Posted on: 02nd Apr, 2009 10:04 pm
hi, my 73 year old husband has been declared incompetent
by two psychiatrists and is suffering from alzheimers. two
years ago he signed over a power of attorney to me (prior to
his diagnosis ). recently he went out and in a twenty-four hour period bought two vehicles for ninety thousand dollars.
he no longer has a drivers license and fortunately the deal-
erships accepted the vehicles back. after 53 years of marriage i realized i needed to protect both of us, so i
got a quit claim deed and with his power of attorney signed it
over to myself, had it notarized and took it to the recorder's
office and had it recorded. prior to this the property was held in joint tentancy by both of us and the mortgage had been paid off many years ago. i hope i made the correct decision,
but i realized it was just a matter of time with the unscruplous
people hanging around that he would sign it over unknowingly
to someone. i now plan on getting a living trust in my name
that if he survives me (unlikely with his health) that the living
trust will be used to take care of him. upon his death whatever is remaining will be divided equally between our two children. again i would appreciate any information on this.
by two psychiatrists and is suffering from alzheimers. two
years ago he signed over a power of attorney to me (prior to
his diagnosis ). recently he went out and in a twenty-four hour period bought two vehicles for ninety thousand dollars.
he no longer has a drivers license and fortunately the deal-
erships accepted the vehicles back. after 53 years of marriage i realized i needed to protect both of us, so i
got a quit claim deed and with his power of attorney signed it
over to myself, had it notarized and took it to the recorder's
office and had it recorded. prior to this the property was held in joint tentancy by both of us and the mortgage had been paid off many years ago. i hope i made the correct decision,
but i realized it was just a matter of time with the unscruplous
people hanging around that he would sign it over unknowingly
to someone. i now plan on getting a living trust in my name
that if he survives me (unlikely with his health) that the living
trust will be used to take care of him. upon his death whatever is remaining will be divided equally between our two children. again i would appreciate any information on this.
Hi mlbingham,
In my opinion, you've taken the right decision. A living trust will not only help your children to avoid probate but it would also help you in saving taxes. Moreover, it is a safe way to protect your property as well. The best part of living trust is that it helps the co-trustee to act as sole trustee in case the grantor is unable to continue administering the trust.
However, when you decide to go for a living trust, make sure you take the help of an attorney. He/she will help you in understanding the legal terms and conditions and also tell you about your rights.
Take Care.
In my opinion, you've taken the right decision. A living trust will not only help your children to avoid probate but it would also help you in saving taxes. Moreover, it is a safe way to protect your property as well. The best part of living trust is that it helps the co-trustee to act as sole trustee in case the grantor is unable to continue administering the trust.
However, when you decide to go for a living trust, make sure you take the help of an attorney. He/she will help you in understanding the legal terms and conditions and also tell you about your rights.
Take Care.
I think you made the right decision. But he might be able to claim that he signed the POA in "distress" and make it null and void. That would be unlikely though, so you should be safe.
In Sept 1998 my husband, father in law, and myself purchase a home. On November 1998 my father in law died. In 2003 my husband and I refinanced the home. Last year my husband and I paid off the home. This year we are trying to get a equity loan on the home. Now the FCU states we have to go to probate to remove my father in law name. Is there any other way to remove his name from the warranty deed since my husband and I have paid the home ourselves?
Welcome Nora,
You will have to probate the property only if your father-in-law has left a will. If there is no will, then you and your husband can file an affidavit of heirship at the county recorder's office and transfer the property in your name.
You will have to probate the property only if your father-in-law has left a will. If there is no will, then you and your husband can file an affidavit of heirship at the county recorder's office and transfer the property in your name.
Once a power of attorney is executed, do you have to file it or do you just keep the original for use at some time later?
Hi CindyBee,
As far as I know, you'll have to record the power of attorney before you can use it.
As far as I know, you'll have to record the power of attorney before you can use it.