Paperwork to ensure access to accounts.

[Taxman59]

I was with my DS and DM at the bank trying to get information on loans my DF took out. We had the POA, but the branch manager wouldn't consider it since we only accept valid POAs or court orders. When DS (ab attorney and Court Magistrate) asked what was wrong with the POA, the response was it isn't on our form! She asked to speak with the bank legal department, and we were told that that was not possible. The manager then called legal, told them what was happening, sent legal the POA, and the hung up the phone with a red face and asked us what we needed to know! No apology for being rude, but embarrassed. A valid POA is valid even if the bank wants you to use their form. The bank could get in trouble if they knowingly refuse to recognize the POA. That being said, if all parties are able to go to the institution, it is sometimes simpler to just complete the bank's form.




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[Sunset]

I think a lot of companies like to use their own forms because they know that form has hopefully been verified and the employee using it won't get in trouble.
They just don't want to take a risk some employee accepts a form that is not written correctly and they get sued later.

[CountryGal]

So brushing up on the definition of POA, doesn't it mean DH must be incapacitated in order for me to act in his behalf? At this point I don't want to take away his ability to act, I just need to be able to act as his "agent".

For example being able to contact the credit card company about stray charges. Able to contact his 401k provider about an online password or account issue. Find out if the insurance payment was received after I have gotten a "late" notice for it (did payment cross in the mail or get lost? ) etc.

Yes POA will be needed later, but for now I need joint access, so I am thinking that using the paperwork the provider has may be best. I recall the one insurance company described a letter we would need to send them (must dig up specifics).

[Sarah in SC]

CG, durable POA is just that, it allows for you to be an agent now and also when he/she is incapacitated. There is a little used (state-dependent) General POA that is only for incapacity, and also what's sometimes called "springing POA" for the same purpose. Those aren't really a factor but do exist. Most states consider all POAs to be durable, unless otherwise specified.

For example, my DH and I have durable POA paperwork (the generic ones drawn by our attorney), that we don't need to use but have, just in case.

I also have Schwab-specific POA for all of his accounts held there, which I do use to make trades and whatnot.

Also please note that all POA granted powers expire at death.

[ugeauxgirl]

Quote:

Originally Posted by Sunset I think a lot of companies like to use their own forms because they know that form has hopefully been verified and the employee using it won't get in trouble. They just don't want to take a risk some employee accepts a form that is not written correctly and they get sued later.

The way I understand it is- the client must fill out the document and sign it so that 1) the company knows that the POA is good and has not been revoked, and 2) the bank employee is not stuck trying to interpret a legal document. The document will have yes/no answers (like who gets to make the decisions, and what kinds of decisions, is the POA allowed to gift property to themselves, etc) The POA document is usually long and confusing and written in complex language-