C Ownership Involving an Agent Examples

Examples

1)  Ownership Involving an Agent - Bank Account

The customer’s account lists both her name and her adult child as her Power of Attorney. The account is funded by the customer. The adult child makes withdrawals for the benefit of the customer.  The adult child is acting as a fiduciary for her mother.  This bank account is a countable resource to the customer.

2)  Improperly Titled Asset - Title not corrected

The customer’s bank statements show the account is listed in the representative's name only.  The representative states all the money in the account belongs to the customer. The bank statements show the customer’s income is the only income going into the account. It also shows only the customer’s expenses are being paid from this account.  The account is owned by the representative because the customer’s name is not on the account.  The account is not a countable resource to the customer.

3)  Properly Titled Asset – Representative acting in a fiduciary manner

The customer owns an out-of-state property. The representative provides a deed showing the property is owned by the customer through their conservator. The deed shows it is the customer’s property and the conservator is acting in a fiduciary manner. The property is a countable resource to the customer.