Dad has a POA that revokes POA already on file with financial institution. He has dementia now so how do we notify them if the agent on the latest POA is deceased?
Good luck in having bank accept it. What banks require vary.
If it’s at all feasible for your parent to go to the bank with you to have them present the POA and they can be or appear to be competent and cognitive to do a DPOA, this will make it easier to happen.
My understanding is many banks will not accept a POA. They will have their own "POA" they want you to fill out. Some honest lawyers will even tell you this when you have them draw up a POA. They will warn you that a financial institution won't take it.
Giving them a copy of the POA will replace the one on file.
I had a POA that listed the statutes for my state across the bottom and I had no problems with the bank accepting it. If they send it to their legal department and it is rejected, ask them for a form they will accept. You can have dad go to a notary at the UPS store, use the banks or have a mobile notary, he only needs to understand in that moment what he is signing.
What banks require vary.
If it’s at all feasible for your parent to go to the bank with you to have them present the POA and they can be or appear to be competent and cognitive to do a DPOA, this will make it easier to happen.
I had a POA that listed the statutes for my state across the bottom and I had no problems with the bank accepting it. If they send it to their legal department and it is rejected, ask them for a form they will accept. You can have dad go to a notary at the UPS store, use the banks or have a mobile notary, he only needs to understand in that moment what he is signing.