Follow
Share

Investment company asked me to set up someone with power of attorney to have access to my funds.
They are asking me to set up someone with power of attorney to have access to my funds should I fall ill and not be able to access the moneys myself.

I do not have a relative living near here to be my POA at this investment company.

(They require their own company POA forms etc.)

Do I engage a attorney to function as POA if needed?

This question has been closed for answers. Ask a New Question.
I appreciate the feedback.
The investment company, and BTW banks, do have their own specific forms,
I don't have any relatives, or close, reliable friends within 3000 miles. I do have an attorney I know well, trust, and preferably who handled our estate planning documents and is also my POA.
I wondered if there were any other options.

I frequently collect information from various Internet sources, and consolidate it on my Knowledge_Network. My interest in education is beholden to Moby Dick the story of Ishmael as observer and commentator is a "narrative of education. Groups are a rich source for self education. I also know if you don't ask you don't new information.

In the case of the Investment company we have just complete a hassle of removing a name from the account and a woman in the executive office offered the advice of my getting a POA specific to my account.
Helpful Answer (0)
Report

I agree with both posters. You don't need someone close by, but you do need someone who is highly trustworthy and has knowledge of your investments, including specific funds, account numbers, and the investment company with which they're held.

In my experience they do have their own specific forms, tailored to include account numbers, fund names, bank routing and account number for direct deposit, as well as identification data for your proxy.

It's an excellent idea; I've had to do this in the past when my father was ill for several months and I had to withdraw funds for his care.

If you don't have any relatives, or close, reliable friends, I would choose an attorney you know well, trust, and preferably who handled any other estate planning documents for you.

Along with this you should give the proxy specific instructions on how you want your accounts managed if you're not able to...i.e., withdraw first from any IRAs and take the minimum distribution amount for that year (provide data from the IRA publications on how to calculate the MDAs), which funds you might want withdrawals from if necessary, which funds you want to remain untouched, how to handle dividend and cap gain distributions (i.e., specific bank account and if so which one), or data on any dividend reinvestment plans so your proxy knows as much about your investments as you do.
Helpful Answer (1)
Report

You've got to give this some thought. Be glad they prompted you (although I'm surprised they did). I have small accounts with Robt W Baird, Scottrade, Vanguard and Morgan Stanley. I'm 68 years old. These companies have never asked if I had a financial POA nor advised me to get one. I find the fact that yours did interesting.

At any rate, assuming you're a senior, part of getting our lives in order is appointing both a financial and healthcare power of attorney. Although it would be more convenient if whoever you appoint is close by, it isn't necessary. You help someone BE your POA by keeping good records...the latest statements of all your accounts neatly organized for them...a list of your doctors' names, your meds, etc.

Take all the time you need to choose someone(s) you trust to act on your behalf should the need arise. Only then should you execute that company's special form.
Helpful Answer (2)
Report

Why do you need to name someone close by, it's not like they would need to physically be present to keep an eye on your investments. If it is just a matter of filling out forms there is probably a way around that, have them faxed or e-mailed even snail mail. It makes more sense to name one person to take care of all your finances. If you already have chosen someone as your general POA I would also wonder who's say would take precedence if you are incapacitated.
Helpful Answer (2)
Report

This question has been closed for answers. Ask a New Question.