I am a caregiver to a man who had a stroke 29 years ago. His wife died in 2008 leaving him alone. They didn't have any children or family. He gave POA for financials to his childhood friend and I have POA for personal care.
He's living in my home, and for the first 6 months I looked after everything until he signed a POA for both of us in 2010. Since his friend got POA for his financials he has never given him any information on his investments. For the first 6 months I had his investment adviser in to see him and explain everything to him. But his friend has not given him any information in the last 4 1/2 years. Doesn't he have an obligation to keep him informed of the state of his investments?
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In a word, yes! I strongly suggest your friend IMMEDIATELY discuss this problem with his attorney and start the process of voiding the friend's POA. The POA "friend" is clearly not advising on the financial affairs on a regular basis-at least quarterly.
If you can get your client to his bank and ask your client if he minds you sitting in on the appointment, or go to the bank he deals with, express your concerns and they may send a person to visit him. I would not have the POA informed of this. Be sure, if possible, to have with him, any household bills and groceries receipts. Any bank or brokerage will be able to produce statement, but ask them to have them for the appointment.
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