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POA Rights and Responsibilities?

My friend's daughter has the POA for her. However, the daughter just recently went to the bank where the account was and moved the money out of my friend's account and started a new account in her name. Is that legal? First off, my friend had no knowledge until it was too late. My friend had already spoken to multiple employees of the bank days prior to this incident, attempting to get her money secured for the time being while she was in the process of getting her daughter removed as her POA. Well, after multiple employees told her how to secure her money, that next day her daughter was still able to walk in there withdraw the money and start a new account in the daughter's name.

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How is this possible? The daughter doesn't think what she's doing is a crime, because she is more or less trying to say that it's her money. I also noticed on one of your answers it says that a POA is supposed to use the money entirely on the person they are acting for. Well, from my understanding, the daughter has already spent a good majority of the money on her personal bills such as rent, etc. Altogether she probably has spent a little over 20 grand on all of these personal matters. Anyways, this is illegal right?

By Lacey

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Bronze Answer Medal for All Time! 220 Answers
February 12, 20150 found this helpful

Your friend should immediately talk to an attorney who specializes in POAs about the specific language of your friend's POA, the daughter's activity and what your friend can do now.

 
February 13, 20150 found this helpful

This could be considered elder abuse if your friend is a senior. Contact the authorities in this case. Also report it on the FBI website under their section on elder financial fraud.

 

Bronze Post Medal for All Time! 163 Posts
February 14, 20150 found this helpful

It is legal in some states. Also you will find people are advised to do this to do a spend down later on to get into a facility. Most facilities will take everything you own if you cannot pay the rent.

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She also may be keeping it all for herself which is abuse and should be reported. Ask her first before you jump to conclusions. She may have been advised to do this. It is very confusing.

 

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