Legal Question in Wills and Trusts in Pennsylvania
My older sister is my father's Durable POA over health and finances, he has Vascular Dementia and is legally incompetent when it comes to handling his estate. Within the past year she has made certain transactions with my father's assets that have caused my other sister, his alternate POA, to obtain her own lawyer. They have requested accountings from my older sister, on two separate occasions, and have also specifically asked for all transactions that she made concerning beneficiary changes to IRA's, Certificates of Deposit, and Securities (Stocks). As a result, this sister and her lawyer have received two separate, 'very detailed' accountings from my older sister and her lawyer (who also represents my father), but in both accountings she failed to answer/show any transactions concerning the specific questions that were asked of her. The banks refuse to release any information without a court order. In the meantime, my sister has told me about what my older sister has been doing with my father's assets. She also has recently informed me that I was originally listed as a beneficiary on his stock portfolio along with both of them, and that my older sister recently told her that she had me removed. The stockbroker will not give any information/record pertaining to this change without a court order. She has also refused to show any information concerning previous withdrawals that were made from a Certificate of Deposit that is in my name and my father's. There are many other transactions that she has made that have not been included in the accountings.
My question is this. . . is there anything that I can do 'at this time', to stop the total depletion of my inheritance? Can I, as his 'other daughter', demand a 'specific accounting', requiring her to produce the information/transactions concerning any changes to beneficiaries on my father's stock portfolio, and also information concerning the Certificate of Deposit, and the withdrawals that she has made? Would I have to go as far as petitioning the court, in order to obtain this information/records from the stockbroker and the bank? And is it true that when my father's estate eventually goes though probate, the stocks being TODs are non-probate assets and will be paid out directly to the beneficiaries? If that would be the case, then is it also true that even if I contest the will, I will have no chance in receiving my share of the stocks? Thank you.
1 Answer from Attorneys
I would suggest you speak to an attorney immediately. If your older sister is breaching the fiduciary duty she owes to your father and is not acting in the best interest of your father then this is matter that should be resolved in the courts. The other sister as the successor POA couldbring an action as well.
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