My question involves estate proceedings in the state of: California
A friend is dying of bladder cancer. He has maybe $2,000 of assets in storage, a truck I'm trying to sell for about $3,500, and $30,000 in the bank. That's it. No will. I was granted Power of Attorney a couple months ago. His bank is adamant that he physically appear at a branch location to add beneficiaries to his account -- they won't accept any notarized paperwork. This is problematic because he's rarely well enough to leave the VA Hospital where he's been the last 10 weeks. I took him out yesterday for some fast food and he soiled himself.
We did speak with a lawyer who more or less discouraged drafting a will, under the assumption beneficiaries would be added at the bank. He argued that a will wouldn't serve much purpose.
Since getting my friend to the bank hasn't been possible, I'm not sure what to do. He wants me to continue paying his bills, but fails to understand that my ability to do that (as POA) ends when he dies. To pay funeral expenses, I'm going to need access to a sizable chunk of that $30,000. His family has been AWOL the entire time he's been sick. Never married, no kids. Just two estranged sisters who live 1500 miles away.
Ideas?
A friend is dying of bladder cancer. He has maybe $2,000 of assets in storage, a truck I'm trying to sell for about $3,500, and $30,000 in the bank. That's it. No will. I was granted Power of Attorney a couple months ago. His bank is adamant that he physically appear at a branch location to add beneficiaries to his account -- they won't accept any notarized paperwork. This is problematic because he's rarely well enough to leave the VA Hospital where he's been the last 10 weeks. I took him out yesterday for some fast food and he soiled himself.
We did speak with a lawyer who more or less discouraged drafting a will, under the assumption beneficiaries would be added at the bank. He argued that a will wouldn't serve much purpose.
Since getting my friend to the bank hasn't been possible, I'm not sure what to do. He wants me to continue paying his bills, but fails to understand that my ability to do that (as POA) ends when he dies. To pay funeral expenses, I'm going to need access to a sizable chunk of that $30,000. His family has been AWOL the entire time he's been sick. Never married, no kids. Just two estranged sisters who live 1500 miles away.
Ideas?
Asset Protection: What to Do with Money in the Bank
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