Yes! My experience exactly. Make sure those power of attorneys are no more than 5-years old. Better still, complete the bank's own power of attorney document. Now I'm battling with USAA Federal Savings Bank. I am the successor trustee and they are failing to release the funds of the account in the living trust to me as per the trust document. They got a copy of the trust when I requested the funds after they froze the account, and they got a copy of the same trust when the account was opened. And yes I provided the death certificate. It's never as easy as it's purported to be.
This happened to me, POA paperwork failed to impress the bank. Discovered the bank wanted me to prove that I was the trustee of the trust. I had to prove that both my parents could no longer serve as trustees. My mother had dementia and the doctor had to provide documents for this. My father had to sign a form at the nursing home in the presence of notary. After the bank's legal department approved this I had access to it all. I was a fiduciary then.
This is exactly what happened dealing with the death of my sister at Chase Bank. They refuse to recognize the POA and required that their form, along with a fee, be completed before they would release any of her funds. It’s hard to understand how these firms can simply dismiss legal documents . I hope estate planning lawyers make their clients aware before having the same surprise/ shock as it just adds additional stress to the stress of losing a loved one.
In addition to the POA / Trust, one suggestion is to give your loved ones the user ID and password to your bank / brokerage account. This will allow them to act on your behalf without having to go through all of the hoops that Paul outlined.
That is a good idea to go to the bank after the POA is signed and see if they would accept it in the future. If they don't accept it, close all the accounts and go to a bank that will.
@@MsElaine122I worked for USDA Farm Service Agency. They do not accept attorney drawn up POAs. They are big. Government. Everything is there way, and changes every few years. There was a time when they wouldn’t accept a FAX of anything u less you had a signed on their fax authorization form!
Many banks require an agent to recertify a POA every year as general policy. You have to go to a notary and make an affidavit saying the POA is still valid.
What bank tellers have told me is:”time required representing the client involved.” They don’t have the staff. ( Worse only bank here Bank of AMERICA CLOSED). Now we have to drive to near city .
I went through a Situation Similar to this with my aunt estate, I had court papers making me Administrator to her estate and the bank refused to Accept the papers so I told them that I was going too call the Sheriff and they said OKAY.
I'm in a work meeting BUT I LIVED THIS!!!! So, I'll be back to watch. But trust me, this title caught my attention. Farging Citibank 2004. Oh you have to FAX to corporate. Then it gets rejected. Then you FAX it. Then they reject it. Repeat. We solved it via the ATM card and transacted that way. FYI: most banks/brokerages have internal powers of attorneys so you can collect the 3-4 you need that are bank/brokerage specific.
Had a situation recently where after my Dad's death, the bank would not release any of his funds even though the accounts were in his Trust. Had to jump through hoops to get access to these funds. Next step was a court summons (lawsuit) to the bank CEO. They finally relented. What sleezeballs!! We took all the money out as fast as we could.
I had same issue with 2 banks after my Dad's death. I was trustee, my mother was still alive, but didn't want to deal with it. After my 3rd trip to the bank, and many excuses, I did what the children did in the movie Mary Poppins, I Stood in the middle of the Bank Lobby demanding my dads money be released, with customers looking around. The president of th4 bank came out of his office and invited me in. It was resolved in about 5-10 minutes. Banks hate to release money, but will gladly take it.
@@sumahomes-i4i two different banks stalled for days, multiple trips having to speak with upper management. 5 other banks had no issue with, as I and our family knew employees very well. I would have to say though, one of the 2 banks we had issue with, we had a long relationship with them, but he told us we had to go to the main bank, the branch could not assist us. All trust documents were presented, my mother was there, they did not want to release the funds and close the accounts. I have been a trustee on for 3 trusts, the 2nd one in 2012 was a challenge. The first in 1999 was the easiest. My mother's in 2022, was not too difficult, it is always the larger national banks that are the challenge. Smaller local banks, are better to deal with. Stocks, Oppenheimer, Wells Fargo were easy to work with, which surprised me. It is the larger banks that tend to be stubborn about releasing funds.
The moral of this story OUGHT TO BE: If a lawyer can't prepare a power of attorney that will be accepted by every financial institution - and will enforce it without additional fee, then it's a waste of time and money to pay one to do it. If you are competent enough to open an account then go to each bank, etc, and fill out their damned forms.
