Full question:
My father-in law's mental state is beginning to deteriorate due to dementia, why would my mother-in law need durable power of attorney if their bank accounts are joint? She already has a patient advocate for health.
- Category: Power of Attorney
- Date:
- State: Michigan
Answer:
Even with a joint account, your mother-in-law may not have the authority to endorse checks that are solely in your father-in-law's name. A durable power of attorney allows her to manage other important matters, such as taxes, insurance, and property sales, which are not covered by joint account ownership.
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