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Richard, Attorney
Category: Legal
Satisfied Customers: 55720
Experience:  Attorney with 29 years of experience.
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I have POA over my mom's finances. I want to know can I use

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I have POA over my mom's finances. I want to know can I use her money to pay of a vehicle loan.. She has dementia.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Can you provide me a bit more information? Is this her loan or your loan? If your loan, are you the sole beneficiary of her estate? Thanks.

Customer: replied 1 year ago.
this is my loan and my sister and I are the beneficiaries
Customer: replied 1 year ago.
Are you there?

Thanks for following up. This is a bit problematic. Although you do have the legal authority to use your mom's money, as her power of attorney you have a fiduciary duty to your mother. This means that person has a duty to act in the highest good faith for the principal’s benefit. So, paying off your loan would be considered a conflict of interest and a breach of your fiduciary duty because it's for your benefit, not your mother's benefit. But, clearly since your mother has dementia, she's not going to be competent to raise this issue. The only party that would have any standing to contest your action would be your sister because she's an heir to 1/2 your mother's assets upon your mother's death. Therefore, for every dollar of your mother's money you use to pay off your loan, you're basically depriving your sister 50 cents. So, your sister could contest this were she so inclined unless you used a like amount of money for her benefit or you get her consent.

Customer: replied 1 year ago.
Thank you. This is very helpful

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: . Or, simply request “Richard only” in the first line of your question.

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