Accessing Family Funds Legally

Summary

To access funds for property upkeep in Arkansas, communicate with the POA holder, who must act in the principals best interest. Propose a detailed budget and document expenses to ensure responsible fund use. Consider consulting an attorney to clarify fiduciary responsibilities and explore legal options for financial management.

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I am 53 years old, I moved to Arkansas to care for my elderly mother in her home in *, my father is mentally incompetent and is in the VA hospital. I was diagnosed with TNBC in *, and my mother passed in *. The family home is in my fathers name, with a transfer on deed deed to me. My parents assinged a POA to my cousin who is an executive at their bank so she could pay bills, sign legal papers, etc. I still live in the family home. I have a half sister from my father who has been estranged for * plus years. There is $*,* in my parents bank account from the sale of my mothers rental property. How can I access those funds to maintain and upkeep the family home and * acres it sits on?
Hi ****! It sounds like a challenging situation. Since the POA was assigned to your cousin, they have authority over the financial matters. You should:
- Discuss your needs with your cousin.
- Request that they allocate funds for the upkeep of the property.
- Consider seeking a legal guardian or conservator for your father to address long-term financial needs.
Have you already spoken with your cousin about accessing the funds?
Yes, she is concerne
Since your cousin holds the POA, she has the authority to manage the financial matters. It’s important to communicate your concerns and needs clearly with her. If she has concerns about accessing the funds, it might be useful to discuss the specific requirements of maintaining the property.
Could you specify what her exact concerns are regarding accessing the funds?
concerned about her fiduciary duty
Hi ****,
Your cousin's concern about her fiduciary duty is important. Fiduciaries must act in the best interest of the principal (your father) and manage assets prudently.
Here are some steps you can take:
- Propose a detailed budget to your cousin for the property upkeep.
- Suggest documenting all expenses to demonstrate responsible use of funds.
Has your cousin expressed any specific worries about potential misuse or other issues?
She is unsure if she is to maintain the property since I am living in it
Hi ****, here are a few points to consider:
- Arkansas law requires fiduciaries to act in the best interest of the principal.
- Your cousin could consult with an attorney to clarify her responsibilities.
- Propose a formal agreement or plan outlining how the funds will be used for property maintenance.
Would you like more details on how to create such a proposal?