Can Your Mom Sign on Your Bank Account as Power of Attorney if She Is Not Living with You Permanently?
Managing your bank account with a power of attorney can be a practical solution, especially if your mom is not living with you permanently. Before you consider this, it's crucial to understand the requirements and limitations associated with it. This guide will help you navigate through the process and answer your questions.
Understanding Power of Attorney and Bank Accounts
Power of attorney is a legal document that grants someone the authority to make decisions on your behalf. However, it's important to note that power of attorney is not inherently tied to your bank account.
If you want a specific person, such as your mom, to sign on your bank account, it simply means including her as a co-owner or granting her access to the account. Contrary to popular belief, the power of attorney document itself is a separate entity not attached to the account. It can provide someone the authority to act on your behalf if something happens, as stated in the document.
Who Can Be Granted Power of Attorney?
Anyone can be granted power of attorney, provided they are not a minor and are mentally competent. This means that your mom, as long as she is not a minor and is in good mental health, can be your power of attorney. However, to use it for your bank account, you both need to provide a copy of the document and have her sign a signature card with the bank.
Implications of the Principal's Death
It's essential to understand that the power of attorney terminates upon the death of the principal (your mom, in this case). After she passes away, the power of attorney also ceases to exist, and the person who held the power of attorney can no longer act on your behalf. This is a legal requirement to ensure that no one can misuse the authority after the principal is no longer alive.
To sign over power of attorney for her to manage your account, a legal document spanning around six pages would need to be filled out. This legal document must be signed in front of a notary public or a qualified witness, and every page must be verified. Failing to do so could invalidate the power of attorney.
Other Scenarios
If your mom opened the account for you when you were a minor, she can still have her name on it to act on your behalf, but she cannot withdraw your funds. This is one of the rare scenarios where she might have access due to previous arrangements, but it does not constitute a power of attorney for your current account.
Conclusion
Managing your bank account with a power of attorney can be beneficial for your mom to help you when you're not living together. However, it's a separate legal document that requires specific conditions, including signing in front of a notary and mental competence. Understanding these requirements beforehand can prevent any misunderstandings or complications in the future.
If you have any further questions or need assistance with legal matters, consulting an experienced lawyer is highly recommended. They can provide you with personalized advice and guidance to ensure everything is done correctly and legally.