Many people in Virginia may expect that when they create an estate plan that includes a power of attorney for finances, the POA will be sufficient to grant those powers. Unfortunately, in practice, this is not always the case.
The primary issue is that financial institutions are not obligated to accept a power of attorney, and some are hesitant to do so because they do not want to be a party to financial abuse of the elderly. Different institutions have different rules for accepting a POA. Some will only take one that has been created in the last six months. In other cases, it may take time for the POA to make its way past the institution’s legal department.
This does not mean that people should not create POAs, but there are additional steps that should be taken to try to simplify the process and prepare for what may be needed. For example, the agent should be prepared to provide institutions with the necessary identification as requested. A person’s accounts can be consolidated if possible, resulting in fewer institutional rules to deal with. The person may also want to find out what rules are in place ahead of time and change institutions if necessary. Building relationships at institutions may also help.
People who are concerned about making sure their POAs work as they hope they will may want to consult Forest, Virginia power of attorney legal representation. In addition to a financial POA, the person might also want to create one that appoints someone to make medical decisions. It is important to choose the right people for these roles. For example, the person who has financial POA should be organized, trustworthy and good with finances while the person with the medical POA should be prepared to make health care decisions under pressure.