This is an important point. If an elderly parent seems mentally diminished in any way, you may have difficulty getting a POA. Protection of seniors from individuals, and sadly, often family members, is the reason.
@thumper1 Yes. You are right about being locked into a long-term contract. We got rid of our contracts a few years back and forgot about those onerous terms. You were right to correct me. thank you.
My Father recently went into a nursing home. I have had durable power of attorney for 6 years not. I have had mixed reactions from various banks, utilities, and other entities wrt to what they allow me to do. The cable and phone company were both OK with cancelling service. The VA needed a signed form from my Dad in order to have his address changed. I also needed a letter from them stating what he was getting in a monthly disability from the VA. They refused to give me. I didn’t want them to change where the money was being direct deposited, just needed a letter so Mass Health could determine what my Dad was getting in monthly income. After going back and forth, they finally agreed to send the letter to his old address which they had on file. At the second visit they gave me a form for my Dad to sign to have his address changed. He can barely scribble his name, but I will have him do it.
I had my Dad add me as a joint owner to his bank account (after my brother, who was joint owner passed away) and a couple of months before he entered nursing home. While at the bank, I asked the bank to start sending the mail to my home address. They would not do it. After my Father entered the nursing home and I was at the bank to take care of something else, I asked another customer service agent to change the address and she did.
I understand banks and the VA being concerned about elderly being taken advantage of but I thought the durable power of attorney took care of that.
In my state (Wisconsin), organizations are required by law to respect the terms of financial powers of attorney, but many lawyers have reported instances of ones that don’t, especially banks.
Banks, and also investment firms. I don’t understand why these entities are permitted to disregard a valid POA.