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Special Durable Power of Attorney for Bank Account Matters - South Carolina

Special Durable Power of Attorney for Bank Account Matters - South Carolina 2025

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The document is a Special Durable Power of Attorney for bank account matters in South Carolina, allowing the principal to appoint an agent with full authority to manage their bank accounts. This includes making deposits, withdrawals, writing checks, and opening new accounts. The power remains effective even if the principal becomes incapacitated. The document outlines the responsibilities of the agent and indemnifies the bank from any liability related to actions taken by the agent.

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Can power of attorney take over a bank account?

As long as the power of attorney (POA) follows the laws of your state, banks, credit unions, and other third parties should accept it. Ask to speak to the branch manager, a supervisor, or an attorney for the bank or credit union.

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 requirements for a durable power of attorney in South Carolina?

For your POA to be valid in South Carolina, it must meet certain requirements. Mental Capacity for Creating a POA. Witnessing Requirement. Notarization Requirement. Recording Requirement. Create the POA Using a Form, Software, or an Attorney. Sign the POA in the Presence of Two Witnesses and Get It Notarized.

Can POA spend your money?

This type of financial exploitation is illegal and punishable under California laws and federal laws. If you believe an elder is a victim of elder abuse, every county in California has an Adult Protective Services agency.

What are the disadvantages of a durable power of attorney?

One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

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.

Why are banks so picky about POA?

Reasons a financial institution may reject a financial power of attorney include: The financial power of attorney is considered too stale because it was executed several years earlier. Legally, a durable power of attorney does not expire until it is revoked by the principal or the principal dies.

Special Durable Power of Attorney for Bank Account Matters - South Carolina 2025

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