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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 38854
Experience:  Texas lawyer for 30 years in Estate law
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This is to a previous question. I am in a difficult

Customer Question

Hi, This is a follow up to a previous question. I am in a difficult situation. I am the POA and MPOA to my mother. I handle everything for her, literally everything, with no help from her family. As opposed to her going into a nursing home, i brought her
to her home and set everything up at home. Its a FT role. All expenses are paid through her checking account. When she receives checks I deposit them. She has money in a bank that I used to do business with. Her money is all in her name only. The bank requested
that I bring in my POA to place in the system so I can manage her accounts. I didn't think it was necessary, but I did so. A few years back my company had some o/s balances on a business loan, which are still o/s. this is in my name only though. When I brought
in the POA to them, they said they cannot accept the POA because I had o/s balances on a past loan. I wrote to them and made a promise to pay the load back when my business launches or is sold. My question is my business with the bank is 100% separate from
my mothers, she is in her name only and i am in my name only. I really don't need my POA in their system, as I am making deposits for her. But to satisfy them I brought it in. Now they are telling me they can't accept the POA. Can they do this ? and why ?
My mothers account and expenses and deposits will continue as normal, but even though I gave them an intent to repay the loan, they seem to be holding that against me having the POA in their system. If my mothers account and name are all her's and in her name
only, there is no relationship between my activity in the bank and her accounts. Does the bank have a right to withhold my POA ? my mother has nothing to do with my business in the bank. Is there any advantage to me having the POA in the banks system? I don't
really care if it is or not, I was just following up on their request for when i was making her deposit one day...? can the bank withhold my mothers fund's to pay my loan ? and finally can I just offer the bank a figure to pay off my loan, minus the penalty
and interest accumulated ? there is no ill intent, I have a business that I invested six figures in and I am still building it, i wrote them a letter last year detailing my intent to repay it. It was a little embarrassing being that I am in control of my mothers
care and have sacrificed myself to care for her, but because of a business loan, the bank is denying my POA, which I am not sure why and what the advantage or intent is ? My mother does have a lot of money in the bank, but that would be an advantage to the
bank, so we all have good intent, but there seems to be a disconnect. I have full financial and medical POA for her. Life has been stressful and i want to clear this up. What can I do, or what can they do, what should I tell them? I am sorry this has surfaced.
I would like to just offer them to repay, but I could only afford to repay them less than 50% of the balance now, in 2016 possibly more than 50%, maybe pay it off in full in 2017. Should I notarize a letter to them and tell them my intent ? I am stressed out
and need some advice...thanks...
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

You really need to change banks here.You open a new checking account udner your name and mothers name using the POA.Have mom write a check here for most of the balance, leaving minimal amount in old account here and get these popel oput of your life.

Pay her bills out of new account, have her deposits sent there, nad wean off the old account.You can skip paying these folks by doing business elsewhere.These people are blackmailing you here.

You need to bank elsewhere.It might take some doing here, opne the new account elsewhere you can helpmothe sign the check for the bulk of funds in old accout and deposit it in the new one.

I would suggest you go this route and get away from the current bank and not keep doing business with them.They clearly are abusing you and this situation.You rmother would not have to appear here, she just signs the check and you depsoit it in the new account.You don't have to argue the POA with the old bank move the funds to the new own and pay bills out of new account and wind down the old account.I think this is the way to go here.

I appreciate the chance to help you .I am so sorry that you are having to go through this.Thanks again.
Expert:  RayAnswers replied 1 year ago.
If you can leave a positive rating it is always sincerely appreciated.

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