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Old 09-14-2016, 05:55 PM   #21
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ugeauxgirl's Avatar
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Originally Posted by tulak View Post
I mentioned this in another thread...

In my case, my mother went into home hospice and I went to her bank with a POA and they refused to accept it. At the time, I didn't have any immediate need to access her accounts and she passed away a week later, so it was a non-issue.

I don't know what would have happened if she stayed in hospice longer and I had to get access to her accounts to pay her bills. Maybe if I pushed it, or engaged a lawyer, the bank would have accepted the POA?

I'm guessing that there would probably be a way to get access to her accounts, but with everything else going on at that time, it would have been a pain.

If I was going through this again, then I'd make sure the POA will be accepted before you need to use it. It's probably not practical to do this everywhere, but it shouldn't be a big deal for the major accounts.

It's also another big plus for consolidating your accounts as you get older, as Sarah mentioned above.
POAs do not usually expire, if you want them to you will have to have that written in the POA- but you are right that the best way to make sure your POA is accepted at your financial firm/ bank/ whatever is for YOU to give it to them ahead of time, and sign their POA document BEFORE you are incapacitated. No one wants to interpret your legal document or accept one that has been revoked but presented by an unscrupulous child or fortune hunter. If the company has YOUR signature on it- they know they aren't liable and are happy to cooperate.

FIRE date 2/15/2018
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Old 09-16-2016, 01:03 PM   #22
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Join Date: Dec 2006
Posts: 346
As mentioned earlier post. My experience, in California, POA, not accepted
at financial institutions. They require you to fill out "their" POA.

An interesting side note, Our attorney who prepared the POA, and charged
$$, never mentioned ,Financial institutions would not honor the POA.

When I asked attorneys the question, they always say, well, Banks should
honor them...... and if not, fill out the Banks POA.....

IMHO, another scam......

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Old 09-16-2016, 01:21 PM   #23
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When my mom got to her 80s, she decided she didn't want to bother with financial issues any more, so she had everything put in both our names JTWROS. I handled everything, paid all her bills, and when she wanted money she just asked me for it. We were only a few miles apart, so it worked fine for the last 15 years of her life.

There were a few things I needed to handle with a POA, and I had no trouble with any of them. I was told, and I believe, that it's important to execute the POA in the state you live in, so when Mom moved, we did the POA again and there was no problem. Just a fairly generic POA that I cobbled together from the NOLO material on the web.
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Old 09-18-2016, 08:01 AM   #24
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Thanks Sarah. I too w*rked in the planning industry, and your post was a good summary of what we counseled our clients to have. It also served as a nudge to get me moving to update my documents given the situation with my DW. I am lucky to have a very trusted friend and former colleague to name as successor trustee on my living trust and as the backup on the HealthCare POA (my sister is the primary and we have had many discussions on my wished over the years).

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