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Durable Power of Attorney

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katesmom

Junior Member
What is the name of your state (only U.S. law)? Georgia
A national brokerage firm with an office in Georgia but based in NYC accepted my durable power of attorney and I was able to open an account for my mother who is in a nursing home. After some months passed, I was informed that the POA was not detailed enough and that I must present either another POA (their form) signed by my mother who has Alzheimer's, have my brother sign a form giving permission to have the account with the firm (I have sole POA for her finances), or move my account into another plan. The problem is that I will lose tens of thousands of dollars by switching plans because of stock losses. I believe they are acting unreasonably since they originally accepted the POA, took my money and opened the account. Do I have to give in to these people?
 


anteater

Senior Member
...or move my account into another plan.
Is that "my account" just a slip of the keyboard?

Many financial institutions require completion of their own forms by agents under a POA. Sounds like they goofed and are now trying to rectify that. And it seems to me that they are giving you an easy way out:

...have my brother sign a form giving permission to have the account with the firm..
The problem is that I will lose tens of thousands of dollars by switching plans because of stock losses.
You have already lost the tens of thousands. Just because they are not realized losses does not mean that they are not losses.
 

GaAtty

Member
GaAtty

It is very common for financial institutions to have their own power of attorney forms. It is also not unusual for relatives of elderly people to try to "take over" the elderly person's financial accounts. It is also common for one child or a spouse to "take over" the accounts and exclude other relatives. The institution's actions seem to be aimed at the fact that they want to know that all your family members approve of your actions.

Based on what you have said, I do not know any reason why they cannot insist upon what they have asked for. They are attempting to avoid liability in the future. If you want to argue with them, then they may dispute that your power of attorney was validly given when your mother had full competence, and that it is broad enough to include the actions that you have done. Do you want to argue about that? If not, then I think that you are stuck.
 

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