Problems handling Dad's affairs now that he is no longer capable

[Walt34]

DW is dealing with all of this now but with the advantage of dealing with FIL's local bank. I'd suggest talking with a manager at your local bank or his boss if necessary - it should be possible to open an account in your father's name since you have the POA.

Also, they should not need the original POA. A copy, yes, the original, no. Perhaps they need to view the original but we were emphatically told to never relinquish possession of that since it is now irreplaceable.

BTW, it is not a good idea to commingle his funds with yours. Yes you can later show where the money went but that can entail a lot of expensive auditing work down the road.

 

[kaneohe]

Another frustrated POA holder here. The only bank that has accepted a durable POA in our experience is USAA. They are also the only bank to accept a check made out to another and endorsed to me without deep back room interrogation or having to beg the branch manager for a one time exception.

We have been only able to resolve similar issues by adding the persons name to the account.

Same here......the only one that has accepted POA was xyz (forgot which but only one institution) and even then they required an affidavit (on their own form) signed by both the power giver and the attorney getting the power........which obviously would have been impossible if the former were incompetent, which fortunately,they weren't.

Somewhere I believe I have read that you may be able to force an institution to accept the generic POA but you might have to file a lawsuit (and win) to achieve that.

 

[Meadbh]

When my mother was in declining health I was living on another continent. Her bank manager visited her at home and in a convalescent facility in my presence. She did all the paperwork to set up a joint account without ever having to visit the bank. She refused to have a POA, though.

 

[grumpy]

These issues are nothing new. See this old thread:

http://www.early-retirement.org/forums/f27/aging-parents-what-to-do-15542.html#msg26095

 

[Likes_to_Lurk]

Re: POA acceptance at banks.

This CAN be a problem. Sometimes, branch personnel are not familiar with the correct process. I suggest politely asking to speak to the branch manger.

I had no problem with a copy of a POA for my mother at Wells Fargo. They faxed it to their legal department and in a few minutes they received authorization to add me to an existing account, as well as set up new accounts. No additional paperwork was needed.

I did have to deal with an IRA account separately by mail. Apparently, the IRA department doesn't speak to the branches and I had to send a copy of the POA.

 

[RetireAge50]

I very rarely go to the bank, maybe 5 times in the last 20 years. Mail, online, or cash machine work flawlessly. You can deposit checks at the cash machine even if it is not your bank. Some will give you a picture of the check as a receipt.

 

[JakeBrake]

I found my POA to be almost worthless when my mother was suffering with advanced dementia. The fact is that no one is required to accept a POA. I had to obtain a court ordered conservatorship which places the full weight of the law behind the conservator.

 

[Walt34]

I found my POA to be almost worthless when my mother was suffering with advanced dementia. The fact is that no one is required to accept a POA. I had to obtain a court ordered conservatorship which places the full weight of the law behind the conservator.

Wow, score one for small local banks I guess. The branch manager of the one FIL dealt with and that DW drove him to many times is straight out of It's a Wonderful Life and has been great to deal with. Probably little doubt that he knew FIL and DW personally for years was a factor in greasing the wheels. They have been terrific to deal with through the whole ordeal, zero complaints and many compliments for them.