Banks extremely slow and not recognizing POA

[Anonymous]

My parents live in Virginia and had a Virginia attorney create an estate plan for them including POA and trusts.
They are now elderly (covid accelerated their mental decline we believe) and unable to manage their finances. Per Virginia law we have 2 doctors letters stating this for each of them.
My brother and I are secondary for POA (they each are each other’s primary).
I have been for over 6 months calling, mailing and sending paperwork, had lawyer create letters as requested but nothing has been accomplished on the 3 accounts that we need POA. Since they are technically not able to make their own financial decisions, it is a total catch22.
I have wasted hours of my time on hold waiting to talk to someone who just reads off status from someone else.
It is just such a log jam and now I just get angry which is not productive either. Sometimes I demand to speak to a manager and that gets better info.
Two of these accounts need to move under their trusts so time is of the essence I hate to say. Plus their finances are a mess (a big surprise since they seemed like they had managed it well but now we see otherwise)

Anyone able to get thru this process with less run around and results?
I asked if my lawyer could talk to their lawyer and they said no.

[Anonymous]

I don't have any advice, just here to say that I went through something similar. It seemed like no matter what document I provided they would need something else. Or I needed to have notarized copies of things sent. Each time they would ask for something else.

[Anonymous]

The fastest way to get the necessary parties’ attention in this type of situation is to lawyer up with somebody local and well known to the judges, threaten suit and file if necessary. Until you’re past the functionaries you’re getting nowhere.

[Anonymous]

In Maryland there is a statutory POA form which the banks have to take or you can threaten to sue them. Apparently VA lawyers or legislators haven't wanted to adopt it so the safest thing to do is fill a separate one out for each institution according to what form they prefer...

For OP I would consult a lawyer.

[Anonymous]

I don't have any good advice, but I offer my sympathy. Each institution seems to require their own POA form. My mother's small, local bank wants me to come in person to another state, bring in my mother from assisted living, to fill out their specific POA form, rather than accepting the POA from her attorney.

[Anonymous]

I found that going in person to the bank is the best way to go for things like this. They still have to get the approvals from regional or their computer system or whomever, but at least then you have an in-person point of contact you can follow up with.

[Anonymous]

Anonymous wrote:My parents live in Virginia and had a Virginia attorney create an estate plan for them including POA and trusts.
They are now elderly (covid accelerated their mental decline we believe) and unable to manage their finances. Per Virginia law we have 2 doctors letters stating this for each of them.
My brother and I are secondary for POA (they each are each other’s primary).
I have been for over 6 months calling, mailing and sending paperwork, had lawyer create letters as requested but nothing has been accomplished on the 3 accounts that we need POA. Since they are technically not able to make their own financial decisions, it is a total catch22.
I have wasted hours of my time on hold waiting to talk to someone who just reads off status from someone else.
It is just such a log jam and now I just get angry which is not productive either. Sometimes I demand to speak to a manager and that gets better info.
Two of these accounts need to move under their trusts so time is of the essence I hate to say. Plus their finances are a mess (a big surprise since they seemed like they had managed it well but now we see otherwise)

Anyone able to get thru this process with less run around and results?
I asked if my lawyer could talk to their lawyer and they said no.

Can your parents' lawyer change the trust this so one of you is primary POA? If they have mental decline, how can they be a primary to each other? I can understand why secondary POA is not desirable to a bank.

[Anonymous]

Hi op. I’m not an estate lawyer but I am an attorney and o have had to deal with similar issues with my parents.

How bad off are your parents? I would have a verbal, not email discussion with the lawyer about whether it would be a good idea for your parents to sign new POAs that have you and or your brother as primary POA, rather than each other.

Of course, this means they must be willing to sign and they must be competent to sign. But the level of competence to sign isn’t necessarily that high, and if you and your sibling (s?) all agree with each other, it doesn’t really matter, if there is no one else around to challenge it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents live in Virginia and had a Virginia attorney create an estate plan for them including POA and trusts.
They are now elderly (covid accelerated their mental decline we believe) and unable to manage their finances. Per Virginia law we have 2 doctors letters stating this for each of them.
My brother and I are secondary for POA (they each are each other’s primary).
I have been for over 6 months calling, mailing and sending paperwork, had lawyer create letters as requested but nothing has been accomplished on the 3 accounts that we need POA. Since they are technically not able to make their own financial decisions, it is a total catch22.
I have wasted hours of my time on hold waiting to talk to someone who just reads off status from someone else.
It is just such a log jam and now I just get angry which is not productive either. Sometimes I demand to speak to a manager and that gets better info.
Two of these accounts need to move under their trusts so time is of the essence I hate to say. Plus their finances are a mess (a big surprise since they seemed like they had managed it well but now we see otherwise)

Anyone able to get thru this process with less run around and results?
I asked if my lawyer could talk to their lawyer and they said no.

Can your parents' lawyer change the trust this so one of you is primary POA? If they have mental decline, how can they be a primary to each other? I can understand why secondary POA is not desirable to a bank.

Not op, but the trust is probably written such that in order for successor trustees to be eligible, trustees must present two doctors letters

[Anonymous]

At a recent presentation it was stated that you should get all paperwork completed ahead if time with all online and impersonal financial institutions you deal with for the individual with the POA for a parent(s) so they will be recognized. It may be having two POAs that is complicating the matter.

[Anonymous]

We had to change banks when I had guardianship. It was a nightmare.

[Anonymous]

Just get all their passwords.

[Anonymous]

Anonymous wrote:Just get all their passwords.

Op here. I have been doing some of this for utility type bills.

Unfortunately they were very adverse to setting up online accounts. My father was scammed once (a lot of money) and was overly concerned about being hacked. I have been able to access a few accounts but without account setup and with the privacy controls in place today it is pretty limiting.
Plus we need to do transfer into trust and that will not be able to be done just online.

On comments about getting them to sign paperwork to do POA directly to us, it’s too late. They are already deemed unable to manage their finances so doing it now would not work. Plus they were (and still are) thinking they can handle their finances which is totally ridiculous. Neither can write a check fully and their writing is hard to decipher. We have had several checks returned in the past year that my father wrote because they are unreadable. We were trying to maintain their dignity while making sure bills were paid, taxes were done, their finances managed for future. My father goes to the bank in their building and takes out 15 $100 bills to pay the phone company and the electric bill! Like the good old days when cash was king. Very upsetting because the money just disappears. They have very complex financial setup. One off we can deal with issues but day to day it is so hard to keep track. RMDS for example. Taxes. The trust. Rental property. Second home. Several complex brokerage accounts with limited partnerships.

[Anonymous]

Can you drag one or both of them to the bank to have you added to their account? And then you can set up online accounts.

[Anonymous]

Formally request to close the account and provide the POAs. If they say no, CFB complaint and a complaint to your state attorney general's office for elder abuse. CC their compliance and general counsel's offices on both