Revoking of Power of Attorney

[LaraPowers]

Our parents gave my brothers and I each a commercial property as inheritance. Even though they transferred the rights legally, they cannot seem to stop themselves from meddling in the affairs of the property and insisted on controlling the rent that comes out of the property. They wanted to keep us from actually spending any of the money, and have, as far as I am aware, deposited a money into a savings account. Eight years ago, we had a huge fight and my parents asked for the power of attorney to the property which I gave. They've collected all the rent money and placed it in the savings which is under my daughter's name. When asked the bank, this account is not a trust account, but just a regular bank with my mom as the legal guardian since my daughter is underage. Recently, we have come to very hard times, and have decided that we would need the money from that account in order to survive. I've wrote emails and such to my parents explaining our situation and asking for the money to start a small business. Thus far, they have not responded to any of our request. For the last eight years, they have not kept me informed of the rental contracts and details regarding it, if the income taxes have been paid, or anything else since they have not shared with me any information whatsoever in regards to the property. My questions are 1) I would like to revoke the power of attorney. How would I go about doing this? Is the process simple? 2) What happens after the power of attorney is revoked? 3) How do I retain the possession the savings account which is the collection of rent from last eight years? 4) As part of revoking the power of attorney, do my parents have the obligation to turn over all the bank accounts and any information pertaining to it?

Thank you for any assistance.

 

[army judge]

Our parents gave my brothers and I each a commercial property as inheritance. Even though they transferred the rights legally, they cannot seem to stop themselves from meddling in the affairs of the property and insisted on controlling the rent that comes out of the property. They wanted to keep us from actually spending any of the money, and have, as far as I am aware, deposited a money into a savings account. Eight years ago, we had a huge fight and my parents asked for the power of attorney to the property which I gave. They've collected all the rent money and placed it in the savings which is under my daughter's name. When asked the bank, this account is not a trust account, but just a regular bank with my mom as the legal guardian since my daughter is underage. Recently, we have come to very hard times, and have decided that we would need the money from that account in order to survive. I've wrote emails and such to my parents explaining our situation and asking for the money to start a small business. Thus far, they have not responded to any of our request. For the last eight years, they have not kept me informed of the rental contracts and details regarding it, if the income taxes have been paid, or anything else since they have not shared with me any information whatsoever in regards to the property.

Do you own the property? Tell me what you think.

How do you know if you own the property? You own the property, if and only if, your parents gave you a DEED to the property in your name.

If your parents simply expressed an intent to give you the property upon their death, you do not OWN the property. If you don't own the property (evidenced by a DEED in your name ONLY), there is no need for you to worry about the answers I've provided below.

If you have no DEED in your name only, and at one time possessed a power of attorney, you never owned the property.

You merely have a revocable intention to deed you property owned solely by your parents. What your parents choose to do with proceeds from commercial property they own exclusively, is of no moment, matter, concern, or consequence to you.

My questions are 1) I would like to revoke the power of attorney. How would I go about doing this? Is the process simple? 2) What happens after the power of attorney is revoked? 3) How do I retain the possession the savings account which is the collection of rent from last eight years? 4) As part of revoking the power of attorney, do my parents have the obligation to turn over all the bank accounts and any information pertaining to it?

Thank you for any assistance.

1) Revoking a simple power of attorney is as easy as taking it back from it's holder. Didn't this start with your parents taking back a POA they gave you?

2) Once a POA is revoked, the person that possessed it, can no longer act for you. Isn't that what your parents did, sometime ago?

3) Unless you possess a DEED in your name alone, you have no legal claim against any rents collected by the property owner.

4) Absent a DEED in your name alone, you have no property interests or rights to the proceeds.


If you possess a DEED in your name alone, I'll further advise. If not, you should thank your parents for being so generous as to put aside their money for your daughter and their grandchild. You're very blessed and lucky to have two wonderful, loving, wise, and caring parents.

 

[LaraPowers]

Yes. I own the property. I have the deed and if you look up the property at the Assessor's site, you will see my name as the owner. Deed was given when I was in college. Even though they gave us the property, they want to keep us from spending the income that comes out of the property. So when we had the major blowout, they asked for POA so they can control everything. At the time, I did not want to continue fighting so I gave it. But I want to revoke it and get the money that is in the savings.

 

[army judge]

Yes. I own the property. I have the deed and if you look up the property at the Assessor's site, you will see my name as the owner. Deed was given when I was in college. Even though they gave us the property, they want to keep us from spending the income that comes out of the property. So when we had the major blowout, they asked for POA so they can control everything. At the time, I did not want to continue fighting so I gave it. But I want to revoke it and get the money that is in the savings.

You may revoke the POA at any time.


Now, here is your big problem.

Did you direct your mother as to what do with the POA?

If you did, that makes things easier for you.

If you didn't, then what she did is goingt o be difficult to prove.

Take for instance, the rents.

Did the POA describe what she was to do regarding the rents collected?

Did the POA provide for an annual or monthly accounting?

You will have seven years of potential tax liability, if you haven't paid taxes on the rents mom collected.

You should RUN, not walk to meet with a couple good property attorneys tomorrow.
You could also speak to a trust attorney.
If that fails, most general practitioner could also assist you.
You need to find someone you trust that will work for you.

The initial consultations are normally free.

I don't know how soon you can get that money in the bank, if mom refuses.

That is another reason you need a lawyer.

You can not do this on your own.

This could get nasty, if mom is as hard headed as you say.

I don't see mom rolling over and obeying you.

It would be easier of she just stopped using the POA.

But, even if she did, you have MAJOR tax implications over the last seven years.

Yeah, mom has done this for nine years.

The IRS usually only goes back seven years.




http://law.findlaw.com/state-laws/durable-power-of-attorney/oregon/