Power Of Attorney With Bank Accounts
Description
How to fill out Arizona Special Durable Power Of Attorney For Bank Account Matters?
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FAQ
When you need someone to handle your finances on your behalf A power of attorney is a legal document giving a person (known as the agent) broad powers to manage matters on behalf of another person (known as the principal).
Usually the account owner chooses a spouse, relative, business partner, or close friend as an authorized signer. To add an authorized signer to an account, both you and the individual will usually need to go the bank to fill out an application and provide proper identification.
What is not covered: A POA holder cannot open bank accounts on your behalf. He can only operate bank accounts once they are opened.
The POA authorizes the AIF to sign for and on behalf of the principal. A person with Power of Attorney for their parents can't actually add the POA to their bank accounts. However, they may change bank accounts to be jointly owned.
