Quick Question for any Lawyers

[Lawrencewendall]

Can an IRA custodian in California NOT recognize a financial POA signed and executed in Pennsylvania?

 

[DJRR]

Not a lawyer, but have seen several things about the same issue recently.

Here is thread from Boggleheads about a NY Times article.

https://www.bogleheads.org/forum/viewtopic.php?t=379848

Apparently some firms require their own paper, but that may vary depending on the firm and your state law or the state jurisdiction in the account agreement that was signed.

Hope you get it sorted.

 

[Sunset]

Can an IRA custodian in California NOT recognize a financial POA signed and executed in Pennsylvania?

Not a lawyer, but Yes.

 

[pb4uski]

Can an IRA custodian in California NOT recognize a financial POA signed and executed in Pennsylvania?

I'm not a lawyer, but they probably can refuse to recognize it. You can always take them to court and try to force them to recognize it but that's not practical.

Can you just create a login and use it? That's what I would do... sort of two wrongs make a right.

 

[foxcreek9]

Not sure this answers your question but thought this was an interesting column on POAs and financial firms not accepting them...

"...taking a 'kitchen sink' approach to drafting POAs is advisable, even if the resulting document may seem overly complex and lengthy. By including every possible specific power an agent could conceivably need when acting on behalf of someone else, the chances that an institution might block an agent from taking various actions (like making a gift or changing beneficiaries) are greatly reduced."

https://www.kitces.com/blog/power-o...bility-springing-elder-abuse-rejection-agent/

 

[RetireBy90]

No help for OP but after some problems with mom’s personal affairs we got POA for firms where she had assets. I’m sure many here have done this but as preparing for the day when needed, contact your firm(s) and get the form they require completed. I’m of the opinion one properly drafted and witnessed should be recognized by all, the fact is that it isn’t. Perhaps due to law suits that pushed them to current situation.
IMHO, YMMV, and all those.

 

[Stormy Kromer]

if you think you need a lawyer....you already need a lawyer.

 

[CaliKid]

Can an IRA custodian in California NOT recognize a financial POA signed and executed in Pennsylvania?

Banks/IRA custodians/etc... tend to not honor POAs signed and executed in California... unless it is on their specific form. That is these institutions want their own POA forms used. Can be signed anywhere but has to be their form. Extremely common.

 

[ncbill]

There is a new model law adopted by several states that requires institutions to honor general POAs not just only specific forms from individual institutions.

Is California one of those states?