I never said that anyone should do that. I specifically said that in the scenarios that I described, the children already have legal and authorized access to their parent’s bank account while they are alive and well.
Meaning that the parents intentionally planned for this. They shared their bank account credentials with their children, had a serious conversation with them, and told them: If anything happens to me, access my account and do this. They did not wait for tragedy to happen to grant their children emergency access.
Who said anything about fraud?
Adult children can have power of attorney on their parents’ account even when they are alive and well, if the parent has authorized it. That means the children are named on their parents account and have their own profile on their parent’s bank account when they log in from their own devices.
While their parents are alive and well, they can physically go to the bank, speak to the teller and tell them, I want to take $300 from my mom’s account. The teller will see that they have authorization and let them do exactly that. I have quite a few friends who are in this very situation.
Of course. I don’t deny that it can be risky and trust can be abused. But there are families for whom what I described works, and it is not illegal. The suggestion I am making is obviously not for everybody. I also know children who took advantage of their parents trust.