Pension to wife to power of attorney question? Odd...I know

[ReForest]

Though 20w-50 isn't at this point, at time of death, probate is not always required in these situations.

Don't believe me, believe the State of California.

Click here for details.

Key points:

"It can be difficult to figure out whether you can use a simplified informal process to transfer property. In addition to assets that already have a designated beneficiary (like a life insurance or a bank account), estates with a value of $166,250 or less may qualify for a non-formal probate case."


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I think the issue is the POA.

Even if the Decedent named a Beneficiary on the Pension (which it appears he did), the Beneficiary isn't mentally capable of taking care of herself. So the Beneficiary's POA appointing Aged Great Niece ("AGN") appears to be challenged by the bank. 20W said the Beneficiary has no Trust either, complicating matters more.

So really AGN needs to get a conservatorship over the Beneficiary in order to make decisions on her behalf. Assuming she is mentally incapable and assuming the current POA doesn't work. Or, find someone at the bank that will work with her.

 

[Mr Doof]

I am working with the thought that the POA* is everything but the Medical POA.

If this is the case, conservatorship shouldn't be needed for the Great Aunt. The Great Niece just wants to hire someone to care for the Great Aunt using the money the Great Aunt has (via the pension payouts) and as holder of the POA for the Great Aunt, legally she has that power already to direct the funds.

Be way easier if the Great Niece had a joint account with the Great Aunt...this is what she should ask for when she goes to the bank with all her docs/ID.

The bank has policies to cover their ass but the bank has to follow the law.

A properly done POA (that covers financial matters) gives the bank the legal cover, but like Sharky found out, if things at the bank aren't set up to their satisfaction beforehand, it can take some convincing.

Conservatorship happens when the person can't give consent...but the POA exists because the Great Aunt already consented.

But I am not a lawyer, I am just someone who did this for our mother. My brother got to do this our father. No lawyers needed in either situation, no conservatorships, no probate. If I can figure my way through it, 20W-50 can...and besides, the interested parties are still alive, so it should be easier.

* - Really need to read the POA and see what it covers. If it doesn't cover everything, then my advice is null and void.

 

[ReForest]

I am working with the thought that the POA* is everything but the Medical POA.

If this is the case, conservatorship shouldn't be needed for the Great Aunt. The Great Niece just wants to hire someone to care for the Great Aunt using the money the Great Aunt has (via the pension payouts) and as holder of the POA for the Great Aunt, legally she has that power already to direct the funds.

Be way easier if the Great Niece had a joint account with the Great Aunt...this is what she should ask for when she goes to the bank with all her docs/ID.

The bank has policies to cover their ass but the bank has to follow the law.

A properly done POA (that covers financial matters) gives the bank the legal cover, but like Sharky found out, if things at the bank aren't set up to their satisfaction beforehand, it can take some convincing.

Conservatorship happens when the person can't give consent...but the POA exists because the Great Aunt already consented.

But I am not a lawyer, I am just someone who did this for our mother. My brother got to do this our father. No lawyers needed in either situation, no conservatorships, no probate. If I can figure my way through it, 20W-50 can...and besides, the interested parties are still alive, so it should be easier.

* - Really need to read the POA and see what it covers. If it doesn't cover everything, then my advice is null and void.

Solid response Mr. Doof.

Hopefully 20W and family can find a way out of this.