Investment company asked me to set up someone with power of attorney to have access to my funds.
They are asking me to set up someone with power of attorney to have access to my funds should I fall ill and not be able to access the moneys myself.
I do not have a relative living near here to be my POA at this investment company.
(They require their own company POA forms etc.)
Do I engage a attorney to function as POA if needed?
At any rate, assuming you're a senior, part of getting our lives in order is appointing both a financial and healthcare power of attorney. Although it would be more convenient if whoever you appoint is close by, it isn't necessary. You help someone BE your POA by keeping good records...the latest statements of all your accounts neatly organized for them...a list of your doctors' names, your meds, etc.
Take all the time you need to choose someone(s) you trust to act on your behalf should the need arise. Only then should you execute that company's special form.
In my experience they do have their own specific forms, tailored to include account numbers, fund names, bank routing and account number for direct deposit, as well as identification data for your proxy.
It's an excellent idea; I've had to do this in the past when my father was ill for several months and I had to withdraw funds for his care.
If you don't have any relatives, or close, reliable friends, I would choose an attorney you know well, trust, and preferably who handled any other estate planning documents for you.
Along with this you should give the proxy specific instructions on how you want your accounts managed if you're not able to...i.e., withdraw first from any IRAs and take the minimum distribution amount for that year (provide data from the IRA publications on how to calculate the MDAs), which funds you might want withdrawals from if necessary, which funds you want to remain untouched, how to handle dividend and cap gain distributions (i.e., specific bank account and if so which one), or data on any dividend reinvestment plans so your proxy knows as much about your investments as you do.
The investment company, and BTW banks, do have their own specific forms,
I don't have any relatives, or close, reliable friends within 3000 miles. I do have an attorney I know well, trust, and preferably who handled our estate planning documents and is also my POA.
I wondered if there were any other options.
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In the case of the Investment company we have just complete a hassle of removing a name from the account and a woman in the executive office offered the advice of my getting a POA specific to my account.