Conference Materials

2019

Breakout Sessions - Power of Attorney Risks

Wednesday, May 8, 2019 2:30 PM - 3:30 PM

Speaker

Joanne Hindel

Vice President & Regional Fiduciary Executive
OSBA Board Certied Specialist in Estate Planning, Trust and Probate Law
FIRTH THIRD BANK
Cleveland, Ohio

Speaker Bio

Session Description

When an Agent under a Power of Attorney document with-draws funds owned by the Principal, frustrated family members often look to the financial institution to reimburse the funds. Do you know when your financial institution might be liable for recovery of the funds? Can you determine whether a POA Agent holds the authority to withdraw funds under the following circumstances?

  1. When the funds are held in an investment management account in the individual name of the Principal..
  2. When the funds are held in an investment management account in the name of the Principal as trustee of his own trust.
  3. When the funds are held in a revocable trust established by the Principal with financial institution serving as trustee.How do state laws vary regarding the authority of POA Agents? These issues and others will be explored.

How do state laws vary regarding the authority of POA Agents? These issues and others will be explored.

Session Material

Power of Attorney Risks