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    Angelheart3900's Avatar
    Angelheart3900 Posts: 2, Reputation: 1
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    #1

    Oct 13, 2011, 06:24 AM
    My 87 year old father has over $50 k in his checking acct. Where should he put this.
    Father is in a rehabilatation hospital after having a stroke. I have been told I am the executor of his estate. For now I don't think it is wise for him to have so much money in his checking acct. Where would be a safer place for him to store this money until needed.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Oct 13, 2011, 06:32 AM
    Why is a checking account not safe? Its fully guaranteed under the FDIC to far more than he has. And its easily acessible when its needed. Just don't leave a checkbook or bank card at his hospital.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Oct 13, 2011, 06:55 AM
    Totally agree with smoothy. If your father can speak and understand you and write his name, I would get a bank form putting you on the account as a co-signer. I discovered that having a POA for banking matters doesn't make it happen automatically, the bank still wants a form signed by the account holder.
    You aren't executor while he is alive. You may have POA, which ceases when he dies.
    Angelheart3900's Avatar
    Angelheart3900 Posts: 2, Reputation: 1
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    #4

    Oct 13, 2011, 02:01 PM
    I was thinking on the lines of a large amount of money sitting without earning interest. I thank you and I do have enough to think about besides his checking account right now.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #5

    Oct 13, 2011, 03:16 PM
    Anything else is going to still earn very little but carry a far larger risk.

    And at 87 he can't afford to take any losses. I'd say the same if he was 67, but not if he was 47.
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