Does a power of attorney for financial purposes work? My dad died. My sister has access to all the trust money, the properties etc. We own and manage a lot of properties. She pays everything for my mom. There were 3 saving accounts with over 4k in each when my dad died. Along with a working business checking account where all the rental income goes. The savings accounts are either empty or closed now and she refuses to show statements. Since dad died, mom doesn't want to do much. She is still all there and just doesn't want to fight my sister. She agrees that my aunt can act on her behalf. Would a power of attorney get my aunt into the statements and make changes to the trust? I've been working with an attorney who wants 10k retainer that i don't have.
3 Answers from Attorneys
A power of attorney is automatically revoked upon the death of the grantor of the power of attorney. It does not survive death.
Mr. Roach is correct. However, your mother can appoint an agent who can take over on your mother's behalf.
How is your sister accessing the accounts now?
I agree with both of counsel. However, I suggest you shop for another attorney for mediation between yourself, sister and mother, to come to an agreement as to who and how the rental properties are to be managed; technically your mother needs the attorney to represent her for trust administration, now that father has passed; I suspect she is the trustee of the trust.;otherwise, you are looking at potential trust litgation and as a beneficiary of the trust are entitled to an accounting.Try for mediation.
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