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This document is a Special Durable Power of Attorney for bank account matters in Indiana, allowing the principal to appoint an agent with full authority to manage their bank accounts. The agent can perform various transactions such as deposits, withdrawals, and account management, even if the principal becomes incapacitated. The document includes provisions for indemnification of the bank and requires witnesses and notarization.

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Does a durable power of attorney cover bank accounts?

Because a power of attorney may grant very broad power over your property, including your bank accounts, we recommend that you consult a legal advisor, estate planner or other tax professional to see whats right for your situation.

What three decisions cannot be made by a legal power of attorney?

When someone makes you the agent in their power of attorney, you cannot: Write a will for them, nor can you edit their current will. Take money directly from their bank accounts. Make decisions after the person you are representing dies. Give away your role as agent in the power of attorney.

What are the limitations of a durable power of attorney?

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

What does power of attorney give you authority over?

A person with Power of Attorney for their parents cant actually add the POA to their bank accounts. However, they may change bank accounts to be jointly owned. There are some pros and cons of doing this, as discussed in the article POAs vs. joint ownership from NWI.com.

What are the requirements for a durable power of attorney in Indiana?

For your POA to be valid in Indiana, it must meet certain requirements. Mental Capacity for Creating a POA. Notarization or Witnessing Requirement. Create the POA Using a Form, Software, or an Attorney. Sign the POA in the Presence of a Notary Public. Store the Original POA in a Safe Place.

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Can a power of attorney make themselves a joint owner of a bank account?

What is the downside of being a power of attorney?

Potential Disadvantages of Being a Power of Attorney If you breach your duty, you could owe the principal compensation for damages. The principal could sue you if you did not act in their best interest. A POA could be held responsible if they sign an agreement that could hold them financially liable.

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Does a durable power of attorney cover bank accounts?

What three decisions cannot be made by a legal power of attorney?

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What does power of attorney give you authority over?

What are the requirements for a durable power of attorney in Indiana?

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Can a power of attorney make themselves a joint owner of a bank account?

What is the downside of being a power of attorney?

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