We’ve just discovered that my father has been taking financial advantage of my grandmother. He’s basically been using her retirement money to fund his life and her old property for rental income... using her social security too.
So the question is how do I handle the rental property after we remove his Power of Attorney? I’m assuming he’s having the check sent to him or the money deposited into his account. Would we have the tenant sign a new lease or terminate the lease and sell?
Thanks in advance.
Based upon the information you have provided it would be impossible for anyone to give you any advice relevant to the situation.
What would the home sell for?
Is there a mortgage on the home?
What is the current tenant paying in rent?
Does the rent cover the expenses?
What type of shape is the home in?
Do you want to be a landlord?
If your grandmother wants to sue your father to recover any misappropriated funds, she should have a talk with an attorney. You cannot rescind a power of attorney that was given by your grandmother. She will have to do that, so, another reason to visit a lawyer. If your grandmother is not competent and your father has been appointed as her guardian and conservator, then you will need a court action to unseat him.
Talk to an attorney that practices civil law..
Thanks guys. We are seeing an attorney tomorrow.
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