Successor Power of Attorney

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cliff
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Successor Power of Attorney

Post by cliff » Tue Feb 23, 2016 3:48 pm

My father is 93 with Alzheimer's. My sister has power of attorney and I have successor power of attorney. Need to get in touch with financial institution servicing his pension. My sister does not feel like doing it and it is fine with her for me to do. But if I send them the POA I am afraid they are going to ask for proof that my sister declines to serve. True? If so can I be proactive by having her sign a notarized statement to that effect? What do you advise?

Thanks!

arizonaslim
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Re: Successor Power of Attorney

Post by arizonaslim » Tue Feb 23, 2016 3:53 pm

I'm dealing with a similar situation, except for the fact that I don't have siblings.

That being said, here is my advice to you: Talk to your attorney. Yes, this will cost you some money, but you want to be sure that your legal i's are dotted and the t's are crossed.

cliff
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Re: Successor Power of Attorney

Post by cliff » Tue Feb 23, 2016 3:56 pm

This really isn't a big deal so I prefer not to incur any cost, but thanks for the response.

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Toons
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Re: Successor Power of Attorney

Post by Toons » Tue Feb 23, 2016 4:02 pm

arizonaslim wrote:I'm dealing with a similar situation, except for the fact that I don't have siblings.

That being said, here is my advice to you: Talk to your attorney. Yes, this will cost you some money, but you want to be sure that your legal i's are dotted and the t's are crossed.


+1
Excellent Idea
That is the way to go.
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cliff
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Re: Successor Power of Attorney

Post by cliff » Tue Feb 23, 2016 4:06 pm

Again, the power of attorney is clear. Just wondering if the financial institution will require any kind of "proof" that my sister doesn't want to do it. If need be she will. It's only a matter of getting an address change and a 1099R, which was mailed to his address twice, but he says never received.

earlyout
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Re: Successor Power of Attorney

Post by earlyout » Tue Feb 23, 2016 4:34 pm

If it is such simple thing to do (get a eplacement1099 and address change) why don't you help our sister do it? You can fill out the forms, have her sign, and you can transmit to the custodian. What else is going on here?

A successor POA is just that. They are not a joint POA and have no authority unless the actual POA cannot or will not act.

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HueyLD
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Re: Successor Power of Attorney

Post by HueyLD » Tue Feb 23, 2016 4:36 pm

earlyout wrote:If it is such simple thing to do (get a eplacement1099 and address change) why don't you help our sister do it? You can fill out the forms, have her sign, and you can transmit to the custodian. What else is going on here?

A successor POA is just that. They are not a joint POA and have no authority unless the actual POA cannot or will not act.

+1

tdogz
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Re: Successor Power of Attorney

Post by tdogz » Tue Feb 23, 2016 5:52 pm

You'll have to call them and ask what they need. Some places will have their own form that she'll need to sign, but others will accept an affidavit. Whichever it is, they will probably want it notarized, or maybe even a medallion signature guaranty. It just depends on the policies and procedures that have been approved by the financial institution's board regarding successor POAs. Those policies can vary from place-to-place depending on state laws, what type of institution they are, and the clientele they cater to.

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mrc
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Re: Successor Power of Attorney

Post by mrc » Tue Feb 23, 2016 6:06 pm

earlyout wrote:A successor POA is just that. They are not a joint POA and have no authority unless the actual POA cannot or will not act.


Indeed true. What are the terms of succession in the POA? Maybe sis can pass the POA to you. Seems as the agent, she has a duty to do the work required or relinquish POA to you. Worth a call to the law office that drew up the papers -- may not even be a fee.

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cliff
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Re: Successor Power of Attorney

Post by cliff » Tue Feb 23, 2016 6:21 pm

Despite the snide remark there is no agenda here. Yes, my sister could pass the POA to me and will likely have her do that, but for the time being we are in the south with father in the north. Again, all I wanted to know is if anyone knew what the financial institution will require for my sister to relinquish and have me serve. Notarized letter? Phone call? If anyone knows please reply. If not no need to. BTW..POA was down with NOLA. No need to waste money on lawyer :D

Geologist
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Re: Successor Power of Attorney

Post by Geologist » Tue Feb 23, 2016 6:35 pm

In my opinion, you need to find out what the financial institution will accept. Our talk is just that. As other posters have noted, some financial institutions are highly persnickety and aren't too interested in accepting general powers of attorney (i.e., they would have preferred your father execute their form when he was able). You can make them accept the general POA by going to court but obviously you would prefer to avoid that.

cliff
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Re: Successor Power of Attorney

Post by cliff » Tue Feb 23, 2016 6:38 pm

There is a resignation of POA form. I will have my sister sign that and send in with the POA to financial institution.

JoinToday
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Re: Successor Power of Attorney

Post by JoinToday » Tue Feb 23, 2016 6:48 pm

Geologist wrote:In my opinion, you need to find out what the financial institution will accept. Our talk is just that. As other posters have noted, some financial institutions are highly persnickety and aren't too interested in accepting general powers of attorney (i.e., they would have preferred your father execute their form when he was able). You can make them accept the general POA by going to court but obviously you would prefer to avoid that.


+1. everything here is just talk; doesn't matter what some poster on an internet forum says. Call the institution.

My experience (multiple times) is that financial institutions don't want to do anything unless it is on their forms, signed by the account holder. Working with them was a real PITA, even with notarized POA forms generated by a lawyer.

earlyout wrote:A successor POA is just that. They are not a joint POA and have no authority unless the actual POA cannot or will not act.


at a minimum, sounds clear that current POA needs to resign if you are to have any authority to act as POA.
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sport
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Re: Successor Power of Attorney

Post by sport » Tue Feb 23, 2016 6:57 pm

If you become the successor POA, you probably should name another successor unless there is already one named. If you could not serve, there needs to be a backup.

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