I was just appointed as my Aunt's Durable POA for financial and healthcare.
I took all the POA paper work to her bank as I was told to do.The banker told me I now have control of my Aunt's life.You now have full accsess to your Aunt's accounts.To me that sounds a little harsh but,that's just what I was told by the banker.That's where I'm ate today.I haven't done anything else.
I need to know what I can and can not do as a POA of financials?I never done this stuff before.
To help you all better understand ,I think it would be best for me to explan what I would like to do with my Aunt's bank accounts.
(1):Request to have my Aunt's bank statements sent to my home address?
Reason for this is because,of my Aunt's dementia as forgetting where she puts things ect.
(2):Request past bank statements?Reason for this is so I can find out what bills has been paid ect.
(3):Request a debit card from my Aunt's bank?Reason for this is because,I'm not the check writing type of person.As my Aunt writes checks as most all elderly people still do these days.To me checks take timely to clear the bank and causes,problems with account balunce.I use online banking & debit cards because,they are simple to use and fast to pay bills.
(4):Can I transfer funds from one account to another?
(5):Can I transfer funds from my Aunt's account to my bank account as another bank?
If I could simply transfer example,$2,000 into my account.Would make easier accsess for me when my Aunt needs cash.As of now when my Aunt needs cash she must write a check.Then I have to take my time going to her bank to cash it everytime.
With that said above,
For me personally, writing checks is a big pain for me. Every check requires taking a trip to the bank to do so for me to get cash for my Aunt for her spending money. As example, when my Aunt want's $300 for food, house hold supplies and left over spending money. Requires a check to take to the bank to cash to do so. If I had a debit card to use would make things alot easier for me. I don't live with my Aunt.She 86 yrs old and lives on her own in her own home. My Aunt has dementia and she is in denial that she has dementia. She has her good days and bad days. On bad days she can be very hateful to me. I just try to stay away on her bad days I learned. The only reason I'm her POA is because, the attorney told me she needs a POA. There is no other family member welling to step forward to help her but, me. I'm all she has in other words.I try my best .
Theres many things I would like to see her have as life alert is a great example.
I talked to her about getting life alert she says too much money. She's hard headed and tight with her money. She has the money to spend but, she don't want to spend a dime if she has her way.I'm not out to spend her money. I just want to make life easier for her.I can setup all of her bills to be paid automatically as auto bill pay. Wouldn't that be nice not worring about when to pay a bill at 86 yrs old.I hate the thought of writing checks. Writing checks is the past now days few if none do that anymore. I don't own a check book. I pay all my bills and shopping with debit and online banking because, it's fast and simple. Using online banking & debit cards the banks record each transaction using both. Shopping using a debit card all you need to remember is to save all shopping receipts. Understanding it's best not to use a ATM. But, when the Aunt wants money she wants money. And I can get cash faster from a ATM then driving to the bank waiting in a line.
I understand do not transfer bank accounts from one another. I won't attempt that just a thought is all.
What I want to do is get a copy of her bank statements as far back as I can.
I'm also, affraid that some one may try to take advantage of my Aunt by having my Aunt write them a check to obtain money. I would like to setup a monthly spending limit on her account for that reason. I don't have my Aunt's check book she has that. Theres many elderly people out there that writes check for anyone in need. As easy to be tooken advantage of by using checks.Is why I hate using checks. My Aunt is competent to make her own decisions at this time. But, soon is coming she won't be.Dementia is a bad, sad thing to watch.
Make sure you have copies of the POA handy - for my parents', I kept originals in a safe place, made paper copies that I usually carried with me, and also scanned them in as PDF and kept them online in my Dropbox. Do that for the healthcare POA if you have that as well. Probably, it is also wise to have physician's letters documenting her incapacity on file; for certain things that are more major, banks or real estate people may ask you to demonstrate that the POA is fully in effect, and also, if someone tries to talk you aunt into changing it after she has been documented as not having full capacity, that should be strong evidence against that being valid, even though you are not her guardian.
That may seem paranoid if there is no one else likely to try to get POA to take advantage, but after being on here awhile and reading the stories, I can oly say that you are not paranoid if someone really is out to get you. Things seem to come up out of the blue sometimes. Take some time and find all the papers and policies she may have, get them organized, and maybe make your own copies too. This is a big responsibility, being in charge of someone's finances, and you want to do it well and not only for their sake and to be sure they can always have good care and a good environment, but to keep yourself above reproach!
Finally, you may even want to use a little of the money to get a good eldercare or long-term planning consultation, especially if Medicaid may eventually be needed.
You are wise and compassionate to be asking and learning more about this and how it should work. I remember when it was all new to me and what a steep learning curve it was. I wish you both well!
You may find once you set up the online access for your aunt's account that you can get old statements for at least 6 or maybe even 12 months, it varies.
I haven't went to her bank to ask for statements yet.
My aunt still pays her own bills as writing out checks and sends them in by mail to pay bills on her own.I don't have her check book she does.I really don't think she will give me her check book to hold on to.She still feels she is on her own doing her thing.She is legally able to make her own judgement.I can't force her to do a thing.Until she is told by a doctor.Moreless I'm on the waiting game for her to get worse on things I guess.As POA it's my job to keep track of funds on record to cover my butt.But,if my aunt is writing checks on her own I have not a clue what checks she writes and when she writes them.I don't live with her to know every minute what she does.When I need to cash a check for her I was told I need to write on the checks by john doe POA example.That's fine.but,what about the checks my aunt writes I don't know about?The only way for me to know what checks she writes is seeing her bank statements.It's her money she can spend how ever she desires legally until told by a doctor.So,when to I need to start keeping track of her spending?Now or after she is told by a doctor she can't do these things on her own?I don't have control of her check book my aunt has that at all times it's her check book.If I take it from her she can call the cops on me for that.Any advice?
Good luck.
You are right, you probably can't take the checkbook away at this point, but you might get QVC cards or the like somewhere for safe keeping.
Prior of my Aunt changing her Living Will.I was told by her attorney to get together with her family to make sure this is what the Aunt wants.So,I attempted to contact her next of kins.No answer by phone only voice mails.I left messages on their voice mail explaining what's going on and for them to contact me.I never recieved a responce from them.I attempted 3 times without a responce.So,I can truely say I tried and they all know I called and attempted.Years ago when my Aunt was active in good health she was known as a wealthy lady.She sold Avon, won the Pink Cadilac twice during the 70's & 80's from being the one with the most sales.I haven't went to her bank to ask for a bank statement printout to know if my Aunt is broke.She may as well be who knows.That would explain why knowone wants a thing to do with her.They could have all drained her dry.I may just be the feller left to take out the trash they made.
Sounds harsh to say above but,true.This isn't my Mother or Father.My Mother & Father past yrs ago.I agreed to take this POA job because,know one else was willing to step up to the plate.From taking off from work to help my Aunt to missing time for my own family & friends to help my Aunt becomes a problem.
Sometimes I feel like just giving up.Sometimes a nurcing home sounds good for me?