get into your 90s, I think it is perfectly understandable to no longer be on top of all of one's financial decisions. Heck, I find it hard enough managing finances and I am nowhere near that age. It is not good to have financial account statements stuffed in this drawer or that cabinet. Housekeepers and aides may not seek out this information. But, if it is lying around in front of them, it can be hard to refrain from theft.   I took over after I proved that an aide who was so loving to her started forging her signature on checks. After losing 5-figures in savings to this thief, I decided to eliminate all financial information from the home and to stop allowing her to sign checks or documents without my first reviewing them.   This took some getting used to for her. After all, a 90+ year old has been in control of her finances for longer than I have been living. But, she understood what needed to be done. Every time a form needed her signature, she referred the party to me. I removed all check stock from the house. This of course placed an added responsibility on me. If I stop her from writing checks, she needed to be able to pay for things with cash. I was her cash machine, which was not very convenient given the number of miles between our homes.   This worked well for us. But, she was acute until her final days. If she had no longer been in control of her rational faculties, I believe there are other legal ways to assume control after declaring her "incompetent". I don't think this is an option, based on what you wrote. If you are concerned about the disposition of your mother's assets after death, you should encourage her to write or update her will. Do this with a good estate attorney(even though you don't need to).(S)he can store the original of the will in his/her vault. You keep a copy of it. Unless the friend criminally conspires to get your Mom to write a newer will, you should be ok.   By the way, don't underestimate the important value of friends at this stage in your mother's life. Sometimes, this is when neighbors and friends "earn their tickets into heaven". Sometimes children also have busy lives. It can be difficult to care well for an aging parent. Knowing that friends and neighbors who care for your Mom are there to help her in need and to brighten her days can be great relief to kids. These people don't do this for compensation--although as POA you can give them appropriate gifts out of the estate on behalf of your mother. They generally do this out of the goodness of their hearts and out of real care for your mother. Don't automatically attribute a hidden intent to this friend's actions.   Good luck to all of you. This can be a difficult time. Enjoy your Mom while you can.

[Adoniya]

Gary4books said: 2 You would have to be guardian to stop a sale. 51 months ago

[Channe]

i recommend two books on end of life decisions for aged parents, and while you are on the subject, if you have not already done so, you need to think about your own estate planning.   Any relationship with the tenant in question should be formalized. It is a family owned property and it may not be easily sold now, but certainly in a few years when the economy bounces back. However, it is your mom's property so you need to tread a fine line between protecting assets and respecting her wishes.   good luck!

[Havyn]

Gary has it. A power of attorney authorizes you to act as her agent in financial matters, but she does not rescind her rights in granting it.