We are not speaking. I don't know what the loan is for. My mother has basically cut communication with me. I don't know what she's doing but at 96 I know she has no assets and is on limited income. My niece is asking her to cosign for some kind of loan. Am I liable if I am not informed of what they are up to if something goes wrong with the loan (default)? They are basically not speaking to me. How can I rescind my POA? I do not think my mother is incompetent...she just can't say no to this granddaughter.
You really should talk to a lawyer, but I am sure someone with more knowledge will answer your question.
Just my 2 cents. Good luck!
Just a thought, if Mom is 96, you are in ur 70s, gdaughter has to be in her 30s/40s, red flag here. At that age she should have established credit. She shouldn't need a cosigner. My opinion, she will default on the loan and gma will be left holding the bag.
No, you are not responsible for Moms decisions. But, since your relationship is not all that good, I may have the POA revolked and let Mom assign someone else.
I wonder though, if, as her POA if you were to contact a credit bureau if you could freeze her credit?
Are you also the executor of your mom’s estate? If so then you might find that to pay all your mom’s debts you will have to pay off this loan as an executor for mom. Let’s say the loan is for a car. If the title is in both mom and nieces name it might be to remove it from mom’s name/estate you might have to pay it off to remove the debt but not have the title to the car as it would go to the niece.
If mom had given me POA I would go to her attorney for guidance.
Is there any chance mom will need Medicaid? If you block her credit, she might just gift niece the money if she has access. So think it out before you take action.
No. You wouid not be responsible.
Your POA paperwork should have the steps for you to resign the POA, if you choose to do so. If you do, make sure your mother's fully aware of it and has the original resignation, as well as her attorney if she has one, and keep a copy for yourself.
Legal Zoom has some good information for you and other agencies to send a copy. https://info.legalzoom.com/resign-power-attorney-20524.html