Power of attorney, nursing home, CDs

[Blazed257]

What is the name of your state? New York. My father (age 60) recently suffered a massive heart attack and has subsequently been diagnosed with dementia with depression. He has been placed in a nursing home indefinitely due to psychotic episodes and his propensity to wander aimlessly. Through collecting his mail and cleaning out his apartment I discovered he has a considerable amount of money in certificates of deposit. I do not actually have the CDs, but I have the statements from his bank with maturity dates and cash values. The nursing home is being paid in full by his pension and disability. When he inevitably dies what happens to the money in the CDs, does it follow a succession lineage or is it taken by the state? He is divorced and has two children, myself and a younger sibling. He never re-married and has fathered no other children. The CDs are under his name alone. If we do manage to break the CDs and place the money into an account to cover his medical needs as necessary, what happens to the remaining money after his death? Also, how do we go about obtaining power of attorney? He currently refuses to sign power of attorney papers because he believes it is 1980 and he is still living in his native country. Do we need his signature if he has been diagnosed with dementia and determined to be mentally incapable of making rationale decisions (due to his psychosis and dementia)?

Thanks,
Blazed257

PS We have no idea if he now has or ever had a will.

 

[BlondiePB]

What is the name of your state? New York. My father (age 60) recently suffered a massive heart attack and has subsequently been diagnosed with dementia with depression. He has been placed in a nursing home indefinitely due to psychotic episodes and his propensity to wander aimlessly. Through collecting his mail and cleaning out his apartment I discovered he has a considerable amount of money in certificates of deposit. I do not actually have the CDs, but I have the statements from his bank with maturity dates and cash values. The nursing home is being paid in full by his pension and disability. When he inevitably dies what happens to the money in the CDs, does it follow a succession lineage or is it taken by the state? He is divorced and has two children, myself and a younger sibling. He never re-married and has fathered no other children. The CDs are under his name alone. If we do manage to break the CDs and place the money into an account to cover his medical needs as necessary, what happens to the remaining money after his death? Also, how do we go about obtaining power of attorney? He currently refuses to sign power of attorney papers because he believes it is 1980 and he is still living in his native country. Do we need his signature if he has been diagnosed with dementia and determined to be mentally incapable of making rationale decisions (due to his psychosis and dementia)?

Thanks,
Blazed257

PS We have no idea if he now has or ever had a will.

Your father needs a guardian/conservator. You have absolutely no authorization to touch any of his belongings and any of his estate - including the CD's and any other of his money. Doing so WITHOUT being his legal guardian is theft/embezzelement. See an attorney that specializes in guardianships/conservatorships. Your dad cannot sign a power of attorney, period.