Why won't my bank take my Mother's Durable Power of Attorney?

That's an open question. There could be a lot of reasons. With fraud at an all-time high right now, banks and other financial institutions are very careful about who they give access to. Some of the reasons I see are:

  • The Durable Power of Attorney is not drafted by an attorney (i.e., online forms, etc).

  • The Durable Power of Attorney is more than 5 years old.

  • The Durable Power of Attorney is vague regarding your authority.

  • Someone made changes to the document on their own. 

 

By law, no one is legally required to accept a Durable Power of Attorney. ​Your best bet is to have one drafted by an attorney and presented to the bank or other financial institution by the Principal (your Mother in your case). The banks and other financial institutions usually have their own documents that they want signed by the Principal in addition to the Durable Power of Attorney.  

A better option would be to have a Trust prepared for your Mother. Her assets (including accounts) are then transferred into the Trust. With a trust, the Bank MUST allow the Trustee (you) to access the accounts. 

Please call our office for a FREE initial consultation to discuss your Estate Plan.

 

Please call our office for a free initial consultation* 

Battle Creek:               (269) 968-1101

4625 Beckley Rd, Bldg 400

Battle Creek, MI 49015, USA                                      

Kalamazoo:                 (269) 324-7344

6312 West Main Street

Kalamazoo, MI 49009, USA

info@wallingplc.com

* Except Asset Protection & Family Law consultations