How to Manage a Comatose Patient's Bank Account

Managing the bank account of a person who has been in a coma for an extended period, such as 11 years, can be both legally and practically complex. This article outlines the essential steps to take, from gaining legal authority to accessing and managing the account.

Legal Authority

Power of Attorney (POA): If the person in a coma had previously designated a power of attorney, that agent can manage financial matters, including the bank account. The authority is clearly established and legally binding.

However, if there is no existing POA, a family member or another interested party may need to petition the court for a guardianship or conservatorship. This legal process enables the appointee to make financial decisions on behalf of the incapacitated individual. The court will be responsible for establishing the need and granting the necessary authority.

Contacting the Bank

Once legal authority is established, the appointed agent or guardian should initiate contact with the bank where the account is held. They must provide documentation proving their authority, which can be a POA or a court order. This step is crucial to gain access to the account.

Accessing the Account

The bank will likely require additional documentation, such as identification of the account holder and any relevant medical records confirming the coma. This ensures that the bank confirms the situation before granting access.

Upon authorization, the account can be accessed to manage funds, pay bills, and undertake necessary transactions. It is important to maintain detailed records of all transactions, which can be crucial for accountability and documentation required by the court.

Managing Finances

Regular monitoring and record-keeping are necessary to ensure the account remains in good standing. Monitor for any fees or required minimum balances. If the funds are needed for long-term care or medical expenses, prioritize these expenses. Consulting a financial advisor can provide guidance on managing the account sustainably.

Considerations for Long-Term Care

Ensure that the funds are used effectively for long-term care or medical expenses. This might involve coordinating with healthcare providers and considering the best use of resources to ensure the patient's best interest is served.

Reviewing Legal Status

The legal status of the account holder should be reviewed periodically. If there are changes in their condition (improvement or decline) or if they regain consciousness, the legal authority may need to be reassessed.

It is highly advisable to consult with a legal professional specializing in elder law or guardianship issues. They can provide guidance through the legal process, ensuring that all steps are followed correctly and that the best interest of the patient is maintained.

Conclusion

Managing the bank account of a person in a coma requires a clear understanding of the legal and practical steps involved. With careful planning and the guidance of legal experts, the financial affairs of a comatose individual can be handled efficiently and with dignity.