Bank Hurdles and Power of Attorney

It’s a common scenario that many individuals face - diligently setting their affairs in order, only to encounter challenges when the Power of Attorney Form is needed most, especially when dealing with financial institutions. Banks often raise issues such as the form being outdated, lacking durability or required language, not formally accepted by the Agent, or even insisting on their own proprietary Power of Attorney form.

AARP recommends requesting the bank to store the Power of Attorney on file and verifying that it aligns with the bank’s approval standards.

According to Newport Beach Estate Lawyer, if a Financial Institution deems the Power of Attorney ‘stale,’ they might request the agent to sign an affidavit affirming its current and active status.

KC Estate Planner emphasizes the significance of understanding the distinctions between various Power of Attorney forms, such as Durable vs. Non-Durable and Springing vs. Immediate.

Geiger Law Office P.C. clarifies the contrast between a Trustee and Power of Attorney, highlighting that a Power of Attorney does not govern assets held within a trust.