SafeGuardFunds: Informal Financial Oversight for Adult Children of Mentally Ill Parents

Managing parent’s money

Managing parent’s money

You currently don’t have any legal authority to move money between accounts, restricting access to her funds, or even holding money for her. Any of this can be considered financial exploitation if she claims she hadn’t consented to it. Her mental health challenges actually increase that risk, because people can later dispute that consent. What go should do right now: 1) Don’t transfer anything into your own account 2) Don’t continue informal full control of her bank account 3) Don’t rely on verbal agreements if she’s actively delusional about money or access 4) Don’t try to “outsmart” spending behavior by unilateral control. Even though you are well intentioned, it leaves you exposed legally. Because this is her social security income, what you need to do is apply to become her Representative Payee through the SSA. If approved it will only allow you to legally manage her social security funds. You must spend it only for her needs like food, housing, clothing an medical. You must keep records. SSA will supervise this relationship. Another option you may consider taking is to look into guardianship/conservatorship. This is especially true of her mental illness is significantly impairing her judgement long term. Y oh would do this through Maine’s probate court. If granted, it would allow you to legally control her finances, give you the authority to prevent asset depletion. This process is a slower process so the Representative Payee route should be pursued first. With guardianship, you can also seek medical guardianship at the same time which will also allow you to have the authority to consent or refuse medical decisions, choose doctors and mental health providers, approve medications and, most importantly for long term, decide on living arrangements now and in the future. So you can determine at home now is okay but if more peroration occurs you are able to make the decision if she needs assisted living and you will be able to coordinate care and services. Just something to consider. It would be best to consult with a local attorney that deal in elder law once you look into the guardianship.