Is there supervision of the person to whom I give a POA to transfer my money, which is in the bank, to me? So he might not keep the money himself?
By M H.
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
Everyone should be very, very careful who they give a POA to as once it is done, it is very difficult to "undo".
There is more than one "type" of POA and is best handled through an attorney. Even giving a full control POA to one of your children may not always be a good idea.
A POA (just has to be notarized) that gives full power does not have anyone to oversee what they do with your money, property, even your own personal things can be in jeopardy.
It is according to the type of POA you signed. IF it IS a regular POA you may have prob.'s with it being accepted if selling a house/property trans. from banks, etc. They will NOT accept a regular POA! If you have a durable POA you have complete control.
Do not give anyone a durable durable POA! If the person decides to cancel their POA of any kind, they can do so by signing papers @ the courthouse to cancel the POA & the person you gave the POA to, can no longer do anything in your name!
I certainly agree with Maw-Maw about not giving a durable power of attorney to just anyone but sometimes it becomes necessary - but - as I said it should be done through an attorney who will have final say. The POA would have the attorney's name AND (not or) another person approved by the one giving the POA.
That way any time anyone tries to use the POA, at least that would give some security with a second person approving what is trying to be done. This is not difficult but it will cost money each time the attorney has to review the POA. This can get expensive so it is best to not give a durable POA and leave all requests in a properly executed will or trust.
But - you can give a standard or durable POA with an ending date - even for just a day - so sometimes this may be the way to go.
A durable Power of Attorney can be revoked by filing with the court but few people go to the trouble to do this. Some people even forget that they gave a POA years in the past - but - without an ending date, the POA is good until that persons death.
Anyone senior dealing with a POA should try to have legal assistance even if it only with a senor citizens association. If the person is unable to visit their office, they will send someone to their house - at least they do in my area (Florida).
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
