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A durable financial power of attorney can avoid financial disaster in the event you become incapacitated. You can also use a POA to allow someone to transact business for you if you are out of town or otherwise unavailable. by Edward A. Haman, Esq. updated May 02, 2022 5min read.
Common Reasons Why Banks Wont Accept a Power of Attorney A financial institution might raise objections such as these: Your POA isnt durable. If the person who made the POA is now incapacitated, the agent cant use the POA unless its durablethat is, made to last even during incapacitation.
As a convenience, Bank of America customers, in most states, may establish a Limited Power of Attorney for banking transactions by contacting your local financial center. However, your personal attorney can provide you with a General Power of Attorney form, which may cover many types of assets and transactions.
To protect themselves from liability, banks, especially large banks such as Wells Fargo, have been known to reject powers of attorney, for fear of being parties to fraud.
Please note that Indiana law has very specific requirements for a Power of Attorney to be valid. The members signature must be witnessed and attested to by a Notary Public. The Notary Public must also sign the document along with their printed name and the notarial seal.
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People also ask

You can give someone power of attorney to deal with all your property and financial affairs or only certain things, for example, to operate a bank account, to buy and sell property or change investments.
The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will even if they werent the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses.
For example, an authorized signer on a checking account can sign checks, make withdrawals, and check balances. Older adults often choose to add authorized signers to help them manage finances in the event of illness or disability.
Government agencies, like the Internal Revenue Service, can access your personal bank account. If you owe taxes to a governmental agency, the agency may place a lien or freeze a bank account in your name. Furthermore, government agencies may also confiscate funds in the bank account.
Pursuant to Section 30-5-10-4 of Title 30, Chapter 10, a power of attorney terminates on the death of the principal.

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