Legal Question in Wills and Trusts in Illinois
My Mom has suffered a massive stroke and is home to die. She has a POA for her medical but not her financial. She signed over her real estate property to me over a year ago. My question is with there being five children, no will, what and who should be over her financial assets? Is it possible for any of the children to take in the COD to her financial institution and close out her accounts?
2 Answers from Attorneys
I suggest meeting promptly with a probate attorney. At this point, it sounds unlikely that you can do anything to close out her accounts without either opening an estate or qualifying to use a Small Estate Affidavit. The latter can often be handled by phone, fax and E-mail and should be limited to a few hundred dollars for preparation if the estate qualifies. The intention concerning the real estate may also impact the choices.
If your mother is alive and lacks the capacity to sign a Power of Attorney for property, then you must pursue a Guardianship. I recommend that you consult with a Guardianship attorney in your area.
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