That may work okay, but if your parents are 88 years old, in failing health, and are unwilling to admit they need some assistance, it's extremely difficult to accomplish what you've suggested.
Statutory power of attorney: a very large northeastern state passed a law for a statutory POA a number of years ago. After a few years of litigation, it was found that the law creating statutory POA was faulty. Eventually the statute was corrected.
@MuckinFutch 0 seconds ago In the Power of Attorney for Property, do you give the Agent the power to sign on behalf of the Trustee of the Revocable Trust (in addition to signing for the Grantor as an individual)?
Yes I am going through the same thing.I am the husband of the person who I have power of attorney over and all I want is take the money from one bank to another with both managers knowing what is going and the bank I want to take the money out of is blocking the transaction...and like you said if she gets up on the wrong side of bed you are screwed
My dad put my sister on his bank account which solved the problem. If you trust someone to be the trustee or power of attorney then why not trust as an aurthorized signer. Does anyone have any experience with the POA for IRA accounts with the spouse being the POA? Do I need to specifically authorize my wife as POA at each institution?
Why do someone need the banks permission to say who looks after your money. They don't ask for POA when you're putting money in the bank....RIDICULOUS!!! This should be unlawful. When a legal POA is presented. The bank should be legally compelled to honour it!!!!
Gave a lot of good information about what to do decrease the chances of this happening, but didn't really answer the question of what to do when the bank rejects the power of attorney.
Yes! My experience exactly. Make sure those power of attorneys are no more than 5-years old. Better still, complete the bank's own power of attorney document.
Now I'm battling with USAA Federal Savings Bank. I am the successor trustee and they are failing to release the funds of the account in the living trust to me as per the trust document. They got a copy of the trust when I requested the funds after they froze the account, and they got a copy of the same trust when the account was opened. And yes I provided the death certificate.
It's never as easy as it's purported to be.
This happened to me, POA paperwork failed to impress the bank. Discovered the bank wanted me to prove that I was the trustee of the trust. I had to prove that both my parents could no longer serve as trustees. My mother had dementia and the doctor had to provide documents for this. My father had to sign a form at the nursing home in the presence of notary. After the bank's legal department approved this I had access to it all. I was a fiduciary then.
Very informative video, Thanks
This is exactly what happened dealing with the death of my sister at Chase Bank. They refuse to recognize the POA and required that their form, along with a fee, be completed before they would release any of her funds. It’s hard to understand how these firms can simply dismiss legal documents . I hope estate planning lawyers make their clients aware before having the same surprise/ shock as it just adds additional stress to the stress of losing a loved one.
In addition to the POA / Trust, one suggestion is to give your loved ones the user ID and password to your bank / brokerage account. This will allow them to act on your behalf without having to go through all of the hoops that Paul outlined.
Yes. That works great until your loved one passes away and the institution finds out and freezes the account. It's a nightmare.
Bad idea.
That is a good idea to go to the bank after the POA is signed and see if they would accept it in the future. If they don't accept it, close all the accounts and go to a bank that will.
Which means use bigger banks that are more business oriented. They have more experience with POAs etc.
@@MsElaine122I worked for USDA Farm Service Agency. They do not accept attorney drawn up POAs. They are big. Government. Everything is there way, and changes every few years. There was a time when they wouldn’t accept a FAX of anything u less you had a signed on their fax authorization form!
@@MsElaine122 SkiKansas66617 said that Bank Of America did not honor the POA and Bank of America is one of the biggest banks in the USA.
Didn't think that a signer would expose an account to creditors given there is no ownership interest.
Many banks require an agent to recertify a POA every year as general policy. You have to go to a notary and make an affidavit saying the POA is still valid.
What bank tellers have told me is:”time required representing the client involved.” They don’t have the staff. ( Worse only bank here Bank of AMERICA CLOSED). Now we have to drive to near city .
I did TOD to my son, the executor, at each bank on each account.
I went through a Situation
Similar to this with my aunt estate, I had court papers making me Administrator to her estate and the bank refused to Accept the papers so I told them that I was going too call the Sheriff and they said OKAY.
I'm in a work meeting BUT I LIVED THIS!!!! So, I'll be back to watch. But trust me, this title caught my attention. Farging Citibank 2004. Oh you have to FAX to corporate. Then it gets rejected. Then you FAX it. Then they reject it. Repeat. We solved it via the ATM card and transacted that way. FYI: most banks/brokerages have internal powers of attorneys so you can collect the 3-4 you need that are bank/brokerage specific.
