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A POA takes their documents to the Bank and becomes a part of all financial accounts as the signee for checking and etc. That person takes on management and billpaying, etc. If yet ANOTHER person shows up with yet another POA that one should revoke the rights of the original person; otherwise there would be a conflict. The Bank should follow up when a new POA shows up by reading the document, checking with attornies, contacting the old POA, and etc.
Your question should be asked of the banking institution. They will give you a more accurate answer for their own institution and how it handles this.
WF told me that POA along with proof of my disability gets recorded and gives the person access to my affairs. Of course this was maybe just the policy of the guy in that branch. Doesn’t appear there are any consistent rules.
In my experience with WF, BoA, PNC, and TDA, one bank required me to bring in the agents (my Aunts), regardless that they were old (100+) and demented. One bank did allow me to bring in their ID cards without the agents. No bank allowed me to just show up with documents and become the FPoA on demand. I had to resubmit all my information as if a PoA was being created for the first time and sign a ton of their paperwork, copy my ID, etc. In the end it resulted in me being joint on their accounts even though that wasn't what I was there for but it worked for me. I was rightfully thoroughly scrutinized.
I live in a small town where Mom and I did our banking at the same bank. So Moms POA and me being assigned was excepted with no problem.
The Bank would not know if it was revoked and reassigned without you contacting them. When a POA is reassigned, it says in the body of the new document that all POAs prior to this one have been revoked. Its up to you to contact your doctors, banking institutions and anyone else that may have been given a copy, that the prior assignment has been revoked and replaced with a new person. Then you make sure everyone gets a new copy of the POA. You can call everyone and give them a heads up, too. You could have a formal letter sent to everyone from the lawyer.
Because you told them would be my not an attorney quick answer.
Are you asking what is to keep someone from taking the POA you assigned them and using it after you have revoked it and reassigned it?
I know you chose a bank as an example but banks are pretty exacting…see Geaton’s post. Although Geaton’s example was to be established as POA at the bank. Your query reads more like after the person was already POA and now you are revoking.
I suppose if I thought someone I had trusted enough to make my agent via a POA had gone roque and I had to revoke the POA, it would behove me to take action immediately.
Speak to my attorney for advice and to review all legal documents, freeze my credit, notify all financial and medical including pharmacy that I had made a change. It would depend on the scope of the principals holdings as to who should be notified.
It’s an interesting question. Care to share what prompted it?
I would think that if an agent was cognizant enough to go through a revocation then that person would also be able to call (or visit) their institutions to inform them of the revocation. If they assigned a new PoA, then the new PoA would need to show up at the bank with the agent with the new PoA paperwork and go through the process.
HARRY wrote below “I’m getting old and want someone to help with financial and other affairs if necessary. Some answers here assume that you’ve established POA with everyone who may require your signature but my atty didn’t indicate that. There are likely situations where that’s not the case. Particularly if your financial life is complex.”
Harry, there is a site often recommended for financial questions. It is called boggleheads.org.
If you look around on it you might find helpful info. You can do a search for existing threads on Power of Attorney or pose your own question. I hope that helps.
I was sitting in the social security office waiting for my turn. You hear all sorts of things there. I heard someone complaining their son had stolen $16,000 from them. From being the POA for my father, I could see how that could happen. You tell people who you made POA and you leave your estate planning documents accessible (not locked up). Then the unethical person searches around until they find the POA and goes to the bank to access accounts.
No one knows unless you tell them. That's why banks require that their customer, i.e. you, be with the POA at the time of the visit. You are the bank's customer, not your POA. The bank will want to both verify the authenticity of the POA documents and *your* intentions and capacity to understand the purpose of the visit to the bank.
Harry, it sounds to me as if you are wary of assigning anyone as your POA, in case you later change your mind. Or you have assigned someone and now you are regretting it.
Firstly, it's best to not have multiple people assigned as power of attorney for you. It can get messy. If you have complicated financial affairs, then simplify them now, while you can. Otherwise, get your legal advisor to help you make it more simple for the assigned POA to deal with. If you have a separate health POA from a financial POA, make sure they can work together, as your healthcare will require both their input. If you are worried about someone taking over your affairs before you are ready, then don't assign a durable POA. Make any POA contingent upon you becoming incapacitated. If you have already assigned POA and want to change it, just make sure that all relevant institutions know who the current POA is and that the previous one has been revoked.
