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Re:Power of Attorney (1 viewing) (1) Guest
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TOPIC: Re:Power of Attorney
#7240
Jackie (User)
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Power of Attorney 7 Years, 1 Month ago Karma: 3  
My grandmother executed a power of attorney naming me as her agent. My grandmother is in a nursing home and i need to manage her bank accounts. The power of attorney gives me teh authority to "do all things necessary to manage, maintain, open, close, writeen checks..." with regards to the bank accounts. I present the power of attorney to the bank and they would not allow me to close out the account and consolidate it with other bank accounts at other banks. Can they do this? The bank said that they checked with their legal department and they needed a conversatorship opened and supervised by the court before they would authorize the closing of the account. Is all that necessary? What can i do to aviod this extranonsense? I thought the purpose of the power of attorney was to aviod probate.
 
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Targus (User)
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Re:Power of Attorney 7 Years, 1 Month ago Karma: 0  
We tried using a power of attorney to change beneficiaries on a IRA and the investment company requested that the owner of the account sign and disregarded the POA. They said it was company policy to demand signatures from account owners so to avoid fraud on an account
 
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