Had a situation recently where after my Dad's death, the bank would not release any of his funds even though the accounts were in his Trust. Had to jump through hoops to get access to these funds. Next step was a court summons (lawsuit) to the bank CEO. They finally relented. What sleezeballs!! We took all the money out as fast as we could.
Ugh. Similar circumstances here. I hope I don't have to sue the bank.
I had same issue with 2 banks after my Dad's death. I was trustee, my mother was still alive, but didn't want to deal with it. After my 3rd trip to the bank, and many excuses, I did what the children did in the movie Mary Poppins, I Stood in the middle of the Bank Lobby demanding my dads money be released, with customers looking around. The president of th4 bank came out of his office and invited me in. It was resolved in about 5-10 minutes. Banks hate to release money, but will gladly take it.
Just curious, why bank didn't honor the trust?
@@sumahomes-i4i two different banks stalled for days, multiple trips having to speak with upper management. 5 other banks had no issue with, as I and our family knew employees very well. I would have to say though, one of the 2 banks we had issue with, we had a long relationship with them, but he told us we had to go to the main bank, the branch could not assist us. All trust documents were presented, my mother was there, they did not want to release the funds and close the accounts. I have been a trustee on for 3 trusts, the 2nd one in 2012 was a challenge. The first in 1999 was the easiest. My mother's in 2022, was not too difficult, it is always the larger national banks that are the challenge. Smaller local banks, are better to deal with. Stocks, Oppenheimer, Wells Fargo were easy to work with, which surprised me. It is the larger banks that tend to be stubborn about releasing funds.
Yes please what bank??
Sue the CEO and report the bank to the state banking authority
The moral of this story OUGHT TO BE: If a lawyer can't prepare a power of attorney that will be accepted by every financial institution - and will enforce it without additional fee, then it's a waste of time and money to pay one to do it. If you are competent enough to open an account then go to each bank, etc, and fill out their damned forms.
That may work okay, but if your parents are 88 years old, in failing health, and are unwilling to admit they need some assistance, it's extremely difficult to accomplish what you've suggested.
Statutory power of attorney: a very large northeastern state passed a law for a statutory POA a number of years ago. After a few years of litigation, it was found that the law creating statutory POA was faulty. Eventually the statute was corrected.
Gee, I wonder which state that might be ... 😉
Shame, nowadays bank act like it's their money.
Hi Paul.
Can you tell me if a “Resident’s Representative” in a nursing home the same as a POA?
@MuckinFutch
0 seconds ago
In the Power of Attorney for Property, do you give the Agent the power to sign on behalf of the Trustee of the Revocable Trust (in addition to signing for the Grantor as an individual)?
There are many of us without family to be POA. What do you do?
Which banks hav you found which allow a Trust to own an account?
Yes I am going through the same thing.I am the husband of the person who I have power of attorney over and all I want is take the money from one bank to another with both managers knowing what is going and the bank I want to take the money out of is blocking the transaction...and like you said if she gets up on the wrong side of bed you are screwed
My dad put my sister on his bank account which solved the problem. If you trust someone to be the trustee or power of attorney then why not trust as an aurthorized signer. Does anyone have any experience with the POA for IRA accounts with the spouse being the POA? Do I need to specifically authorize my wife as POA at each institution?
In Florida can someone really attach money in your bank account in a lawsuit / creditor situation if someone is a signer, not a joint owner?
A bank that has a 6 page checklist BRUTAL experience 😝
Or a zero percent account?
Why do someone need the banks permission to say who looks after your money. They don't ask for POA when you're putting money in the bank....RIDICULOUS!!! This should be unlawful. When a legal POA is presented. The bank should be legally compelled to honour it!!!!
Fun fact: Social Security does not recognize ANY POA's.
😮
Smh
I made sure my name was on my Mom’s account while she was able to sign.
What if only disease's houses it has his name Robert Edward Singleton including respective hiers
What is respective hiers me and my father have same name with the same bloodline
Gave a lot of good information about what to do decrease the chances of this happening, but didn't really answer the question of what to do when the bank rejects the power of attorney.
He totally did, but I'm not willing to go listen to it again to give an accurate/ verbatim response to you. He did, re-listen, take notes.
Tannerite? 🤣