DPOA & financial institutions requiring extra documents

ebplionis

Hi everyone,

I am in the long and tedious process of taking over my parents super messy financial situation (we're talking years of unpaid taxes among other things!).  Anyways one thing they did right was several years ago they gave me and my sister DPOA in case we ever needed it, thank goodness.  Well now I have heard back from several banks and financial serves people they will need either my parents notarized signature on their own forms, or a letter from a doctor or a court order.  Doesn't this defeat the purpose of a DPOA?  I'm pretty sure I know that they are legally wrong here, but it seems pretty common practice and I'm wondering how much I should push this with the financial organizations.  I can definitely get a letter for my mother from a doctor, but not my father who is of sound mind but not body and wants me to handle everything hence the DPOA.  Getting signature notarized in person for him is a huge deal (currently bed bound, high risk class for covid and can only sign an x).  All of their accounts are joint, so I'm facing this with every single group.  

Any word of advice from those who have been through the process?

Marta

Financial institutions have a fiduciary responsibility to protect the assets of their clients, so, yes, extra documentation may be required beyond a DPOA.   Can you ask the financial institutions to do a zoom meeting or facetime with your father to get his consent?

terei

Marta is correct.  Each bank can legally have its own policies regarding POAs.    It is a pain,

but you will have to abide by whatever their rules are at each institution.   When I worked on this for my mother, I ultimately opened accounts with the bank that had been the easiest to work through this process.

I also had myself added to her accounts as a joint owner + not just POA which ceases after the patient’s death.    That was the smartest thing that I did by far so that I could manage her affairs after her death.

Ammogirl

Hi, I also have been told by multiple financial institutions that the other documents are required. I do have a doctor letter for my mom, what I’m dealing with is they take forever for approval once they receive your documents. I’m calling daily for answers. For your dad maybe a mobile notary could come to the house? Also if they receive SS you can call the local office and become their payee. That helps a lot.

M1

I did run into the same thing with Charles Schwab, I had DPOA and was made a signatory on her accounts, but they required that I sign their own POA papers too.  We could do it, so I didn't question it, but I agree when it creates problems for the disabled person I would definitely push it.  If there is someone you know at one of the institutions, you might ask them if they are willing to send a notary to your father's home.  If there's someone your parents have really worked with, one of them might do that and he could sign one letter that could be sent to all of the institutions?  Just a thought.  We have an advisor who would probably do that for us if push came to shove but that depends on where your dad lives.....

Cynbar

Here in Massachusetts (not sure where you are), it's legal to use online notaries. I have known several people who have used this option. Google it, you may find that would solve the problem with your dad. Apparently this service really took off with COVID restrictions and worries.

King Boo

A note from your Dad's PCP, who presumably knows his health status, can probably suffice.

This was the notoriously most difficult part, I about had a stroke with the bank's errors, lost paperwork, incorrect insistence on a few things.   Once you satisfy their documentation, things will go more smoothly.    Easiest thing to do is to pay a notary to do a home visit and if they can both sign their names, do it that way on the bank's paperwork.   Don't get too detailed with Mom and Dad, just 'the bank needs us to do this."

Royal PIA but once it is done, it's done

RihanaB

I am curious....Just for my own good....What more did the bank want? The reason for the POA is to assist the patient in getting funds when they can no longer sign or ask for them on their own. The company that is giving me trouble is the guy who my partner had manage one of his accounts. The guy is OLD and should be out of the business now. He tried twice to email me something and could not get it. I am a bit concerned that maybe he is not wishing for us to see the most recent report. I will go on line today and see whats up with that. I will call him AGAIN (third time) on Monday. This time I will ask for his supervisor.  If you need a notary, be sure to check this out https://nicelocal.co.uk/london/law/type/notaries/

jfkoc

Checks and double checks....all for  your parent's safety and not unusual.

Mikela

I've actually had one bank, one credit union and one financial investment company tell me we needed a order from the court ie...guardianship paperwork.  I had a DPOA as well, but it doesn't hold if anything rocks the process.  I've used Thumbtack app/website to get a mobile notary scheduled as well.  I've gotten familiar with Thumbtack, medical transport companies and geriatric doctors that specialize in housecalls.  I would suggest going for guardianship as it is pretty unassailable once it is in place.  I had DPOA for my dad who was scammed thru his credit union account.  The credit union manager wouldn't let me sign the fraud affidavits to try to recover some of the funds.  She wanted my Dad with dementia to do it, so we could at least recover what the credit union was willing to be liable for.    I had my Dad do it in front of a notary, but he didn't have a clue or understand why.  Sigh.. There are alot of uneducated people in the financial industry.  The only absolute document to give you fiduciary control is a guardianship or conservatorship signed off by the courts.  Lately, I've been dealing with Social Security to become his rep.  If you don't  share his address, they require the guardianship paperwork and apparently a  DPOA isn't acceptable.

BassetHoundAnn

Mikela wrote:

Lately, I've been dealing with Social Security to become his rep.  If you don't  share his address, they require the guardianship paperwork and apparently a  DPOA isn't acceptable.

I've been trying for a year now to get the address on my mom's SS account changed. I was finally told I have to become her rep and have a phone appointment to start that process--later this fall. Last person I spoke with at SS said they won't accept a DPOA because "it's a state thing and we're the federal government, we don't recognize forms that are made under state law." I was asked whether I could bring her to the phone and I said, um, no. Then incredibly I was asked whether she could write a letter to SS authorizing the change, sign it and mail it to SS. I could have her write the letter and sign it but at this point that would be fraud because she wouldn't understand what the letter was about. So the bureaucracy grinds on. It will be interesting to hear what docs the SS rep asks for at the phone appointment. 

Mikela

I tried uploading a copy of the form SSA made me complete, but it is a 10 page PDF.  I've taken a snipit of the top.  You should be able to find on the ssa.gov website.  I submitted and was initially approved, but then it was rescinded when my address didn't match my father's address.  

BassetHoundAnn

Mikela wrote:

I tried uploading a copy of the form SSA made me complete, but it is a 10 page PDF.  I've taken a snipit of the top.  You should be able to find on the ssa.gov website.  I submitted and was initially approved, but then it was rescinded when my address didn't match my father's address.  

Thank you Mikela! I found the form online. My mom hasn't been at her former address for over a year so it's anyone's guess whether SS will allow me to become her representative. It's all like going down a bureaucratic rabbit hole, isn't it? Fortunately her checks are still being deposited to her bank account so at least there's that.