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Marsha411JD, Attorney
Category: Legal
Satisfied Customers: 19673
Experience:  Licensed Atty, 29 yrs exp in the practice of law.
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I have power of attorney for my wife who now has dementia.

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I have power of attorney for my wife who now has dementia. The document grants me power to do all things she could do if physically present. I wish to roll over my wife's IRA into another IRA. The bank refuses to honor the power of attorney because a new state statute requires the specific mention of investments. Does this new statute prohibit me from rolling over the IRA?

Thank you for your question. Can you tell me what kind of POA you have (General, Durable, Financial,...) and whether it is the statutory form? When was it executed by your wife?
Customer: replied 3 years ago.

The general power of attorney was executed by my wife in 1999 using a statutory form for the state of Maryland.

Hello again and thank you for your reply. As long as your wife executed the statutory form of a Maryland GPOA, the financial or investment institution cannot refuse to honor it. I think this institution may be confused about the 2010 change to the Maryland General and Limited Power of Attorney Act, which you can read, if you choose at:
In fact the amendment in 2010, which is the last one, actually says that it is unlawful for these institutions to decline to honor a properly executed statutory GPOA or Financial POA. A GPOA gives the holder more rights than any other POA, and a Financial is just a subset. There is no need to have a Financial POA when you have a GPOA.

The Act also provides that if you have to file suit to enforce your GPOA, they refusing party may be held responsible for the costs of the suit. You can see a good discussion of the change by the Maryland Bar Association by going to:

Please let me know if you need any clarification. I would be glad to assist you further if I can.
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