[WSBAPT] Wells Fargo refusal to accept POA

[Marilyn J Kliman Law]

Guardianship seems to loom as the only viable option under circumstances
explained below. Question is, is there any sense to/support for first
attempting to petition to compel a third-party to accept a POA under these
circumstances?

 

Client's mother has fairly advanced dementia and lives in a memory care
facility.   Mom's son/Client's brother holds POA and has been managing Mom's
affairs for a few years. Son has now suffered a severe stroke and is
markedly incapacitated - remains in the hospital; cannot communicate and
prognosis is not good.  No alternate AIF named - he was already the
alternate to the deceased dad.

 

Client/Daughter and brother's wife brought Mom in to execute new POA. Mom
needs funds from her brokerage account to pay for her care.  I met with Mom
privately and though dementia is quite advanced, she knew who her children
were, where she lived, and knew son was in the hospital. She understood that
son had been taking care of her affairs. Seemed surprised but understood
when I told her son was unable to help her now. When asked if she wanted her
daughter to help her instead said "I guess so. I guess someone has to." I
briefly explained POA, underscoring daughter's complete control and access
to Mom's money.  Admittedly that didn't get a firm acknowledgment, but Mom's
response was to ask for her daughter to join the meeting.  Okay. Marginal.
But Mom did understand that the POA was necessary and was able to decide
that that was okay with her. 

 

Cut to Wells Fargo. For reasons unknown, brother had earlier provided them
with a letter from Mom's doctor saying that she was unable to manage her
affairs or make financial decisions. Go figure. So Wells Fargo is refusing
to accept new POA insisting letter shows she was not competent to execute.
I do have a call in to WF's legal rep to try to go over medically versus
legally pronouncing , but it's not looking hopeful.   Thoughts?

 

 

 

 

 

 

Marilyn J. Kliman, Attorney at Law

Marilyn J. Kliman Law, PLLC

510 Bell Street

Edmonds, WA 98020

 <tel:206.499.0993> 206.499.0993

 <mailto:Marilyn at MarilynJKlimanLaw.com> Marilyn at MarilynJKlimanLaw.com

 <http://www.marilynjklimanlaw.com/> www.MarilynJKlimanLaw.com

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