I had power of attorney for my late mother and lost $40,000 of her money on the stock market — do I need to repay it?

I was granted power of attorney while my mother was alive. During that time, I put some of my mother’s money into stocks. I put her money into a stock account in my name and took a $40,000 loss. Do I have to replace that money to give to siblings now that our mom passed away? My mom left a will.Yes, you need to replace it, and you need to speak up sooner rather than later. Power of attorney is a role for a friend or family member to manage the finances of a person who has become incapacitated.

Also see: I want to marry my boyfriend, but he has $25,000 in credit-card debt and leads a financially reckless lifestyle It will be much better for you to bring this issue to your family’s attention rather than wait for your mother’s estate attorney to spot the missing money, and ask where it went and why you invested it under your name. Was your plan to return the capital investment if you made a profit? You may need to prepare for such questions. The upside: You are aware that you acted inappropriately and appear willing to make financial amends to your family.

Would you like to sign up to an email alert when a new Moneyist column has been published? If so, click on this link.

No your not responsible for the loss if you have a power of attorney, putting money in your name is theft, however your transactions have to be in the best interest of your mother . It’s better to deal with a trust in order to avoid conflict of interest .

but, u must help her in need with much more too.

no, u acted for her as if her.

Why stop there? Take some more out and try to recapture that loss by using more leverage. You made a big mistake by transferring the money into an account with your name on it. This is the biggest mistake any inexperienced fraudster will make.

I’m am PA for my mother and I would never have taken a risk on the Stock Exchange with her money. Corporate bond Investment Trust maybe. No you don’t need to reimburse your mother if you don’t have the money. Hopefully she doesn’t need it.

Hey jdevalk when did you become a financial advisor?

Yup. You were a fiduciary so pay up.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cramer: Tech stocks are overvalued, but 'it's not like we've gone crazy''After a big run, you always hear that there are just too many bulls, too much excitement, too much optimism,' but Jim Cramer's not buying it. Looks like a legit headline. Intresting P/E tickers in Top 20 Market Cap List. Disclaimer: Just because it's intresting it doesn't mean it's an adivice, however it's a bit tuff to tell if people intrested in finance can talk without a disclaimer all the time.
Source: CNBC - 🏆 12. / 72 Read more »