Power of Attorney

[1Kris06]

My mom is listed on my bank accounts so she can deposit money if I ever got in a jam. Well she's also on my sisters, and she's not very money conscious. Sister overdrew her account and the overdraw came out of my parents account and now she wants power of attorney so she still has access, but is not responsible if one of us overdraws/gets sued etc...

The bank told her to go to Office Max, which we did (she thought it would be free), to the tune of $13/packet. I've found a couple documents online, was wondering if anyone could point me in the direction of legit online forms (as I have no clue what to look for/how the wording should be etc).

 

[mndsm]

I wouldn't sign a POA if you plan on being healthy for a while. If you sign a POA, your mom is instantly in control of EVERYTHING. It's a scary thing. I know of a certain place called the Watershed in Florida (fuck em, I don't work anymore) that used to make their clients sign POA's prior to rehab, and they would fuck them UP. I saw a few other instances of it as well, various POA's, legal shit, it was nasty. The way Taya and I work it is, I know all the account information for both. We keep them separate in case there's a problem with one. We also have them at the same bank, so I can manage both accounts online. I think the best thing in your case is for your mother to get off your sisters account, and keep it so that she can online transfer to your sister should the need arise. Pretty much any bank will allow a transfer to another customer within the bank system instantly, and for free.

 

[JohnnyT]

I'm clueless, but hope you can get it worked out soon man!

 

[1Kris06]

I wouldn't sign a POA if you plan on being healthy for a while. If you sign a POA, your mom is instantly in control of EVERYTHING. It's a scary thing. I know of a certain place called the Watershed in Florida (fuck em, I don't work anymore) that used to make their clients sign POA's prior to rehab, and they would fuck them UP. I saw a few other instances of it as well, various POA's, legal shit, it was nasty. The way Taya and I work it is, I know all the account information for both. We keep them separate in case there's a problem with one. We also have them at the same bank, so I can manage both accounts online. I think the best thing in your case is for your mother to get off your sisters account, and keep it so that she can online transfer to your sister should the need arise. Pretty much any bank will allow a transfer to another customer within the bank system instantly, and for free.

She's more worried about the backlash if anything were to happen. Kinda how some doctors keep limited assets in their name and everything else under their wife's maiden name, then if something happens, they can only go for property/money in your name.

I'll have to look into that last part to see if it can be done without that persons name also being on the account.

 

[mndsm]

Who do you bank with? if it's Wells Fargo- I know for sure you can. I do it all the time, to my wife and my brother.

 

[Workdawg]

Yeah, this sounds like a terrible idea.

I will chime in and add that TCF will also let you DEPOSIT money into bank accounts with only the account number (through their online banking for sure, presumably at a branch also). I honestly don't know why you'd need to be listed on the account, let alone PoA, for simple deposits.

If you get into a REAL jam, I don't know why a cash transfer wouldn't be sufficient if nothing else works.

 

[Picklz]

Have to agree - PoA = Terrible idea based on what you're saying. I would never give someone PoA over me unless I was gravely ill or some such situation.

As Tom said with WF if you have an account you can transfer TO another account at wells fargo with no fee, all you need is the account number. I've used it with some good friends and Kelsey sends me money for bills that way all the time. Nothing to setup or add just hit transfer - enter account number - done. You can do the same thing in a branch. I assume most other banks operate this way as well.

 

[AJ]

PoA should only be listed in your will in my opinion. And basic forms will do if you keep the message clear and simple and have them signed and documented properly. HUGE no no to allow someone PoA over your bank info, family or not. Have your mom taken off your sisters account and make her responsible for her own shit, and you continue to be for yours.

 

[007CobaltLS]

My uncle is a paralegal and I know I've talked to him (to a certain extent about such things)...there are different limitations for PoA...you can have one for financial, one for health, one for this and that....there are a few different types. I don't know much more about them than that. I also would agree with others that it's not something I would do right now.

 

[Big Nate]

I will agree with all of what is said above. The only thing I will add is just remove her name from both of your accounts. That way she is not connected to you save being your mother. at age 18 most of the financial connections are severed unless like has happened here she is named ON the account. thus telling the bank here take the money from me if it is not here.

AS was already said too the bank will let money into an account with just a number (every bank I have known or been a member of) it is withdrawals that require more (different based on the bank). PoA is something i don't fully understand so i can not comment on this.