if we look at it from the bank's perspective - they dont want to be on the hook for giving funds to the wrong person.
if you present the bank with a 10 page durable poa, and it has specific wording as anteater mentioned, they are still gonna be leery about honoring it.
they realize that a person signing a 10-page document does not always understand everything they are signing. they also know that few people would want to give that power to change beneficiaries. the average person needs to have his bills paid, etc.
so the bank is taking a risk. if it is taken to court, the bank should have known better versus the little guy who is out of his money. who might the court side with ?
what i have found is that the degree that a poa is successfully used depends much upon the risk that the company takes, by honoring it.
and the more specific a poa is, the more apt it is to be accepted.
so if you present a bank with a poa that allows you to make all changes to account number 1234, the bank is much more apt to honor it, than a 10-page document.
if you present the bank with a 10 page durable poa, and it has specific wording as anteater mentioned, they are still gonna be leery about honoring it.
they realize that a person signing a 10-page document does not always understand everything they are signing. they also know that few people would want to give that power to change beneficiaries. the average person needs to have his bills paid, etc.
so the bank is taking a risk. if it is taken to court, the bank should have known better versus the little guy who is out of his money. who might the court side with ?
what i have found is that the degree that a poa is successfully used depends much upon the risk that the company takes, by honoring it.
and the more specific a poa is, the more apt it is to be accepted.
so if you present a bank with a poa that allows you to make all changes to account number 1234, the bank is much more apt to honor it, than a 10-page document.