|In this Elder Law Minute, Wes Coulson discusses how people are sometimes shocked when they can’t get access to their deceased loved one’s funds after they die, and he explains the ways to avoid it.|
Greetings! I’m Wes Coulson from Dent Coulson Elder Law, and this will be your Elder Law Minute. We’re happy to present these because we think we can help inform you, as to the ways in which we can help you, and the things that you need to think about, relative to the elder care and estate planning journey. Hope you enjoy!
I’m gonna ask the question that’s the subject of this video, in the words that people generally ask when they call in although there’s a tad more frustration in their voice when they call. Here’s the question, “Why after mom died, and we’re trying to write the checks to pay bills that she had and for the funeral and things like that, has the bank frozen the account so that we can’t get into it and could we have done things to avoid it?” Often when that question is asked, the person is pointing out ” And you know what, I was on the account as power of attorney agent.” The first answer to that is : They had to freeze the account because at that point there was no one with authority to transact business on the account. It wasn’t mom because she passed away and it also wasn’t you, because the power of attorney died with her, it (power of authority) gives you the authority to do something that you could do yourself and since mom could no longer do it herself, neither could you as power of attorney.
Thanks so much!
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.