Legal Question in Wills and Trusts in Pennsylvania
Living Parents' Estate
We are three sisters who have recently helped our parents move into assisted living. They have a considerable estate that they cannot manage on their own anymore. My one sister who lives locally has power of attorney and handles their expenses. To prevent any trouble or misunderstanding down the road, how do we set up a system of transparency (checks and balances) to keep her out of trouble and help her make correct financial decisions?
1 Answer from Attorneys
Re: Living Parents' Estate
I know that this can be a very touchy situation, so what works for one family may not work for another. When one sister has the power of attorney although she does not have a duty to provide a monthly, quarterly or even annual accounting of where the money is spent, I believe that having such an arrangement keeps a dialog open between the siblings prior to any problems.
When someone feels that the assets are being mismanaged, they can petition the court to force the agent under the power of attorney to file an accounting with the court. Unfortunately, this not only costs money but also can cause problems wih the family relationship. I believe that if you request your sister to provide you with copies of the bank statements or give you a quaterly account, can be as formal or informal as you agree, of what is going on with your parents finances as well as health needs, you may avoid bigger issues in the future.
I hope that this answers your question. I would be more than happy to more fully discuss this issue with you. I give free consultations, so you will not pay me a dime unless I quote you a fee that we agree on and I perform the work you request.
I look forward to hearing from you.
Hillary N. Snyder
412.963.8495
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