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I am a POA for my father and he wants me to open a POD

I am a POA...

I am a POA for my father and he wants me to open a POD savings account and make myself beneficiary so i can "take care of my mom" , am i allowed to do that since im POA , im in georgia

Lawyer's Assistant: Can you tell me what state this is in? And just to clarify, what paperwork has been filed?

Durable power of attorney

Lawyer's Assistant: What documents or supporting evidence do you have?

Here is the banking clause ) BANKING AND FINANCIAL TRANSACTIONS:
Conduct any business with banks, savings and loan associations,
credit unions, and other financial institutions, including but not
limited to the authority to:
 Sign and endorse all checks and drafts in my name.
 Deposit and withdraw funds from accounts.
 Open, maintain, and close accounts or other banking
arrangements.
 Open, continue, and have access to all safe deposit boxes, and
add and remove items from them.
 Borrow money, pledge property as security, and negotiate
terms of debt payments.
 Apply for and receive letters of credit, credit cards, and
traveler’s checks, and give an indemnity or other agreement in
connection with letters of credit.
 Exercise all powers with respect to financial institution
transactions that I could if present and under no disability he gave me that , which says i can open bank accounts , doesnt say i cannot make myself beneficiary

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Thats all that i know of

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Answered in 5 minutes by:
5/20/2017
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 38,327
Experience: 30 years experience in the practice of estate law.
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I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.

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Customer reply replied 1 year ago
Thank you
im here to provide any more detail you like.
Customer reply replied 1 year ago
here is a copy

Yes, Since the powers specify that you are authorized to to do this as agent, you can. However, it is not a good idea to use your authority under the POA to open accounts where you will personally benefit. You are only supposed to use the POA authority for the benefit of the principal.

So, this will have the appearance of impropriety. If your father is competent and able it is better for you if he opens these accounts himself. Otherwise, you are just inviting lawsuits against you down the road for abusing your authority and self dealing.

By the way, check with the bank about the POA. Many banks will only accept their own POA form.

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Customer reply replied 1 year ago
Ok thank you that makes sense, so i saw a clause in "retirement accounts" saying i cannot name myself beneficiary on those type of accounts after the execution of the POA but i can be beneficiary on them if it was done before POA. So that section is clear but after reading that section and your post, if my dad goes online , lets say to allybank and opens a POD savings account and names me beneficiary himself (not me as POA but he just does it online) i assume that should be ok if that is what he wants to do ? His reasoning is "dont let you mom spend the savings please work with her to give her money when she needs it if she ever needs anything extra"

Yes, anything your father sets up on his own to benefit you is fine. I was just discouraging you from using the POA to set up anything which will benefit you directly. Not because you are necessarily doing anything improper, but because it has an appearance of being improper. Let your father designate you as beneficiary himself.

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Did you have any further questions? Have I answered your question to your satisfaction?

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Customer reply replied 1 year ago
ok perfect , last question on this is the following. Here is what im scared of, so first off mother , sister are only immediate family and both understand he wants to give me all funds from life / retirement/ whatever to hold onto for momma. Everyone knows this and agrees. Question is this , i have no way to prove he opened the ally bank account online himself vs me doing it as him. Now of course if i opened it and told them i was POA then yes they would know it was me and POA but im concerned that he goes right now and opens it , day after the POA was executed, i fear "they" could say it wasnt him somehow. Again im no so worried as family is all on the same page but dont want any weird loopholes, its just an ally savings account not any other type of account. Does that question make sense? we just want to avoid a "trust" or anything like that and my head tells me i cant really prove he opened the account the day after poa was signed.

If it was opened under a POA then a copy of the POA would be needed for the bank's file. So, it will be evident that the account was opened by your father directly because the bank will say so. Also, if your relatives have a claim to make then they have the burden of proof.

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Customer reply replied 1 year ago
ok that makes perfect sense, if my father wants to open this account himself, and needs some help , maybe i go sit with him and help him with the computer but let him enter his info, open the account , name whatever he wants , no POA uploaded to ally , and then i think that should cover me . I especially like the thought that since there is no POA on file with the bank, he had to have been the one to open it (unless some other type of identity theft which of course isnt the case here) . do you see any issue with that? sounds like im good as long as i dont utilize POA , ill just assist him if he needs help doing it online

Sounds fine.

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Customer reply replied 1 year ago
ok great, thanks again, i feel more comfortable now with his plan, i could understand how if i got POD and then said to heck with all the family then a problem could arise but fact is if he opens it and no one is fussing over monies then no one sues anyone so all is well. Thank you for your help

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Thank you!

Loren

Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 38,327
Experience: 30 years experience in the practice of estate law.
Verified
Loren and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 1 year ago
i sure will rate you , and it sounds like im safe with what im thinking , thank you
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