Advice for designating a power of attorney


tay
+2
#1  Top Rated Post
“I will be forever haunted by the memory of the look of horror on my mother’s face when she saw the balance on her TD account was $14.54,” Royale’s other son Ron Klimitz said in a victim impact statement he prepared for the sentencing.

Solomon Klimitz died in July 2007 of health issues. At that time, Royale Klimitz become the sole owner of all the couple’s accounts, worth $557,000. She trusted and relied on her son David, who had power of attorney, to look after her finances.

Between August 2007 and December 2010, David Klimitz stole the funds in his mother’s TD account for his own investment purposes. He redirected monthly statements that were previously sent to his mother to another address so she would not find out.

It wasn’t until June 2010, five months after the cash ran out, that Royale Klimitz’s other two children realized their mother’s accounts were emptied and she was five months behind on payments to the retirement home.

She left the residence, moved in with her daughter, and decided to use some of her small pension income to pay back the retirement home, saying it was the right thing to do. Later she moved into a public long-term care facility.

Designate two people.

“If you need a power of attorney, get it with two people and two people from opposite sides of the family, hopefully that don’t like each other. Then they won’t allow the other one to do anything. You need to have a backup system.”

Markham woman dies penniless after son steals life savings - CityNews (external - login to view)
 
Danbones
+1
#2
Trust but verify
there is one in every crowd
 
TenPenny
#3
Having power of attorney does not permit you to do whatever you want with other people's money, it permits you to legally act, but it has to be to act in their best interests, not your own.
 
taxslave
#4
Quote: Originally Posted by TenPennyView Post

Having power of attorney does not permit you to do whatever you want with other people's money, it permits you to legally act, but it has to be to act in their best interests, not your own.

Unfortunately it often takes too long to find out you been scammed. Especially when it is a relative.
 

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