Tuesday, June 14, 2016

When a Power of Attorney Lacks Power

Although we have not had difficulty with our parents’ financial institutions not honoring their POAs, friends have had major frustrations and roadblocks with this. I think the difference may have been that our POAs were in place before any crises happened. Anne Tergesen, writing for The Wall Street Journal, makes this point, among many other helpful ones, in her article “When a Power of Attorney Lacks Power.” Read her excellent article here.

Once again, hats off to my wise mother. Another thing she did to prevent POA problems was take us kids (who are on her POA) to meet the folks at the bank, the broker, and accounting firm.

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