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Durable Power Of Attorney For Finances

Banks, Stock Brokers, Financial Institutions and Social Security

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Although legally a power-of-attorney is sufficient to grant your agent power to deal with your bank, stock broker, other financial institutions and Social Security, it is advisable to execute additional documents if you want your agent to be able to deal with any of these institutions on your behalf.

Banks and Financial Institutions

Each bank and financial institution has it's own Power Of Attorney form. It is not at all unusual for such an institution to refuse to honor a Power Of Attorney not written on their form. While it is likely that your agent can force the institution to recognize a valid power of attorney, it is preferable to avoid the hassle which can be time consuming and costly to enforce. It is recommended that instead you obtain a Power of Attorney from each bank and other financial institution with which you transact business, and ask for their form.

Social Security

Social Security takes privacy considerations very seriously. Although legally an Attorney-in-fact has the right to deal with Social Security on your behalf, it is better to also appoint the person as a Representative Payee on Social Security's form. A Representative Payee will have access to information about your Social Security benefits,request changes and otherwise act as if he or she were you. Someone with power of attorney will not have that access unless you specifically request it in writing. Social Security does not recognize Power-of-Attorney documents for purposes of managing benefits.

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Representative Payee

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