Once you no longer have capacity, you cannot make any changes. Choose who you most trust. If you don't trust anyone, then give these powers to a "professional fiduciary" (thanks Geaton) who carries out such duties.
You do not need multiple people to sign off on things for you. Once you no longer have capacity, your life should have been simplified.
A financial institution that still deals with an agent whose POA has been revoked could be sued, so they're careful. An assigned POA who does not act in the best interests of the assignee can be accused of criminal behaviour or charged with fraud (depending on what they did wrong). So, there are checks to protect a person who has been incapacitated.
It seems that you are having difficulty with trust. If you don't trust someone - whether it's someone close to you, or someone you pay, to look after your wellbeing and assets, then you will never have peace of mind. Don't you deserve at least that in your twilight years?
When I had to do banking for my mother, even though I showed them POA signed by my mother, & we have joint accounts, bank still required additional POA from bank. Other things I have to get notarized every year such as her pension income to continue & they have me on file as POA. Nobody can just show up with POA unless they prior approved it . Hugs 🤗
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Your question should be asked of the banking institution. They will give you a more accurate answer for their own institution and how it handles this.
The Bank would not know if it was revoked and reassigned without you contacting them. When a POA is reassigned, it says in the body of the new document that all POAs prior to this one have been revoked. Its up to you to contact your doctors, banking institutions and anyone else that may have been given a copy, that the prior assignment has been revoked and replaced with a new person. Then you make sure everyone gets a new copy of the POA. You can call everyone and give them a heads up, too. You could have a formal letter sent to everyone from the lawyer.
Are you asking what is to keep someone from taking the POA you assigned them and using it after you have revoked it and reassigned it?
I know you chose a bank as an example but banks are pretty exacting…see Geaton’s post. Although Geaton’s example was to be established as POA at the bank. Your query reads more like after the person was already POA and now you are revoking.
I suppose if I thought someone I had trusted enough to make my agent via a POA had gone roque and I had to revoke the POA, it would behove me to take action immediately.
Speak to my attorney for advice and to review all legal documents, freeze my credit, notify all financial and medical including pharmacy that I had made a change. It would depend on the scope of the principals holdings as to who should be notified.
It’s an interesting question. Care to share what prompted it?
“I’m getting old and want someone to help with financial and other affairs if necessary. Some answers here assume that you’ve established POA with everyone who may require your signature but my atty didn’t indicate that. There are likely situations where that’s not the case. Particularly if your financial life is complex.”
Harry, there is a site often recommended for financial questions. It is called boggleheads.org.
If you look around on it you might find helpful info. You can do a search for existing threads on Power of Attorney or pose your own question. I hope that helps.
Firstly, it's best to not have multiple people assigned as power of attorney for you. It can get messy.
If you have complicated financial affairs, then simplify them now, while you can. Otherwise, get your legal advisor to help you make it more simple for the assigned POA to deal with.
If you have a separate health POA from a financial POA, make sure they can work together, as your healthcare will require both their input.
If you are worried about someone taking over your affairs before you are ready, then don't assign a durable POA. Make any POA contingent upon you becoming incapacitated.
If you have already assigned POA and want to change it, just make sure that all relevant institutions know who the current POA is and that the previous one has been revoked.
Once you no longer have capacity, you cannot make any changes. Choose who you most trust. If you don't trust anyone, then give these powers to a "professional fiduciary" (thanks Geaton) who carries out such duties.
You do not need multiple people to sign off on things for you. Once you no longer have capacity, your life should have been simplified.
A financial institution that still deals with an agent whose POA has been revoked could be sued, so they're careful. An assigned POA who does not act in the best interests of the assignee can be accused of criminal behaviour or charged with fraud (depending on what they did wrong). So, there are checks to protect a person who has been incapacitated.
It seems that you are having difficulty with trust. If you don't trust someone - whether it's someone close to you, or someone you pay, to look after your wellbeing and assets, then you will never have peace of mind.
Don't you deserve at least that in your twilight years?
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