I became the full curator for my wife last year. Before my wife's interdiction, there were instances in the past where the under curators attempted to steal or gain access to her money and accounts. They have not seen or inquired about her for about six years and are only concerned about the money. If I want to roll over her retirement account, which is similar to a 401k, into an IRA to get a better return on the money, do I need to notify the under curators beforehand? This money will be used to pay for in-home care services. We live in Louisiana.
Below are links that helped explain it in normal people terms for anyone in the same boat.
- https://goea.louisiana.gov/resources/family-curator-education/
- https://louisianalawhelp.org/resource/estates-wills-and-guardianships-legal-issues
UPDATE: This post was written hoping someone would know the answer without having to contact the attorney and hopefully avoiding the attorney fee(s). Because you know they like to charge for every phone call, email, letter, etc. Anyways, the attorney said that the undercurator does not need to be notified to rollover the investment account into an IRA. My dad, as the full curator, has full power to make financial decisions which include investing funds as long as it's in the interdicted person's best interests. This money will be used to pay for in-home care (not cheap ☹) for as long as it possibly can.
It's how we all learn here at AC.
I see you have solved the puzzle.
Hope you will stick around on AC; what a help you could be! You have been through/remain in "the wars" for certain. And yes, legal help is so expensive!
It is so sad that the courts don't supply a question line when they are appointing people in charge of these things.
Hope you get this answered by your CPA and/or Elder Law Attorney. Good luck.
Since we have never heard of this term used like this, are you in another country? I ask because commonly its POA or guardianship. A POA, when a new assignment is made, the previous is revoked. With guardianship, it overrides POAs, they are revoked.
What you need to find out is if this assignment overrides anyone else who was curator before. Why does your wife need more than one curator? Seems to me that is too many cooks in the kitchen. If yours does not override the others, than I think you will have to tell them your plans.
I'm not sure what an "under curator" is? Are they co-guardians assigned by the court?
I guess the answer to your question depends upon what an under curator is and who they are (family? court assigned?) and what the guardianship documents say about who makes financial decisions.
We cannot answer that question here.
"An interdicted person is someone who has been determined to be incompetent to care for their own person or affairs, often due to mental incapacity. "
As to the "under curators" is that the potential heirs to the policy?
To tell you the truth this is really a question dependent on IRA laws and rules, what KIND of IRA, when funds were earned and set up (before the marriage? After the marriage) and so on and on and on. There are definitely Federal Laws and likely some state?
I am certain given you have all the lingo, that you have already done what research you can do online, and I honestly think it is time to contact the policy owners themselves now with your papers/documents, if you are serving as guardian.
I sure wish you luck, but as you can see we are just a mess of caregivers with an opinion. In the cases of needing financial, legal, medical advice you really need to contact those who are legal experts on the issue.
Do update us with what you learn; it's how we learn and can pass on information.