Connect with us

Company

I care for my mother and sold her house. My sister says half the home belongs to her, and now she wants a loan. What do I do?

Published

on


Dear Quentin,

My mother is in a wheelchair and can no longer care for herself.

I, having a durable power of attorney, moved her into my home and sold her house. My father, who passed away in 2009, and my mother had a joint will leaving all they owned to my sister and me.

After I sold the house, my sister claimed that half of the money belongs to her. I told her that the money belongs to our mother, as she is still alive, and that I will use it in the best interest of our mother.

My sister wants me to make her a loan using our mother’s money. My sister is not very trustworthy. She has a $25,000 debt with the IRS, and keeps a crack-cocaine addict as a live-in boyfriend.

What are my legal obligations to my sister?

Regards,

Wanna Do What’s Right

Dear Do What’s Right,

You have no obligation to your sister, legal or otherwise.

As your mother’s power of attorney, you have a fiduciary duty to her. That means you are legally obliged to act in the best interests of your mother, and make financial decisions with her permission, and ones that benefit her long-term care. That care may get more expensive.

This duty does not include making a case to your mother to lend your sister money — because your sister believes that she is owed money from an inheritance that does not exist. The proceeds from the sale of your mother’s house belong to your mother, and should be used for her and her alone.

I have received numerous letters over the years from people who acted with power of attorney, such as this letter writer who invested and lost $40,000 of her mother’s money in the stock market, and this woman who had a battle royale with her aunt over her grandmother’s estate.

I will tell you what I told them: Having power of attorney is not a task that should be taken lightly. Not only have you taken on an awesome responsibility of caring for another person and their finances, but you are also vulnerable to legal proceedings if you act improperly.

I understand that you want to please everyone, and you feel responsible for your sister. But you are not responsible for her, and you can’t please everyone. So don’t try. You can follow the law and do what’s right for your mother, as you have done consistently up to now.

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.

By emailing your questions, you agree to having them published anonymously on MarketWatch. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Check out the Moneyist private Facebook
FB,
-0.75%

 group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Company

These money and investing tips can help you with stock and bond strategies to whip inflation

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, can help you prepare your portfolio for a period of higher inflation — transitory or not.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!



Source link

Continue Reading

Company

These money and investing tips can shine some light through the stock market’s ‘June gloom’

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, can help your decision-making if the market outlook becomes cloudier and momentum starts to fade — even as the outlook for the post-pandemic economy gets clearer.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!



Source link

Continue Reading

Company

These money and investing tips can help you stay belted in when stocks get on a roller coaster

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, give you a 360-degree view of opportunities and strategies to capitalize on in case stocks go into a June swoon.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!

INVESTING NEWS & TRENDS
Dow 37,000? It’s possible if U.S. stocks stage an ‘average’ summer rally

Dow Jones Industrial Average has gained 7% on average between the beginning of June and the end of August.
Dow 37,000? It’s possible if U.S. stocks stage an ‘average’ summer rally

Why it matters to the stock if Facebook is a tech company or a media play

In one of these industries Facebook shares are undervalued, which influences the stock price.
Why it matters to the stock if Facebook is a tech company or a media play

Small-cap stocks will go nowhere over the next year, according to the indicator with the best track record

Still, the gauge has been too bearish as smaller companies rally.
Small-cap stocks will go nowhere over the next year, according to the indicator with the best track record

These cool, high-quality stocks are just right for this overheated, overvalued market

Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.
These cool, high-quality stocks are just right for this overheated, overvalued market

Investors should own these four sectors as the economic recovery plays out: SPDR U.S. chief strategist

Michael Arone of State Street Global Advisors recommends owning cyclical stocks in the financial, energy, materials and industrial sectors.
Investors should own these four sectors as the economic recovery plays out: SPDR U.S. chief strategist

It really is different this time — a new era for stocks is just getting started

Why you can’t expect the stock market’s future to look anything like the past.
It really is different this time — a new era for stocks is just getting started

Life might feel more certain this summer, but betting on a calm stock market still could go wrong

Record margin balances to messy economic data may keep investors holding their breath.
Life might feel more certain this summer, but betting on a calm stock market still could go wrong

When claiming Social Security at age 66 makes sense

The conventional wisdom to always wait until age 70 isn’t always right
When claiming Social Security at age 66 makes sense

If your financial adviser is giving you fits, it might be time to break up

Advisers have to be attentive to clients or risk losing them.
If your financial adviser is giving you fits, it might be time to break up

Bitcoin holders have no choice but to trust in Chinese crypto miners

Two-thirds of the world’s bitcoin mining power is based in China, leaving the cryptocurrency potentially vulnerable.
Bitcoin holders have no choice but to trust in Chinese crypto miners

A reality check on inflation

Art Hogan, chief market strategist for National Securities, discusses fluctuations in the cost of industrial materials.

A reality check on inflation

Bitcoin volatility signals a long road to adoption

China’s recent warning on cryptocurrency sent the market in a tailspin. WSJ’s Aaron Back explains why the recent shake-ups in the value of bitcoin, dogecoin, ether and other cryptocurrencies may point to obstacles in mainstream acceptance.
Bitcoin volatility signals a long road to adoption

3 ways to promote racial equity with your investments

Here’s how to apply a racial equity lens to your portfolio in order to support racial justice with your investments, while at the same time meeting your personal financial goals.
3 ways to promote racial equity with your investments

What you need to know about the race to the first Bitcoin ETF

Cryptocurrency skeptics and supporters have cited benefits and concerns about what the approval of a bitcoin ETF may mean for investors.
What you need to know about the race to the first Bitcoin ETF



Source link

Continue Reading

Trending