Legal Question in Wills and Trusts in New Jersey

Re: power of attorney/legal rights

A Power of Attorney can only be created by a person who is mentally competent. Nevertheless, since you indicated the accounts are in joint names, if each party has the right to withdraw funds without the signature of the other, you could withdraw the funds. Whether the State or some other party may make claims is a different issue. Therefore, if you withdraw the funds, place them into a separate accont in your own name so they are available if a dispute arises. You will probably need the help of a good lawyer.

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I hope this helps!

Ron Cappuccio

Re: power of attorney/legal rights

I agree with the other responses. The determination of whose assets the multiple-named account controls if the funds can be attached to meet the obligations of one account holder. For example, if a father named several children on his account, not to make current gifts and entitlements to the account, but merely wanted the ability to have people sign checks, etc., when he was unable to do it, the account would be considered his. A proper Power of Attorney could resolve this, if the person is competent to make it. If not, someone needs to be appointed his Guardian. There are also Medicaid issues if gifts were made and intended. All of these matters should be reviewed by a competent attorney.

Re: power of attorney/legal rights

Yes, there's a good chance of that unless the other party can prove he put the money in the account or what percentage he contributed.

If the other party is not "functioning" I'm assuming he/she meets the legal definition of "incapacitated" which is the inability to govern oneself and manage one's affairs." If this is the case, he legally cannot create an agent under a Power of Attorney. The alternative is to petition the Court for Conservatorship or Guardianship.