• Welcome Guest
Wills, Trusts, and Estates
  • Ask a Question
    • Show discussions ...
  • Keep Reading
    • Illinois power of attoney
  • 85245
Question from caponecatNov-6
I have power of attorney for my elderly  widowed 82 year old uncle.  I have had this power of attorney for a number of years.  Recently, I have discovered that my uncle has made his 49 year old married cleaning lady of 2 years, the main benificiary of his IRA.  The value is approximately $250,000.  My question is  that can I as POA, trade in stocks which comprise his IRA portfolio, and transfer the profits to a savings account for my uncle?  This would allow easy access for needed medical expenses.  Also ,if this angers my disabled uncle, who is making very poor finiancial choices (such as giving a cleaning lady 250K, giving his vehicle to the neighbor and then paying for repairs it needs, trusting every car guy, window washer, etc) can he at this late stage of health, easily change his power of attorney to someone else such as his 'trusted cleaning lady? " Myself and my family feel that this person had preyed on my uncle at a vulnerable stage and had exploited him.
  • Answer this Question
wanderinggardener Nov-6 85245.2
go to court to have a guardian appointed over him. it usually says in the poa if a guardian is appointed it would be the same person who had the poa. then you could easily do what you are talking about.
Report Violation
Fallen Nov-9 85245.3

"My question is  that can I as POA, trade in stocks which comprise his IRA portfolio, and transfer the profits to a savings account for my uncle?"

Depends on whether the company holding the IRA will recognize your POA.  It isn't obligated to accept it.  Besides, is your uncle incompetent?  Does he *want* you to mess with his IRA?  If he's incompetent, even if you have a durable POA made when he was competent, you should be talking with a family law attorney about seeking conservatorship over him and his affairs.

You might also want to contact the local agency that oversees elder abuse issues.

"... can he at this late stage of health, easily change his power of attorney to someone else such as his ' trusted cleaning lady? ' "

If he's legally competent, he's free to revoke your POA at any time or go after you for decisions you made with regard to the POA.

"Myself and my family feel that this person had preyed on my uncle at a vulnerable stage and had exploited him."

So do something about it within the existing system.  :)

Report Violation