Accepting Powers of Attorney on Deposit Accounts
Is an attorney-in-fact actually an attorney?
How much power does a power of attorney have? How many types of POAs are there? What documentation must be supplied? What fiduciary authority is involved? Are there special requirements? What risks are involved? Can you afford to miss this training?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Distinguish among the various types of power of attorney (POA) documents (durable, springing, limited, military, etc.) and when they can be used
- Understand the attorney-in-fact’s fiduciary duty and what actions they can and cannot take
- Identify the red flags that might indicate the attorney-in-fact is exceeding their authority
- Explain the difference between an attorney-in-fact, a representative payee, and an authorized or convenience signer on an account
- Describe the special requirements regarding joint ownership accounts and trust accounts
WEBINAR DETAILS
Powers of attorney are complex legal documents used on a daily basis to transact business on deposit accounts. If your institution doesn’t handle a specific situation properly, it can be exposed to significant risk if the attorney-in-fact intentionally (or innocently) acts outside the scope of their authority. This webinar will explain everything you need to know when dealing with powers of attorney on deposit accounts and steps you can take to reduce risk.
