How do I best ensure proper handling of my father's bank acc

lynnsrainbeau · Joined: 06 Oct 2007 Posts: 1 1.34 Dollars($)

My mom & dad had a joint bank account. Mom died last year. He
receives some Medicaid funding and has a irrevocable trust set up
for that which he funds to stay eligible.
I am his power of attorney. I pay his bills and have access to his bank
account. I was advised not to put my name on the account due to
Medicaid status. If he should pass, how can I protect the cash left
in his bank account?

jameshogg · Posted: Sun Oct 07, 2007 11:16 pm Post subject: RE: protect cash in bank account

Hi Lynns,

First of all, can you tell me why you're thinking that the cash in the bank account isn't protected.

Considering the fact that your dad may pass away, I shall suggest that you withdraw as much cash as possible from the account and create a separate account in your name to deposit the funds. I am saying this because if you are not the nominee to your dad's bank account, then one who's the actual nominee will get rights of access and become the account holder after your dad dies. And, then you will not be able to take out cash through the power of attorney.

Thanks

support · Joined: 12 Oct 2007 Posts: 3 1.92 Dollars($)

There should be a beneficiary listed on the account. Make sure you are listed as this beneficiary and everything should be fine.

jbarto65 · Joined: 04 Nov 2007 Posts: 625 -0.07 Dollars($)

If your father is able you should have him go to the bank with you and see what the beneficiary paperwork states, if it is not correct you can have it updated right then and there taking care of any worry later should he pass.

All times are GMT - 7 Hours

Page 1 of 1