I have durable POA that states 1 doctor required for incapacity. I have a rather simple letter from her primary but I believe it's enough. Can I use it only for a reverse mortgage & maybe to move home into a irrevocable trust but not for banking? I set up online banking & have been paying her bills that way for years. I hear horror stories of banks not acknowledging POAs, her bank in particular. So can I just not tell the bank? I don't need to see her safe deposit box. I have her ATM & she can still sign checks. She only writes maybe 6 checks a year. Am I required to let everyone know?
Seems like she has given you an advanced health care directive or power of attorney for health. You need a power of attorney. Even then, reverse mortgage may require additional authority due to dealing with Mom’s real estate loan. Consult the mortgage company to find out what they may need to execute the plan. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Estate Planning and Tax Attorney, CPA
I would proceed with the utmost caution, and by consulting as soon as possible with a local elder law or estate planning lawyer. It is difficult to answer these myriad questions without actually seeing the document upon which you are relying. Often, a finding of incompetency by a doctor must be an affidavit rather than a mere letter, or at least that is so in my state. Show your power of attorney instrument to counsel, and s/he can give you detailed, precise guidance on whether your instrument gives you the proper authority to act in the manner you have described; the lawyer can also advise on how best to engage with your mother's lenders and banks. Use Avvo "Find a Lawyer" feature as a resource, if needed, for finding local counsel.
There are many forms power of attorney, unfortunately most will not let you use them for a reverse mortgage. You need to have very specific language in the power of attorney to do many things. It is best to discuss your goals with an Elder Law attorney.
Every situation is different, it is important to discuss your legal issue with a knowledgeable attorney in your jurisdiction.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline