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Roger
Roger, Lawyer
Category: Criminal Law
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As Power of Attorney for my 81 yr old father, can I move his money out of his account and

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As Power of Attorney for my 81 yr old father, can I move his money out of his account and put it in mine-if I don't touch it? Or can I gift lump sums to my sisters? i have reason to believe he is being taken advantage of. I pay all of his bills out of his checking and in the past have had to put my money into his account to cover his living expenses. Now he again has a lump sum of $67K from an insurance settlement and again is starting to give his money away to a young woman.Once his money is gone-I will again have to take care of him.

Hi - my name is XXXXX XXXXX I'm a Criminal Law litigation attorney. Thanks for your question.

IF you are his power of attorney (general, durable power of attorney), then you can do ANYTHING you wish with any of his property. For all legal purposes, you are him on paper.

However, as POA, you have a fiduciary duty not to waste his money, or commit self-dealing by taking his property/money and converting it to your own use.

So, if you were to place his money in your account, you need to keep meticulous records to prove you didn't use it or do anything illegal or improper just in case a relative challenges your actions.

You may want to speak with an estate planning attorney, who could set up a trust account or some other fund to house the money that would allow you to access it if need be, but it would keep the property out of your personal holdings.

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Customer: replied 4 years ago.
I only have two sisters-so can I send them each $20,000 as a gift (as part as my deceased mother's protion-died last year)
I would much rather help them out then him give it all away to a stranger< and I wouldn't be challanged. Would that be against the law? Would I be abusing my authority?

That's not an abuse of your authority as long as you're acting in good faith and you're not self-dealing.

ALSO, if your two sisters are agreeable, then you should be in the clear because they are really the only two people in the world who could object because they have a future interest in your father's estate. So, if they don't object, it should be no issue with doing this.

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