The 3 siblings are not getting along. I am concerned that one of the siblings will take the funds and run. My dad is still alive but has Alzheimer's. My dad is not on the cd. Can the cd be renamed with the word "and" instead of "or" so all three of us will have to be at the bank when someone withdraws the funds?
2. If your father purchased the CD and advised the bank how he wants it titled, he's the only one who can make changes.
Even if there is a DPOA in place, I rather doubt a bank would honor it unless your father validated any change, but in that case, more than likely the CD would be reissued with different beneficiaries...if that was in fact your father's intent.
Have you spoken with anyone at the bank to put them on alert to a potential redemption of the CD? I would do so ASAP if you haven't yet.
Sister have been questioning his money where i dont consider it our money until dad passes.
The problem here was one I was going to refer you to the bank to talk about. A demented man cannot remove himself from his funds and gift them with the knowledge of his children. I would see an elder law attorney to work out what is to be done at this point. Goes beyond what those of us on Forum should advise you on. I wish you good luck, hope you'll update us on what your steps forward legally should be.
Check with an attorney, because you could get screwed over and there may not be anything you can do about it. The bank can't change anything if Dad's not competent to do it.
This is why people need to use attorneys to do their estate planning. The vast majority of people don't know what they're doing and mess up if they go the DIY route.
Be careful with this account. If dad gifted to the children this may make him ineligible for Medicaid should be need it. Then his old age care would have to be provided by family. See an elder law attorney.