Legal Question in Wills and Trusts in Ohio
My step-father is dying, and my Mother, who has dementia, is now living with me.
My step-father's children got him to write a will, which gives half to my mother and half to his children.
Jointly, our parents own a CD. It is an OR account. Can my step-sister, who has POA over her father, close out that account? She plans to do so, and give 1/2 to my Mother in accordance with my step-father's will.
Also, does she have the right to change annuities? My step-father has two annuities and she is trying to modify the beneficiaries to reflect his will, and I believe these 2 annuities leave all to her in the event of his death.
I does not seem kosher to me that his daughter is trying to change things to enrich herself and her siblings. I have POA over my Mother, and because she has dementia, I am concerned about the cost of her long term care.
2 Answers from Attorneys
Whether your step-sister can make those changes depends on the terms of the power of attorney not all powers of attorney are the same. Usually a power of attorney would have to have specific language regarding beneficary changes for someone to make a beneficiary change.
If your mother has ownership of the CD account then the bank should not allow your step sister to close out the account without your mother's permission. I would talk to the bank and ask them their policy.
You also mentioned that the step children got your father to write the will. There could be an issue of undue influence and I would talk to an attorney about whether you have a case.
I agree with the previous answer but there all also several other issues to consider here. Since your mother has dementia and you should also be concerned about medicaid planning issues too. There is a likelihood that she may need longterm nursing home care in the future since she has dementia. You need to speak to an attorney who also specializes medicaid planning. The assets she has and receives from her husband will affect her qualification for medicaid benefits, if needed. If you need further information or have questions please contact me through my website: http://socrateslegal.com.
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