Why Your Bank Might Reject Your Power of Attorney: Insights from a Trumbull Estate Lawyer

• By Franklin Drazen
• |
• Posted September 28, 2023

Has your bank rejected your Power of Attorney (POA) because it's "too old?" This predicament is more common than you might think. As a Trumbull, CT, Estate Planning Lawyer, I often field questions about this issue, so I'd like to shed some light on why this happens and what you can do about it.

Stale-Dated Power of Attorney

One reason your bank may reject your POA is because of its age. Banks and other financial institutions may deem a POA "stale" if executed several years ago. They fear the document will no longer reflect your current wishes or circumstances.

Institutional Policies

Different banks and financial institutions have their internal policies regarding POAs. Some are more stringent and may reject a POA if it's beyond a certain age. Often, this can be anywhere between 12 to 24 months old.

Taking Preventive Action

Here's what you can do to ensure your POA is accepted when you need it:

• Review and Update Regularly: You should review your POA and other estate planning documents to ensure they are up-to-date and reflect your current situation and wishes.
• Understand Institutional Policies: Make it a point to understand your bank's policies regarding POAs. The best way to do this is to contact them directly and inquire about their guidelines.
• Seek Legal Advice: If you're unsure about the validity of your POA, consult with an experienced Trumbull estate lawyer. They can help ensure your POA meets all legal requirements and will be accepted when necessary.

Getting Help

Keeping your estate planning documents current is crucial to avoiding such issues. If you're facing problems with a rejected Power of Attorney, don't hesitate to seek professional advice. Our team of Trumbull Estate Lawyers is here to help guide you through this process. You can contact our law firm at 203-877-7511 for more information or assistance.

Contact our Trumbull estate planning lawyers located in Milford and Hartford, Connecticut.