When it comes to Power of Attorney (POA) and your credit union accounts, there are a few important things to consider. Having a Financial Power of Attorney is different from having a Medical Power of Attorney, which allows for someone to make medical decisions. These typically are two separate documents and can grant permission to different people, depending on your situation.
Here’s what you should know about a Financial Power of Attorney:
- Power of Attorney: A Power of Attorney is a legal document that grants someone (the “agent” or “attorney-in-fact”) the authority to act on your behalf in financial and legal matters. This authority can be limited to specific actions or broad, allowing the agent to make decisions regarding your credit union accounts.
- Types of Power of Attorney: There are different types of Power of Attorney, including general and specific. A general Power of Attorney grants broad authority to the agent, allowing them to handle various financial matters on your behalf. A specific or limited Power of Attorney restricts the agent’s authority to specific actions or accounts, such as managing your credit union accounts.
- Agent’s Responsibilities: If you grant someone a Power of Attorney over your credit union accounts, they become responsible for managing those accounts in your best interest. They should act honestly, diligently, and solely for your benefit. It’s important to choose an agent you trust implicitly.
- Credit Union’s Requirements: Credit unions have their own policies and procedures when it comes to accepting and recognizing a Power of Attorney. They may require specific documentation, such as a certified copy of the Power of Attorney document, identification for both the account holder and the agent, and their own Power of Attorney forms.
- Revoking Power of Attorney: You have the right to revoke a Power of Attorney at any time, as long as you are mentally competent. You should inform your credit union promptly if you decide to revoke the Power of Attorney to ensure the agent’s access to your accounts is terminated.
- Consult Legal Advice: Creating and understanding a Power of Attorney can be complex, and laws may vary depending on your jurisdiction. It’s always wise to consult with an attorney experienced in estate planning or elder law to ensure you have a clear understanding of your rights and responsibilities.
Remember, this information provides a general overview, and it’s essential to consult legal advice tailored to your specific circumstances and local regulations to fully understand the implications of granting a Power of Attorney for your credit union accounts.
