What can be done if a money market account held in trust fora personis taken over by someone given a Power of Attorney?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What can be done if a money market account held in trust fora personis taken over by someone given a Power of Attorney?

My grandfather got Alzheimers in 2002 or 03. After telling my mother about the trust she then gave her brother POA. Her brother closed the account because the current bank would not allow him to touch any of the funds at all. He reopened the account at another bank and had my grandfather sign over the trust in the state of mind he was in. Is there any legal standings for myself in this matter?

Asked on September 27, 2010 under Estate Planning, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

It is really unclear here as to the terms of the trust and if you have any standing as a beneficiary other than through your Mother's share.  Is you Mother still alive?  It is also unclear as to the who, what and when.  But generally speaking a person who has Alzheimer's may or may not have the capacity to sign documents.  It really depends on their mental state at the time that the documents are signed.  But it can certainly be an issue when challenging the actions of another that have been placed in a "fiduciary" capacity to handle the affairs of those with Alzheimer's or really any fiduciary capacity.  I would seek legal help from an attorney in your area on this matter.  The details need to be sorted out to understand the chain of events and what, if any, recourse you have.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption