IRA’s
My husband has a neurological condition, that will progress over time. He has 3 IRA’s in his name. As part of our Estate Plan, I have Power of Attorney in all matters. Would this allow me to access his funds, when they are needed for his care?
Terry Says
They should, but at some point — soon — while he is still capable of granting his verbal permission, you should contact the custodians, register your POA (thus making sure they have no obscure legal objection!) and then make just one decision, using that POA. For example, tell them to move a small amount of money from a stock fund to a money market fund inside the IRA. Just do that to make sure it “works”!!
And, of course, double check that the beneficiary of the IRAs is correctly named. That won’t come into play until his passing. It has nothing to do with being able to withdraw money for his care while he is alive.
And just thinking about what you might have to go through makes me want to give you a hug. You are wise to get set up now.
