Mom looked down at her lap.
“So here’s what I’d suggest,” Mr. Ostrander said. “First, let’s get you a durable power of attorney for your finances, and a health care directive. You pick who you want. That person would be able to act for you if you ever couldn’t act for yourself. Right now nobody can.”
“What about Pam being on my bank account?”
“Being a joint owner on your checking account is not the same as a power of attorney,” he explained. “When someone is a joint owner, the money in that account legally belongs to both of you. And when you pass, it generally goes straight to the joint owner, not through your trust or your will. Walt set up your trust so all four children would share equally. If Pam stays on the account, whatever’s in it when you die would likely go to her alone.”
Mom’s eyes went wide. “I didn’t know that.”
“Most people don’t,” Mr. Ostrander said. “It’s very common, and it causes a lot of hard feelings in families. Walt wouldn’t have wanted that.”
“No,” Mom said softly. “He wouldn’t.”
She sat quietly for a long time. Then she said, “I want Julie and Rob on the power of attorney. Together. Both of them have to agree on things. And I want Pam off the checking account.” She paused. “But I want her to be able to see my statements. I don’t want her to think I’m hiding anything from her.”
Mr. Ostrander nodded. “We can have the bank set Pam up with view-only online access, so she can see the account without being an owner. And Julie and Rob can be your agents under the power of attorney. That’s a good plan, Arlene.”
