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Originally Posted by GH85Carrera
When my dad died, I called the cable company and told them to shut down his account. I had power of attorney, but I was not on the account. I told them point blank, his bank account is frozen, so you will not get any more payments. They decided to shut it off after all.
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Here's the interesting thing about POA. Once the person you have POA for is gone, it's gone too. One of the reasons I set everything up for auto pay through a bank account is, once dad is gone, so is that bank account. They can send hate mail threatening his credit, but I doubt he'll mind all that much at that point.
Quote:
Originally Posted by rattlsnak
We learned that EVERY institution wants their OWN POA and they have to be faxed in and then reviewed etc. Took almost a year to get them all recorded. We had a main POA with the trust, but that didn't work for any of them.
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I learned pretty quickly that POA and a Trust are meaningless. You can't grant any powers in a Trust through POA. About the only way to have any sort of power in a trust is to be listed as a Trustee, Co-Trustee (gets messy btw) and Successor Trustee (and here power comes only when the Trustee passes away). As mentioned earlier, the only power I've found that POA gives related to a trust is the ability to sign and deposit checks, and write checks from the Trust account to pay bills. Little work around on paying bills, if the trust bank account is with the same bank you set up a bill pay account with, there's nothing stopping you from transferring money from the trust account to the bill pay account. One thing I cannot stress enough here, make sure every member of your family is on board with the moves you make relating to any actions taken on behalf of the trust.
On everyone wanting "their POA". I ran into that. Just keep saying I have one that you need to honor according to the law of the State you live in. They'll come around.