It seems that everything is set in place for your estate. You have signed up a competent and trusted individual to assume power of attorney in the event you are disabled and can no longer make plans for your estate. But what if the person with your assigned power of attorney goes to your California bank to handle an issue with your account only to be turned away? Unfortunately, finanical institutions rejecting people with power of attorney is a real scenario that people are experiencing to their confusion and frustration.
According to The New York Times, a person with a power of attorney for an older relative went to a bank ready to consolidate the relative’s accounts only to be turned away. The bank required the original account holder to sign a longer state form than the holder had signed three years ago. However, the older relative had since developed dementia and was no longer fit to sign new paperwork. The New York Times piece points out that many banks and financial institutions require their own forms to be signed for power of attorney to be recognized, but in some cases, the original account holders at these institutions were too incapacitated to sign new forms.