A recent article in the New York Times reported on the resistance of banks (and other financial institutions) to honor requests by someone holding power of attorney for an incapacitated person.

In one case, the son of a woman with Alzheimer’s disease could not access his mother’s accounts to pay her bills, even though she had signed California’s statutory POA form.

To avoid this problem, I recommend having an attorney help you prepare a valid POA. You don’t want someone refusing to honor your POA because it lacks the correct verbiage or is not properly executed.

If your POA is refused or challenged, consult an attorney. Pennsylvania law requires financial institutions to accept a valid POA, except under limited circumstances. A call or letter from an attorney can often get you the results you need.

Related Posts

The #1 Problem in Powers of Attorney

The #1 Problem in Powers of Attorney

In the many powers of attorney I see in my line of work, one problem recurs over and over again. And it’s costing families tens of thousands, and even hundreds of thousands, of dollars in asset protection. The number one problem is inadequate gifting provisions. If...

Share This