Does co-ownership of a credit union account supercede durable power of attorney?
I have durable power of attorney for ny senile mother who has lived with me for 4 years. On her credit union account, she has my son as co-owner. He has not kept her for 3 years. Why does his co-owner status of that account supercede my durable power of attorney?
Expert Answer
While it sounds as if your mother set up that credit union account in better or at least different days, "co-ownership" means what it says: both your mother and son own the account. If the account has been set up as true joint ownership, it may be difficult or even impossible to have him removed.
If you feel that he is using or misusing the funds in a way that he shouldn't, you can certainly invoke your maternal powers and try to reason with him about it. And this is especially true if the credit union funds are a source of payment for your mother's care.
In fact, if she is now strapped for funds, then it may be worth your while to contact credit union personnel to be sure the account is in true joint ownership or if there is some way your son can be blocked or monitored in his use of the money while your mother is alive.
If, however, your mother has sufficient other funds to live on and the credit union account is a small or inconsequential portion of her property, then forget about it"”and make peace with the thought that it's a gift she intended to give him.