Do not assume that your Power of Attorney form will be adequate for every financial institution. Many financial institutions require their own POA forms to be filed.
The reason the two forms are important is that upon death, the bank account of the deceased, along with their safe deposit box could be ‘frozen’ – access can be denied.
Some exceptions apply, for example, if the bank account is in joint names and there is right of survivorship.
If there are two names (signatures) on the safe deposit box documents, access could be available to the second party upon the death of the first person. NOTE: There might be exceptions to this also, depending upon banking policies.
Also, there is the question of who holds the safe deposit key(s) and whether the other person named on the safe deposit signature card knows there the key is kept.
Keeping all this in mind, when you open ANY account with a bank, make sure you know which documents you should be signing and what could happen upon your death or disability.
If you have questions, talk to your attorney or financial advisor.
For example, if you are disabled and there are important documents in your safe deposit box, how would those documents be accessed and by whom? Get the details in writing from the bank and read the fine print.
Asking a banking agent questions about their beneficiary forms and Power of Attorney forms, and completing the correct bank documents/forms could help to alleviate problems in the future.
Do not assume that your next of kin will be given access to either your accounts or your safe deposit box.
Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World
Please read my full Disclaimer and How I Can Help You
Visit my website: www.attorneybarbaradalvano.weebly.com for more articles and printable infographics