If I have POA on my mom's banking account, do I have the right to transfer her money into my account if I feel she in not being competent with her money? Or is that illegal?
By Jessica E.
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Discuss the matter with your Mom and ask if she would consent to you taking over paying her bills, etc. If you have power of attorney, is your name on her checking account? If so, you wouldn't have to transfer money to your account to pay bills, you could just use her checking account.
My husband and I were granted power of attorney from my brother-in-law since he is now in a nursing home. I pay all of his bills through his checking account. All I down is sign my name on his checks and print P.O.A.
While a POA would give you the right to transfer the money, that is probably not necessary, as the other posters have said. If you do transfer it, be very clear to keep an accounting of the amounts transferred and what you used the money for so that it is clear that you are not using the money for your own personal expenses. This is especially important if you have siblings or other relatives who may have an interest in your mother's affairs.
I also recommend talking to your mom about this first. Is your mom incompetent in general or do you just not like the choices she makes of spending her money? Perhaps you could see how she would feel about you paying her bills and maybe even doing her shopping (groceries and otherwise) for her and give her a weekly allowance of cash to spend as she pleases.
My mother has no bank account no credit cards no house car anything we had to give all that up for three months so that she could get the extra medical to help pay for the nursing home expense which she gets $50 a month after all his page but I buy her everything groceries a mini refrigerator close fans Anything she asked me for I get her but I have an account summary from the nursing home where she has to take it out $75 within like a week and probably just lost it because theres nothing there to spend it on I was trying to let that money built up so that I could pay for her final resting one day And my mother never miss handled her money or her life so this is definitely out of the normal for her to be doing and the financial director at the nursing home is telling me that I cant do that because they get audited even though I have legal and medical power of attorney and could put it in my savings account to match what they show needs to go in there it would not be going in for my personal use I would still buy her what she wants and needs out of my financial ability I dont need my moms money I was just trying to prepare for her funeral expense by letting that money build up in there and now I find out that its mostly all gone
You might talk to a bank officer at your mom's bank.They have more experience with POAs over their accounts, and they can advise you. Sometimes professional advice is the thriftiest way to go.
As her POA you have that right; however, you also need to be able at any moment to provide a paper trail of ANY activity with her money. As POA you have a responsibility to use her funds ONLY for her. You cannot pay your bills, mortgage, utilities, vacations, clothing or other expenses that do not pertain to your mother with her monies.
does power attorney give sister right to take all parents possesions while alive or after death.
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