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.