I'm not a legal or financial expert, but read carefully through the document. POAs usually do have the authority to conduct these transactions. I'd check with your mother's accountant/financial planner if she has one, just to make sure you know about capital gains and that sort of thing. Also, it might affect Medicaid status as well.
I am my moms p.o.a. for health and her Fiduciary for her vetrerans benefits. My aunt and my mom own a small piece of property in Fla. My aunt wants to sell. Can I sign for my mom?
Patsy, did your mom leave you the house in her will? Or is it in a land trust naming all four of you as contingent beneficiaries of her trust?
If it's in her will that you all share, then I think you can just revoke your interest in writing, witnessed, etc., etc., and the proceeds can be passed on to your siblings as part of your mom's estate.
If you're all listed as contingent beneficiaries to a land trust, then I think it may be more complicated. What you DON'T want to happen is that, should you be audited some time, you be assessed a gift tax for passing along that money.
Either way, this is really a question for an attorney. When you put the house on the market, decide on the attorney you want to handle the sale and talk with him about it. You just want to make sure you don't have any tax consequences to either you or your siblings.
I'm in the process of doing that right now for my mom. I have her Power of Attorney specifically saying I can handle real estate transactions. HOWEVER, my attorney tells me that he wants mom to sign, if she can (which she can). He says most Powers of Attorney in Illinois are not "registered" in the county, and that her POA would have to be registered in order for the title company to accept her signature. Remember, title companies insure good title at every real estate closing on earth.
So the answer is, according to what you've stated, yes, from a strictly legal perspective, you can sign to sell her house. The BIGGER picture is whether or not the TITLE COMPANY will allow it.
my brother is trying to sell the house that was left to him in a will,(our mother left it to him). He has a buyer for the house and land its on and they have a price both party agree on. He wants to know where does he go from here. He don't have money for a lawyer.
If your father willed his home equally to you and your siblings, and he has dementia, severe, and you are his POA and have sold his home, can we as surviving sibling divide the funds at this time if he is in assisted living which he can afford due to well-retirement income. especially if he has other severe medical conditions that may end him in a nursing home skilled facility which at that time due to federal law they will take his retirement and any other monies in his account. This has been verified by Department of Aging as well when his wife had dementia and he was going to consider assisted living vs. nursing home however, she passed away during that time.
My father has dementia,one week after my mother pass away my sister with her POA take father and put her name on father house title.My question is can she legally do it with out doctors letter?
I have power for my mother including real estate. She has dementia has fallen several times and fractured her lower back. She lives in Texas but is moving into my sisters residence inFlorida. I need to sell the house so that my sister can afford to hire someone whenever she would need help. Can I do this without hiring an attorney. It would be one more expense that we are unable to afford.
I do have to say that my Moms was vague also and I had no problem selling her house at all, there were no specifics. I was in charge as the DPOA to do as I thought was necessary for her and it is used for her, I wouldnt worry at all. I have periodically rechecked all of my documents and records with 3 other lawyers as a precaution to make sure I am doing everything right and all is fine.
I got a DPOA from an on-line lawyer service that said I could sell her property but when I had a friend from church (who is a lawyer) look this document over, he said that the statement about selling her house was too vague---that when I went to sell the house, I needed a POA specific to that specific piece of real estate that specified the lot number of the house and other very specific identifying information for mom's house. I had my lawyer friend draw up the document for me so that there would be no kinks when the house sold.
I was just at my Father's lawyer last week to ask questions. I am his Continuing Power of Attorney and the only way I can sell his house is if he is assessed as not competent. The lawyer added another clause on the Continuing Power of Attorneys papers that his Family Doctor can assess him, as to have someone else assess him could cost up to $5,000.00. This was at my Fathers request so as to save me money.
You can sell the house and make out a care contract and pay yourself for taking care of her, and use daycare, etc, and then she can get into assisted living. OR, they take it all right away. Thats our experience. Also a DPOA is different than just a POA so check it out legally before you do a thing. good luck
DMP, good luck with selling your mom's house. It makes sense to me, anyway. My mom wasn't interested in moving to AL either but my sisters and I knew the time had come for it to happen (her doctor agreed as did her neighbours) so it did happen. Mom is much happier, better fed, and safer now than she would have been in her condo. At the age of 96 she is the oldest person in the residence now and is "special" to everyone. She has always been a kind of "actress" so now she is "star" of the "real live show" at the residence (not that, due to dementia setting in, she is often aware of this). You have your mom's best interest at heart, DMP, so good on you.
