Taking over as Power of Attorney

Posted by maryvc @maryvc, Sep 23, 2023

I am taking over the finances now. My husband was diagnosed with MCI in March and it became more apparent that I needed to take over. I let our financial advisor know and told him we would be letting Fidelity manage all IRA stock accounts. Because I said he was impaired and my husband agreed, his signature was not accepted when we were buying a fixed annuity. Our advisor said there is a rule that if there is indication of any impairment they need the POA to sign. That’s me. I had to sign everything. I’m wondering if I need to call our bank and notify them.
My husband is still capable of using a credit card and writing a check. He just can’t handle the bills and portfolio management.
How have any of you handled this?

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drs22 | @drs22 | Sep 26, 2023

My father has MCI. Early in his diagnosis, we met with his Fidelity advisor and my dad indicated that he wanted me to manage their account. My mom is still good but is uncomfortable with finances. I am a CPA so they were comfortable with me handling things.
Fidelity has their own documents so I worked with them to submit the DPOA and complete their paperwork. Once that was set up, I have had no issues with managing my parent's accounts.
I'm less certain about the bank accounts. Again, some time back my parents added me to their bank account and safe deposit. So I can transact business their as well.

maryvc | @maryvc | Sep 26, 2023

Thank you so much for that. I am feeling very comfortable with the relationship I have with our advisor at Fidelity. We talked about the durable power DPOA vs simple POA as someone else had mentioned. I am the DPOA and all is good. I did have to sign papers at Fidelity with a notary.
We have not involved our adult children other than to tell them where the big red estate planning book is and who are key people are - Estate Atty, CPA, and Financial Advisor. They are grateful that I have taken over and trust that I am making good decisions for my husband and I. Luckily our children are all self-sufficient and just want to make sure I have handled things enough to consider our needs to enjoy each other and travel while we can and have considered long term care for the future. That is what I have been working on.
Mind you, I was the woman who let her husband do all the portfolio and money management. I had no idea how it all was put together and what stocks etc we owned. Now I am learning all of it and more and reading everything I can about financial management. I have met with our advisor at least six times since March. It's been a journey but I am feeling more at peace, however becoming POA so soon was an eye opener.
Thank you and others for all your comments and I hope mine have been helpful here.