Elder Law Answers
What Should I Do If I Purchased Long-Term Care Insurance from a Disreputable Company?
My spouse and I purchased a long-term care policy a few years ago when we were both in our 50s. We are now both in our mid...
Read moreWhat Should I Do If the Bank Won't Honor My Power of Attorney?
- August 28th, 2013
Q
My father and mother executed a co-durable power of attorney naming my brother and me as joint attorneys-in-fact. My father is now deceased. My mother is owner of an investment portfolio with monthly dividends being automatically reinvested. My brother and I wish to have the dividends placed into my mother's checking account so that I may utilize the funds for monthly fees at a 'memory-care center.' A large investment firm/bank doing business in our state of Washington will not honor the 'power of attorney' because it is a 'joint' power of attorney. Apparently the bank would honor the power of attorney if the document specified that my brother or I were able to act alone. My mother can no longer sign her name in order to modify the existing power of attorney. What legal grounds does a bank have to deny us using a power of attorney?
A
While banks and other financial institutions are known to refuse to accept powers of attorney for no good reason, in your case it sounds like the bank may have a point -- but only so far. If the power of attorney does not specify that you and your brother can each act on your own, then the bank should still honor any check signed by both of you. If it won't, you may want to contact your state agency that regulates banks to see if it will apply some pressure on your behalf.
Local Elder Law Attorneys in Ashburn, VA
Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
Bethesda, MD
Meet Jeffrey Hammond
(301) *** ****
Learn more
Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
(301) *** ****
Tell us about your legal issue and we will put you in touch with Jeffrey Hammond.
Meet Jean Ball
(703) *** ****
Learn more
Jean Ball
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...
(703) *** ****
Tell us about your legal issue and we will put you in touch with Jean Ball.
Meet Loretta Williams
(703) *** ****
Learn more
Loretta Williams
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
(703) *** ****
Tell us about your legal issue and we will put you in touch with Loretta Williams.