You should be able to, but some of that would depend on whether or not she is on Medicaid, where your siblings (if any stand) legally, etc. You should ask an attorney so you know what your rights and duties are. Carol
Thank you everyone, I need to sell the house so that she can get into AL. There isn't any other money and she need to be in the place for two years before they will take medicaid. She has dementia and can not care for herself but she thinks she can. My brothers and sister and I feel that AL would be the best place for her we know that she would not do well in a home. Thank you agian for you help:)
If you have POA for legal/financial matters-and the house is in you parent/s name and NOT a trust--I would think that you can then go ahead and sell it if need be. To be sure, why not contact your community council on aging, and eldercare attorney, or even a real estate broker. As for the laws, they possibly can be different in each state. Best, Hap
All the answers already given to you are "bang on". I have enduring power of attorney for my mom and I have just recently sold her condo on her behalf as she no longer could live in it. Upon selling the condo, the money received, had to be invested in the best interests of my mom (which is, of course, as it should be). I live in Alberta, Canada so the laws may be different where you live.
I'd like to hear more about why the house needs to be sold or is this a hypothetical question?
Has her doctor evaluated her as not being capable of managing her business affairs in a business like manner and if you don't already have it, would they make a notarized statement to that fact?
You just might want to read back over the POA document plus look up your state's general statues related to having durable POA which are usually referred to in the document; are often available online and go into far more detail about the whole thing.
According to Barbara Repa, an attorney, the power of attorney document itself should spell out whether or not you have the right to sell your parents' home. To find out you might have to read through a lot of legal jargon and do research.
The first step is to be certain the power of attorney document has actually taken effect. Many such documents require that a doctor, or two, certify in writing that the parent in such a case is incapacited before it takes effect.
The power of attorney document itself should spell out specifically things you can and cannot do for your parents, and if you are able to sell their house, it should specify that right. If a power is not named, do not assume you have it.
Even if a power of attorney document gives you the right to sell your parents' home, beware of one thing. Many such documents have a phrase in them that says something to the effect that you might take any and all steps to be certain that you are carrying out the best interests of your parents. That phrase could allow someone to challenge your decision to sell their home. If you are afraid that your parents or someone else might challenge your decision to sell, it might be wise for you to obtain a signed statement from an estate planning attorney or financial planner that your decision is wise.
As I understand it from just seeing a lawyer myself, if your mother is incapable of making any financial decisions for herself then the Power of Attorney takes over. My brother is POA and he signs everything for my father because my dad has dementia.
If it's in her will that you all share, then I think you can just revoke your interest in writing, witnessed, etc., etc., and the proceeds can be passed on to your siblings as part of your mom's estate.
If you're all listed as contingent beneficiaries to a land trust, then I think it may be more complicated. What you DON'T want to happen is that, should you be audited some time, you be assessed a gift tax for passing along that money.
Either way, this is really a question for an attorney. When you put the house on the market, decide on the attorney you want to handle the sale and talk with him about it. You just want to make sure you don't have any tax consequences to either you or your siblings.
So the answer is, according to what you've stated, yes, from a strictly legal perspective, you can sign to sell her house. The BIGGER picture is whether or not the TITLE COMPANY will allow it.
That answer can only come from your attorney.
I had my lawyer friend draw up the document for me so that there would be no kinks when the house sold.
Carol
I need to sell the house so that she can get into AL. There isn't any other money and she need to be in the place for two years before they will take medicaid.
She has dementia and can not care for herself but she thinks she can. My brothers and sister and I feel that AL would be the best place for her we know that she would not do well in a home.
Thank you agian for you help:)
Best,
Hap
We are talking about the Durable POA, correct?
I'd like to hear more about why the house needs to be sold or is this a hypothetical question?
Has her doctor evaluated her as not being capable of managing her business affairs in a business like manner and if you don't already have it, would they make a notarized statement to that fact?
You just might want to read back over the POA document plus look up your state's general statues related to having durable POA which are usually referred to in the document; are often available online and go into far more detail about the whole thing.
The first step is to be certain the power of attorney document has actually taken effect. Many such documents require that a doctor, or two, certify in writing that the parent in such a case is incapacited before it takes effect.
The power of attorney document itself should spell out specifically things you can and cannot do for your parents, and if you are able to sell their house, it should specify that right. If a power is not named, do not assume you have it.
Even if a power of attorney document gives you the right to sell your parents' home, beware of one thing. Many such documents have a phrase in them that says something to the effect that you might take any and all steps to be certain that you are carrying out the best interests of your parents. That phrase could allow someone to challenge your decision to sell their home. If you are afraid that your parents or someone else might challenge your decision to sell, it might be wise for you to obtain a signed statement from an estate planning attorney or financial planner that your decision is wise.