Legal Question in Wills and Trusts in Texas
My step-mother died which left my father on his own. He has quite bad demensia and doesn't even recognize his own children. My brother has decided to take my father in and take care of him. However, my brother is only interested in my father's money. He does take reasonable care of my father, but he has an interest in keeping my father alive, because of the $5000/month my father gets in retirement. My brother has never been a loving son or loving brother. He would have no interest in my father if it weren't for the money...which is more than just $5000/month, there is also $600,000 in stocks/cds/cash. There is also my father's house which is in the process of being sold. As my brother has not had a job in 7 years, he was the only one of my father's four children (as the other 3 of us have full-time jobs) who could deal with the legal aspects of changing the will and all other legal dealings. He now has power of attorney and is very rapidly spending my father's money. Within the first two weeks, he bought himself a $40,000 BMW (my father is also paying the insurance).
My father is a vulnerable adult and has no understanding whatsoever of what is happening with his money. Not only is my brother spending my father's money, but he is also spending the inheritance of his siblings. He said that there can be only one power of attorney which is and will remain him. He will show absolutely no documentation of my father's assets to two of his siblings. One sibling knows some of the information, because she was partially involved in the legal efforts and the relocation of my father to my brother's house.
I am one of the two siblings who knows nothing (at least nothing documented--as my brother can tell me anything). My question is...Is there anything I or my other sibling can do in this situation?
2 Answers from Attorneys
You or your other sibling can apply to be your father's guardian. If the court grants a guardianship it will terminate any power of attorney. Additionally, a guardian must post a bond for the value of the estate and file annual accountings with the probate court.
Normally, with a durable power of attorney, a guardianship is not necessary. However, if the power of attorney is not durable, it ends upon disability of the principal.
You should contact an attorney with experience in guardianships. I have some experience in this area.
Guardianship sounds like the necessary approach.....with a competent lawyer in your area