How to get an accounting when you suspect the person witha POA is stealing money?
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How to get an accounting when you suspect the person witha POA is stealing money?
The daughter has POA; last year she sold approx $400,000 in real estate holdings of her mother (who was quite surprised to find her property sold). Now daughter has moved her out of nursing home saying it was too expensive. Mother owns 2 homes; the daughter lives in 2000 sq foot home and the mother lives with paid companion in 500 sq ft home. Since the daughter does not work, her mother must be paying for both homes and all bills. The mother does not know what her finances are. Is there a way that a sibling can force the POA to account for where the money is going?
Asked on July 23, 2011 New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Oh my goodness. How horrible. Are you the sibling? Please let your Mother know that she has the right to revoke the POA at ANY time and that she can hold her daughter accountable if she did anything improper, which it sounds like she did. It sounds like she dissipated her Mother's assets and that she is using them to live a grand life style. If the mother is competent to handle things herself and is of sound mind then she needs to seek legal help as soon as she can here with the accounting. As for revoking the POA, she can do that verbally and in writing herself and she should alert her banks to the fact as well. And please take your Mother to a financial adviser to put her remaining assets in to possibly a trust and name a trustee she can count on. Good luck.
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