Will Your Bank Accept Your Power Of Attorney?

If you had a stroke tonight, how soon could your son pay your mortgage? Most people say tomorrow, because he has your power of attorney. Your bank may have a different answer, even when the document was drawn up and signed properly: Their legal department wants to review it first, and that can take a couple of weeks. They want him to sign their own form, or an affidavit saying it's still in effect. An older document makes a teller nervous, even though nothing about it has expired. The fix is a fifteen-minute errand. Take a copy to your bank now, while you're healthy, and ask them to put it on file. Ask what else they'd need from your son. Then do the same at your brokerage. Send this to whoever you named. #PowerOfAttorney #EstatePlanning #AgingParents #FinancialPlanning #Caregiving