If you are the agent named on someone’s power of attorney, you might run into problems. Even if state law says that power of attorney must be recognized, some financial firms may reject the power if it’s not on the firm’s own form.
When you create a power of attorney, try to address such problems in advance. Contact the banks and investment companies where you have accounts and see if they’ll accept a power of attorney you’ve created or if they require their own form. Then you can fill out powers of attorney specifically for the firms that want their own forms.
Of course, the agent you name should be someone you trust absolutely. Assuming that’s true, you also can register for online transactions with your financial firms and tell your agent where to find your passwords and PIN numbers. Then, if you are incapacitated, your agent will have access to your accounts, even if the firm won’t accept a power of attorney.
