Power of Attorney question

[MichaelD]

Hypothetical situation.

I have two accounts with separate account numbers at the SAME bank. One account is a checking account; I write all my bills off this account and it's where my direct deposit goes. The other is a savings account.

If I give you Power of Attorney (all legal...papers and all that) to write checks to pay my bills for me, obviously you have access to the checking account. Do you also have access to the separate (diff account #) savings account?

 

[ChrisIsBored]

If said person has the documents in hand stating your name and theirs on the papers, then yes. I know this as I currently have POA over my mother and sisters accounts right now.

The real question is, why do you want to give power of attorney just for someone to write a check? If you need someone to cover your bills, then them just signing and sending off the checks as your own will work just fine, although it may not be completely legal, but no one would really know the better. Or just write the checks signed and leave the total amount blank.

 

[PsychoAndy]

Originally posted by: MichaelD
Hypothetical situation.

I have two accounts with separate account numbers at the SAME bank. One account is a checking account; I write all my bills off this account and it's where my direct deposit goes. The other is a savings account.

If I give you Power of Attorney (all legal...papers and all that) to write checks to pay my bills for me, obviously you have access to the checking account. Do you also have access to the separate (diff account #) savings account?

Here's an idea. Fork over a check to be paid into a trust acct and instruct the lawyer to pay bills from those funds, rather than granting POA.

-PAB

EDIT: The reason I say that a trust situation may work better is that POA actually involves an attorney. At whatever hourly rate. The establishment of a trust and the administration thereof can be handled by X paralegal at a much lower rate.

 

[MichaelD]

Thanks for the reply, Chris. I will be out of the country for 4-6 months. Receiving my bills in a timely fashion thru the mail is not an option, ergo, someone will be paying my bills for me. I'm setting up a PO Box and changing my address.

*cringes* I want to do this as a fail-safe for me. I have some money in savings. I want to put this money in a separate account before doing the POA, this way if something goes wrong, I still have some cash to come home to. <--No flames or moral/mental questions, AT, I won't answer them. It's to protect me, JIC.

 

[ElFenix]

why don't you grant me POA and we'll find out

 

[MichaelD]

Originally posted by: ElFenix
why don't you grant me POA and we'll find out

Ah, and the smartass from up the road comes out of the woodwork.

How'ya'doin?

I don't think that I'm going to get...well, HAD. But life's a bitch. I 've found that out the hard way. I want a safety net. The situation is extremely complicated.

I trust no one "ultimately." But, there's a few people I trust "enough" to pay my bills, have knowledge of exactly how much $$$ I make, etc. I just don't want to leave my ass hanging out there fro someone to snipe, leaving me penniless.

 

[ChrisIsBored]

Originally posted by: MichaelD
Thanks for the reply, Chris. I will be out of the country for 4-6 months. Receiving my bills in a timely fashion thru the mail is not an option, ergo, someone will be paying my bills for me. I'm setting up a PO Box and changing my address.

*cringes* I want to do this as a fail-safe for me. I have some money in savings. I want to put this money in a separate account before doing the POA, this way if something goes wrong, I still have some cash to come home to. <--No flames or moral/mental questions, AT, I won't answer them. It's to protect me, JIC.

I wouldn't even think about granting POA to anyone other than family. You can do some bad things in the name of another person :|

What about using a Credit/Debit card for some of your bills to automatically be paid? And I know for sure Time Warner will let you cut off your cable/RR for a few months, so i'm sure other necessities such as power and phone will allow you to do the same.

 

[DevilsAdvocate]

Mike -

OK... so if I have a medical problem, I should avoid posting it in OT and see a Dr. If I have a legal problem, shouldn't I see an attorney?

Just curious as to what the difference is...

My best advice is to talk to the attorney and ask him what your options are (you are going to talk to one anyway) and choose the option that you are comfortable with.

 

[Iron Woode]

Not here.

I have POA over my father for paying bills. In the contract (it is a contract) it states which account I have access to, in this case checking, but not savings.

It would probably vary depending on the bank.

 

[MichaelD]

Originally posted by: ChrisIsBored

Originally posted by: MichaelD
Thanks for the reply, Chris. I will be out of the country for 4-6 months. Receiving my bills in a timely fashion thru the mail is not an option, ergo, someone will be paying my bills for me. I'm setting up a PO Box and changing my address.

*cringes* I want to do this as a fail-safe for me. I have some money in savings. I want to put this money in a separate account before doing the POA, this way if something goes wrong, I still have some cash to come home to. <--No flames or moral/mental questions, AT, I won't answer them. It's to protect me, JIC.

I wouldn't even think about granting POA to anyone other than family. You can do some bad things in the name of another person :|

What about using a Credit/Debit card for some of your bills to automatically be paid? And I know for sure Time Warner will let you cut off your cable/RR for a few months, so i'm sure other necessities such as power and phone will allow you to do the same.

Actually, I'm moving out of my apartment, putting my stuff in storage. No rent/phone/cable/electric to pay. <--most of that money, I want to bank. But plenty of other bills (CCs :|) to pay. I'm not sure how much internet access I'll have...so I don't watn to count on paying via the web and then possibly not being able to. My credit would go to pot very quickly and I can't risk that happening.

 

[ElFenix]

well i guess we can't have the central texas nef meet for a few months then...

 

[AdamDuritz99]

I don't know every legal aspect of POA. But I deal with POA everyday where I work (ER). A POA basically has full power to act for you as it was you. IE: They can sign any paper for you, and their signature is as good as yours. What I don't know is if they take full responsibilty with you when they act for you.

peace
sean

 

[MichaelD]

Originally posted by: AdamDuritz99
I don't know every legal aspect of POA. But I deal with POA everyday where I work (ER). A POA basically has full power to act for you as it was you. IE: They can sign any paper for you, and their signature is as good as yours. What I don't know is if they take full responsibilty with you when they act for you.

peace
sean

Thanks, Sean. Hmm. I guess if I opened another account and didn't TELL the person that it existed, then they wouldn't know, right? *wheels turning*

The only thing is that this person will be getting my mail (from a PO Box) and taking care of bills, so they would see the other account on the bank statement. I have to think of something. I dislike putting all my eggs in one basket, you know?

 

[Ly2n]

First, state laws vary. That being said, Powers of attorney can usually be written up for specific purposes. However, if your state dosn't allow that, another possibilty is setting up a joint checking account with the other person. A set amount of money could then be transfered from your account to the joint account (or all of the money) and the bills could be paid from there. The advantage is that your accounts are off limits to the other person and it is easy to terminate ie close the joint account.

 

[911paramedic]

There are different levels of POA. I think you are talking about a "limited" power of attorney.

EDIT: Yup, here is a little info on it.

 

[Vic]

Different types of POA's: specific, limited, and general.
I think, however, that you would be best signing up for your bank's "billpay" or whatever plan than trusting someone else to pay your bills for you.

 

[GtPrOjEcTX]

just get an account at a bank that offers automatic monthly bill payment...ex. bankone.com
set a said amount to be paid on what date to whom. not that hard either.

 

[MichaelD]

Thanks for the additional replies, gents. I guess I need to check out my Credit Unions' website....it would be better, I guess.

 

[Mister T]

you can set up auto payment on your CC's...