CanI find outhow the proceeds of a line of credit were spent?
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CanI find outhow the proceeds of a line of credit were spent?
My 2brothers, whom I do not trust, have power of attorney over my father’s affairs. 20 years ago my father and mother bought their house (fully paid for). I recently discovered that my father has a line of credit the house for $95,000. The money is gone. None of it was spent on the house. The house is now falling down and uninhabitable. My father has been forced into a nursing home. No one seems to know where the money from the LOC went. How can I find out? Can I subpoena the records?
Asked on August 10, 2010 under Estate Planning, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are in a tough position but not one that is impossible to overcome. If you believe that your brothers are misusing the power of attorney as against the interest of your parents and their assets, what you are going to have to do is to apply for conservatorship over your parents and their "estate", as it is called. This would be too preserve their assets. Once appointed the Power of Attorney will be revoked and you then should have the power by state statute to inquire as you need in to their affairs, past and present. You should consult with an attorney in your area as to this matter. It is not an easy thing to do on your own. Good luck.
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