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Reply to "Banks extremely slow and not recognizing POA"
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[quote=Anonymous][quote=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. [b]My brother and I are secondary for POA (they each are each other’s primary).[/b] 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. [/quote] 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. [/quote]
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