You walk into the bank with your lawyer-drafted Power of Attorney form and ask to see Aunt Milly’s bank statements.
“I’m sorry; this isn’t a BIG BAD BANK form. Here at BIG BAD BANK, we have our own forms which are practically perfect. You have to use one of our forms.
“But my attorney drafted this. I paid good money for it!”
“But here at BIG BAD BANK, we’re looking out for the little guy. We know what the form is supposed to look like. Sorry.”
That conversation has been the norm for many years in Pennsylvania. And, in BIG BAD BANK’S defense, there have been plenty of attorneys who probably should not be drafting power of attorney documents. The new Power of Attorney Law, however, has changed the rules.
Banks and other institutions can no longer require you to use their form. They can suggest their form to you, but if you have a valid power of attorney document, they may only refuse it for specific reasons, and one of those reasons is not permitted to be “Because it is not our form.”
Please contact Mateya Law Firm to help you with your estate planning needs, including the Power of Attorney document.