Durable Powers of Attorney--not good enuf for SS

[nwsteve]

One of the fundamental recommendations of managing your own and elder parents' financial affairs is to make sure Powers of Attorney are current and properly prepared. It was my impression this document would make sure I could deal with managing my elderly Mom's financial issues and other needs when the need arose.
Apparently NOT!
Check out this link Health | How Social Security, IRS handle durable powers of attorney | Seattle Times Newspaper for a valuable discussion of just what your POA is good at. There is another link i this article for a download for POA that is also worth visiting for more detail for a "Questions & Answers" pamphlet about DPOAs
Apparently some banks are resisting recognizing legal DPOAs. Wash State now has new affidavit that if completed will result in such behavior being penalized--but it is another document. Social Security wants to do their own thing as well.
nwsteve

 

[peggy]

Good info, Steve.

Also, as far as I'm aware, the POA ends at the death of the person who wrote it. After death, the executor takes over.

 

[pfpelican]

Also, as far as I'm aware, the POA ends at the death of the person who wrote it. After death, the executor takes over.

Unless it's a DURABLE POA, I believe. Then it survives the person who wrote it, I think.

 

[Sarah in SC]

DPOA ends at death. You should also know that most banks and brokerages (like Schwab) want you to use their own POA form, even though the law says that your state form should work. In the real world, you are better off getting the form that they want.
Don't forget about health care POA and living wills, while you are at it. Different for each state.

 

[pfpelican]

My bad...the durable POA survives disability or incapacity, not death.

 

[madsquopper]

I second the part about financial institutions wanting you to use their own even if you have a general one already. I went through hell trying to get my parents' accounts to recognize me as POA.

Larry