Customs Power Of Attorney
Q.The situation is this. Mother has assets which the 4 sons are trying to protect from abuse of any sort. One of the sons assumes a durable power of attorney and closes the mother's checking and savings accounts and opens them in his name. Ths step was needed as the mother would take thousands of dollars out for inconsequential reasons and be carryiing that kind of money as she went about her daily business. The problem is that the new accounts are in the one brother's name with no beneficiaries listed on the account. The brother has a history of heart problems. If he passes away won't the state get the monies? Would the preferred solution be that he simply name the other brothers as co-benificiaries?
A.I'm not sure why you believe that money held by your brother would become state property at his death. I would bet that this money would be viewed as part of his estate and would be distributed based on your local laws and customs. I would think that naming the mother as beneficiary would be wise since it is her money. Normally, any assets in your brother's name that are not in trust for someone else would go through probate. They would go to the appropriate beneficiaries in his will, if he has one; otherwise, they would be distributed according to the intestacy laws of your state. They would only go to the state if he has no heirs. I assume that your brother, as attorney for your mother, has a fiduciary duty to handle her property appropriately. My guess is that the money should be in a trust account with your mother named as beneficiary. Whether he has to do more than that would be for an attorney who specializes in this sort of thing to say.
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