What is a power of attorney ?

Question

How can it be used when it comes to banking and brokerage accounts?

Answer 1

2 types of POA...general...specific...the laws concerning them vary state to state....general gives the person the authority to acy in your name and behalf for almost anything...specific..they can only act in your behalf for what you specified...banking...ect...ect

Answer 2

A power of attorney is someone you choose to have athority to decide everything on your behalf including banking and everything else that may need your signature but you are not available to sign at the time.
For example if you had a house, and you made your freind or father power of attorney they can sell it or do what ever they like.
Your have to trust someone 100% before you do that, because they can sell or buy anything under your name.
My father made his brother power of attorney and went to Australia his brother stayed here and looked after his rental property, he was supposed to be collecting the rents and putting them in the bank if something broke down or if their was some expence he had the right to go to the bank withdraw money from my dads account and pay.My father comes back after 5 years, of course my father was paying him for his trouble (monthly wage) so he came back and found $80.00 in his account, of course my dad was fuming, but its his brother and loved him to death, and if that was not enough, my dads father died but he had loads of property and becouse he died and my dad was not here, and his brother had a power of attorney what did his brother do???? transfered everything my grandfather left under his name, and there is nothing my dad can do because he gave that power of attorney.
So i hope i explained your question in more detail than i think was necessary, but i had to somehow let it our. :) so be careful

Answer 3

A POA puts you in a position where you have the same decision-making power as the owner of the account.

Answer 4

you can give someone the power to act on behave of urself.