Q: Hi. I have a question regarding my MIL being power of attorney over our bank account/ other of my husbands finances?
When me & my husband got married, we got a joint bank account and my mother in law asked to be power of attorney. Not knowing what it all meant I said yes. I am still learning what it all means as of now being that a friend informed me when I bought up the subject, so I was told to ask questions and get answers from an attorney. My questions are, how much power does she have as a third party legal power of attorney over our bank account & my husbands medical insurance/ beneficiaries? Also, if we were to write a living will, will it negate her as a legal power of attorney? Also, as his wife, I don’t plan on getting a divorce and neither does he, but if we were to ever, will she be able to take everything financially from me as his wife since she is power of attorney over all of our finances and everything else my husband owns? More or less is it setting me up for a loss/failure in the case of a divorce?
A: You have concerns and rightfully so----however, your post is unclear in that you state that your mon asked to be power of attorney and we do not know who has given her power of attorney and to what extent she was given power of attorney. I believe you really should sit down with an attorney to fully discuss your situation and how to proceed from here----I also suggest that you bring a copy of the applicable paperwork so that it may be reviewed as well. If your husband shares some of the same concerns, then perhaps have your husband attend the meeting as well. One last thing---if you gave your MIL (or anyone else) power of attorney, then you have every right to revoke it at any time and this is one of the things you can discuss in your meeting with an attorney. Good luck.
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