Momsonlychild Asked November 2020
I know this is probably a long shot but here goes- Is anyone on here an Attorney who could just take a look at my mom’s POA?
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My mom’s bank(and mine) will not accept my Mom’s POA for some reason. I really need to access a loan she has to work out payments. Thanks!!
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First, you'd need someone who is current on ALL laws and litigation that might affect the concept of powers of attorney. That would be a practicing attorney in estate planning or elder law. There used to be attorneys with active practices who offered comments periodically but I haven't seen any in quite some time.
Second, you would be gambling with someone totally unknown, and you'd likely need to establish some means of communication off board to respond to questions a competent attorney would raise.
Third, the "for some reason" as to nonacceptance doesn't make sense to me. Banks have policies, but you have to ask them what the issue is. Honestly, that alone raises questions to me as to whether or not the bank suspects something inappropriate in play. That's not to question you, but if I were a banker, that's what I would wonder: i.e., what is her REAL goal?
Fourth, what did the bank representative say needs to be done about the existing POA? Are you dealing with a reputable bank? If so, employees have standards that have to be met. Find out what that standard is and determine if and/or how it can be met.
Fifth, perhaps the conditions (springing or otherwise) haven't been met and the bank questions your proposed actions.
Sixth: possible issues: the document wasn't executed properly, i.e., with the requisite number of witnesses and a jurat (acknowledgement) by your mother.
Generally, if you're caring for her, I assume you have access to her documents, including the original mortgage, and presumably copies of monthly statements. What else would you need?
In addition, if you're proposing an alteration of the payment schedule, you may have to go farther than just accessing loan data. In the past, banks required restructuring agreements to modify terms, i.e., entire new agreements were executed. I'm not current on what the good banks would require, and don't want to know what bad banks might do.
Lastly, mortgages ARE recorded in local Register of Deeds' offices, or similar recording department. Why don't you get a copy of the Mortgage that way? You'll need it anyway to restructure the loan.
Or is there something else that you want to do regarding the payments?
Even if someone did take a look at the POA they cannot force the bank to accept it!
I am in no way qualified to look at someone else's POA with my small knowledge. I think the bank officer or another lawyer, or the initial lawyer are the way to go.
Mom'sOnly, I hope your appt with the care facility went well for you the other day?
My son is an attorney, and while he avoids 'family law' as much as possible--he wouldn't just 'take a look' at the legal issues of someone he can't visit with face to face.
I know my son does a lot of pro bono work, but he is pretty tough on the 'real stuff' as he sometimes has to go to court and his career rests on him being honest and transparent.
You CAN negotiate a lower fee, maybe? Our trust was so simple as I did 90% of the work, that our attorney felt bad charging us for 2 hours work. All he did was have it put it a lovely binder and have it notarized. He's since done a couple of small Q&A sessions--15 minutes a piece, to kind of make us whole.
Strangely after he died the bank was far easier for Mum to deal with as Executrix than the credit union.
If your POA was prepared by a lawyer, ask the lawyer to contact the bank compliance department to find out what the issue is.
Side bar. I am Mum’s durable POA, there is no need for me to act in her behalf yet, but she is having me attend meetings with her financial planner and banker now. She is clear about who I am and that I will be participating in the meeting. Mum still makes all the final decisions. The POA document is not on file at either institution yet.
It was necessary bc of a line in her health POA to determine when it was appropriate. I've attached it with her POA both Durable and Health.
I haven't had any issues so far with her banks and credit union. But it's a small town and most people had noticed the changes, and I had been with her to some of the places.
In the POA I hold now (there are 2 of us, functioning independently from each other) it was not honored in the bank where my LO had worked FOR HER WHOLE LIFE, and I had an assessment done on LO’s behalf by a reputable local geriatric psychiatrist, which resulted in a letter I keep with her paperwork and present wherever necessary.
Although (as most of us have learned by annoying experience) holding POA is NOT usable in managing an LO’s social security, it IS usable after being named an LO’s “designated payee”. I had LO’s SS check direct deposited to an account IN both of her PsOA AND HER NAME, and used FOR NOTHING BUT HER EXPENSES. Makes record keeping SO MUCH EASIER.
Naturally, spouse/trustee closed the account at that bank at the first possible moment, and moved the trust account to another bank that was more dedicated to cooperation and customer service. Suggest you do the same. It's hard enough to manage finances for an incapacitated elder or administer an estate. No need to indulge backward and uncooperative financial institutions. Get a session with the lawyer who drew up the documents or another estate planning attorney who may be able to straighten that out with one meeting.
I was able to work with my mom's bank and with her investment advisors at Charles Schwab, but both institutions insisted on their own paperwork being used. They took my POA, messed around with it for a couple of weeks, had me sign their papers, and all was good. I'm sure they ran a background check on me and who knows what else.
It just takes some time, but they'll take it once everything checks out on their end and you sign their stuff. Go back to the bank and ask them how to do it.
My parents POA was 11 pages long for each of them. Everything possible was mentioned in that legal document. Whew!
But as other had mentioned, some banks and investor groups rather use their own POA, which happened with my parents. It all was fairly simple.
Following Barb's query, is it really necessary to payoff these other debts? W/o asking for personal financial information (and I apologize if this was addressed elsewhere and I missed it), (a) are there sufficient funds to care for her now (b) are there funds for higher levels of future care?
I think it's time to prioritize and decide whether these various loans really need to be paid off, especially if they're unsecured and not collateralized loans. If the opposite and the loan is secured and reflected in title, what are the prospects of needing to sell the house/condo to fund her care? (I apologize for asking basic questions but I became a bit confused trying to figure out the current living arrangement.)
The bottom line if understand the situation is whether or not payment of the loans is mandatory to reserve options for future care.
Another aspect is a slightly alternate plan. If this bank won't negotiate on loan consolidation, and you do deem it required to continued care for your mother, why not try another bank?