What can be done if a money market account held in trust fora personis taken over by someone given a Power of Attorney?
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What can be done if a money market account held in trust fora personis taken over by someone given a Power of Attorney?
My grandfather got Alzheimers in 2002 or 03. After telling my mother about the trust she then gave her brother POA. Her brother closed the account because the current bank would not allow him to touch any of the funds at all. He reopened the account at another bank and had my grandfather sign over the trust in the state of mind he was in. Is there any legal standings for myself in this matter?
Asked on September 27, 2010 under Estate Planning, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
It is really unclear here as to the terms of the trust and if you have any standing as a beneficiary other than through your Mother's share. Is you Mother still alive? It is also unclear as to the who, what and when. But generally speaking a person who has Alzheimer's may or may not have the capacity to sign documents. It really depends on their mental state at the time that the documents are signed. But it can certainly be an issue when challenging the actions of another that have been placed in a "fiduciary" capacity to handle the affairs of those with Alzheimer's or really any fiduciary capacity. I would seek legal help from an attorney in your area on this matter. The details need to be sorted out to understand the chain of events and what, if any, recourse you have. Good luck.
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