How will my position of POA for both parents change when one parent dies?

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How will my position of POA for both parents change when one parent dies?

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I am POA for both of my parents, while my brother is their executor. I have been reading on another post that when a parent dies, the work of their POA passes to the executor. Just wondering what to expect when one of our parents dies. The bank accounts and home are in both of their names, and we siblings get along fine. Is there anything I should be prepared for ahead of time?

Elder Law End of Life Financial Planning Power of Attorney (POA)

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POA ends with the death.
Executor takes over. But only for DECEASED person. You remain POA for the living person.
You will give all records of accounts and etc that you are on over to the executor of the will for the parent that has passed, or make copies. You still are POA for the living person, so will remain on accounts they inherit or are held in common by marriage.
As another brother is to be executor for the elder who passes, the fact you get along is wonderful; otherwise an attorney could well handle things, and is paid for by the estate and the POA for the elder still living.

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If accounts and other assets are jointly held or titled as TOD, "transferable upon death", these will automatically pass to the survivor and the executor would only have to deal with any other bequests in the will. If you are POA for both parents, I presume this means you are already familiar with all their finances so I wouldn't think anything would change. Your brother (as executor) would need to notify all the places where your parents held accounts that one of the account holders has passed away and provide a copy of the death certificate. If you are already listed as POA on a joint account, it's possible the bank or other institution may need you to file new paperwork for the new "solo" account.

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My 2 YBs were both MPOA and FPOA for mom and dad. When dad diedd, mom was still functioning well and didn't require anything to change. everything daddy had went to her, no problems.

The boys remained as POA's and the one YB was still executor. When mother passed, the POA's were null and the executor took over.

While it could certainly be different from what we experienced, I think in most cases, the POAs and executors stay the same.

HOWEVER--In my case, if I pre-decease my DH, he will make our son his POA and executor both. Right now, our oldest daugter is our POA and executrix. (This has rankled my DH's soul for the last 25 years. He doesn't think a woman can handle this kind of stuff. My son may be an attorney, but he does not live here and he is a hothead and irritates the heck out of all of us. I wouldn't sign our wills with him as POA/executor. My daughter is far better suited to the job. Just saying.)

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Always ask an attorney.

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It would depend upon whether you are the current financial POA or the Durable POA in case your parents are diagnosed by doctors as incometent,

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Yes, the duties and authority of PoA ends the minute the principle passes, then their appointed Executor takes over. You are still PoA for the surviving parent and those duties continue until that parent passes (the Executor has no authority until their death).

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When a person dies, all financial accounts including bank, credit cards, investment, social security, pension etc are automatically frozen. Any accounts opened solely in the name of the deceased parent are the responsibility of the executor. For example, IRA's are always held in the name of an individual. Pensions and social security are solely in the name of the decedent. Credit cards are in one name but in many cases the spouse is an authorized user. The marital home is usually (but not always) jointly owned but the mortgage is often in one name.

But bank and investment accounts accounts are usually jointly owned with rights of survivorship. The second to die spouse still needs to pay the bills so it is important to get to the bank and get the joint accountstransferred to the surviving spouse. Ordinarily, the executor contacts the attorney who drafted the will for guidance. Elder law attorneys deal with this issue all the time so it is well worth the money to have your parents estate planning/elder law attorney assist you and your brother with dividing up the work.

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I don't know the answer to that particular question, but one thing that made my husbands passing more terrible was that we didn't have the passcode to his phone or his laptop, so with every business having a two step verification or email as well for security, it made things so much harder. They could give them to a trusted friend or attorney if applicable. Blessings

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There are apps for this, like LastPass. I use 1Password and have given my PoA the master login. This doesn't guarantee that someone with dementia won't decide to change that pw and then not record it somewhere. People are the weak link in the chain.

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If the bank accounts and other assets belong to both of them and one dies, things won’t change much. It’s when the last parent goes that things change. I am assuming you have a POA document for each parent so the one for the parent that passes just terminates. You can and I would notify the appropriate people, stop their medication refills for instance but providing they set things up with an estate attorney and one parent is still alive it’s just those things specific to that parent that need to be addressed, bills remain the same. Any legalities and arrangements (I think) should be taken care of by the executor and attorney at that point. The fact that you and your siblings get along and are on the same page makes it so much easier for everyone and a true blessing.

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Contact the attorney who set up your POA what to do when one parent dies. Changes will happen after both parents are gone.

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Wilmore6: Power of Attorney ends when the Principal dies.

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Your POA for decease parent ends, but for your living parents continues.

A side issue: When one parent dies, the bank accounts and home will need to be transferred from both of their names to the surviving parents name.

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Now that one parent has passed it would be easier for you to open a joint bank account with the other. You will need to be in the "system " so you can make any payments for him/her when they become feeble. Watch carefully for bills and tax return information that comes and make sure that it is paid and put in a secure location that only you can access. You can't take the risk of losing insurance coverage on anything! I, put a box on the kitchen table for mail so I could go through it because things were getting thrown out as junk mail. So, you still have the responsibility for your living parent. My presumption is that everything from the deceased spouse is inherited to the surviving spouse and the executor is not necessary until both are deceased. I'm so sorry for your loss, just lost my mother in October. I'm so happy for her, she gets to be with my father again.

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It would be much better to become POA and arrange yourself as POA on accounts, as muddying up account ownership can sometimes not be a good thing legally.

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Usually, when a married couple do their Wills its "what is mine is yours". This type of Will does not need to be probated. So there really no Executor needed.

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If the surviving spouse inherits the bank accounts, house, etc., then very little will change. The executor won't have much to do unless something in the will of the parent who dies requires work by an executor.

My parents' wills both said "I leave everything to my husband/wife," so nothing changed. Once my mother died (the last to go), I changed my POA hat to an Executor-type hat (specifically, I was the Trustee, not an Executor), and went about distributing the assets.

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If the surviving parent is the inheritor of the other parent, nothing need change. Just let the executor handle "the death work:" notifying social security, notifying insurance agencies...

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How will my position of POA for both parents change when one parent dies?

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