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[quote=Anonymous][quote=Anonymous]
I attended a workshop by an Elder Care Lawyer who pointed out that just because you have a legal Power of Attorney, it may not be enough.  Banks are paying a lot more attention to POAs having been burned by various situations.  You need to consult each financial institution brick and mortor as well as online to see if they have any particular forms an appointed POA must complete ahead of time.  When the time is needed, this will make getting access to accounts and dealing with financial institutions go a lot smoother.  This has happened to individuals who actually have a local relationship with a bank. One bank noted for doing this was Bank of America.

It often seems to be recommended to get your name on at least one bank account to be able to continue to cover on-going expenses, plus cover immediate expenses which may come up.  I would think with the major financial institutions parents deal with, this approach would also be logical in having smooth access.  However, check to see what their policy is as folks show up with false POAs etc.

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POA expires on death. It’s only useful for expenses paid and reimbursed up to that point.

If you have signature authority on an account but are not a joint owner, you will not be able to exercise that authority after the last owner passes. It will go to probate.

If you have a joint tenancy account your parents need to be able to set up the rest of the testamentary documents to fairly divide assets. That will be tricky because the value of the jointly held account will fluctuate.

Also, If your parents are not local get them to get their mail at a PO Box.

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