It is very common for our office to draft and supervise the signing of a financial power of attorney for a client. In many cases, the client names a child as his or her “agent” to assist due to the declining health of the parent. The child is then required to take the document to the bank to be named as the agent on the parent’s bank account. It is extremely important that the agent be designated properly. The agent should be designated as “POA” in order it be clear that the son or daughter is acting on the account in a fiduciary capacity.
For more information about bank accounts and the power of attorney designation, please click on the link below from the NJ Bankers Association.