Hope4Charlene
New Member
- Jurisdiction
- Nevada
I have an IRA account with a large company who is the record keeper of the Defined Benefit and Defined Contribution and 401K plans that the Union I worked for and now I am retired from since 2015. I had to quit back in 2013 due to medical issues. When I started working for this Union, the investment company that was in place was great. Never had any problems with them at all. I had a stroke, 2014 and other issues and had to submitted the General Durable Power Of Attorney with them that had my wife named as the the person who would act for me. No issues and they were very nice and sent passwords for her and me to be able to sign in online. My wife was to have full access to the account. Then when my wife went to sign in maybe a month after they had a restriction on the account. They said that we had to call for account balances etc. Well in 2021 I wanted to roll my account out of the Union and over to another investment company. I had issue after issue trying to move it to another investment company due to the fact that a phone conversation between my wife and the advisor who told her that she would never have access to the account online. It was handled through the union and then to roll it over the union told me to roll it over to them and then I could roll it over to another investment company if I was not happy still as now it would be through the investment company and not the retirement side of the company.
So my wife was able to roll the money over in less that 15 minutes after submitting the POA and some other forms. She had access online and was able to do whatever. Then they restricted the account about 6 months after. They sent a letter stating it was because she mentioned divorce court. So they thought we were in divorce court but she was talking about my ex wife and being in court for that. So when she thought that was clear they sent a letter stating some withdrawals had been made and they wanted to secure the account as this money is for my benefit and not hers. They said they felt she was using the funds to benefit her. She had bought a new truck for me and wrote the check and of course. The truck had her name on it only because she went and bought it. They felt this was wrong and it was a lot of money and needed to talk to me and they did not even ask about that.
Well now they feel that there should be a guardianship or conservator ship in place. My wife and I told them that we were fine with the POA on file and then they said it was not good enough. That we needed the guardianship. When she called them back and explain that the POA would preclude those and the POA was done in a family trust and in the way I wanted it done and we did not feel we should have to pay the large amount of money for a guardianship to be added when it was not needed. Now they are saying that it has to be that way or have a doctor state I could handle my affairs without my wife as a POA. Do I have to do this? We have no access to my account and unable to make any buys or sells all my bills have been declined and now behind which has been fixed but the fees, well. I can't close the account but can roll it over to another investment company or bank but it is restricted. Do I have any options besides having to take this POA out of the trust which I don't want to or feel I should have to to. Who do they think they are telling me how I can spend my money or who it might benefit? God forbid I want her to purchase something for herself.
So my wife was able to roll the money over in less that 15 minutes after submitting the POA and some other forms. She had access online and was able to do whatever. Then they restricted the account about 6 months after. They sent a letter stating it was because she mentioned divorce court. So they thought we were in divorce court but she was talking about my ex wife and being in court for that. So when she thought that was clear they sent a letter stating some withdrawals had been made and they wanted to secure the account as this money is for my benefit and not hers. They said they felt she was using the funds to benefit her. She had bought a new truck for me and wrote the check and of course. The truck had her name on it only because she went and bought it. They felt this was wrong and it was a lot of money and needed to talk to me and they did not even ask about that.
Well now they feel that there should be a guardianship or conservator ship in place. My wife and I told them that we were fine with the POA on file and then they said it was not good enough. That we needed the guardianship. When she called them back and explain that the POA would preclude those and the POA was done in a family trust and in the way I wanted it done and we did not feel we should have to pay the large amount of money for a guardianship to be added when it was not needed. Now they are saying that it has to be that way or have a doctor state I could handle my affairs without my wife as a POA. Do I have to do this? We have no access to my account and unable to make any buys or sells all my bills have been declined and now behind which has been fixed but the fees, well. I can't close the account but can roll it over to another investment company or bank but it is restricted. Do I have any options besides having to take this POA out of the trust which I don't want to or feel I should have to to. Who do they think they are telling me how I can spend my money or who it might benefit? God forbid I want her to purchase something for herself.