We are in the business of helping people prepare and plan for the inevitable, so every year we write an article advising our clients about what not to do when it comes to death and disability planning. The mistakes we have seen people make throughout the past 30 years we have been in practice have caused a lot heartache, stress, and money for our clients to correct.
Financial institutions are becoming increasingly finicky about General Durable Power of Attorney (GDPOA) documents. The GDPOA documents that we write at Roberson Law are 11 pages long in order to cover all of the bases, yet there are instances when we are still asked to provide additional substantiation to a bank that a GDPOA is valid.
Banks, brokerage firms, and investment companies are cracking down on the policies pertaining to a person's use of a General Durable Power of Attorney (GDPOA) to conduct account changes or transactions on behalf of the account holder. Changing beneficiary designations can be an integral part of estate planning, and the task of doing so is sometimes executed by a person other than the actual account holder.
Although Ohio law does not limit the age of a Power of Attorney (POA), financial
institutions often enforce their own rules about this document.
Unfortunately, because Ohio has no law requiring any business to accept a Power
of Attorney, some banks, financial institutions, and real estate closing agents
may refuse to accept a Power of Attorney due to its age.