My sister and I are in the process of selling our mother's home. She is very ill and hospitalized. Can we open a joint account with both our names and deposit the proceeds from the house so we can pay the medical bills? I have power of attorney for my mother.
Banks are really rather skittish about setting up accounts for individuals who can't make it to the bank, but once you explain the situation, we believe that your needs can be accommodated. Some bankers might offer to visit your mother in the hospital to get her signature on account documents, if she is able to handle that.
One of the questions the banker would ask your mother is whether she wants the account set up in her name alone (with you as an authorized signer because of the power of attorney) or in joint names. That should depend on your mother's wishes on what should happen to the account in the event of her death. This can be an emotionally-charged issue, we know. Probably the best place to try to open the account is a bank or credit union where you or your mother already are customers.
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Banks are really rather skittish about setting up accounts for individuals who can't make it to the bank, but once you explain the situation, we believe that your needs can be accommodated. Some bankers might offer to visit your mother in the hospital to get her signature on account documents, if she is able to handle that.