Expert: Timmy Chou - 3/6/2005

Question
If I have a power of attorney for my mother, can I show a copy of it or do I need an original in order to sign for her, etc.?

Does having the "power of attorney" form signed at a bank give me power over a checking account, even if the account holder becomes deceased?

Does being a beneficiary on my mother's bank account give me any more rights than just having the "power of attorney"?

Thanks
David  

Answer
Thank you for your question!

Mediators act as neutral third parties to disputes and never "get involved" in judging the merits of conflict, but merely use special techniques to help the parties decide how to negotiate their own settlement.

I am not a lawyer but I can respond to your question from my business consulting experience.  Note that this issue may
have legal ramifications and you may wish to consult an attorney.

Usually you will need an original, notarized copy in order to deal with banks.  Also, POA's vary widely in what they allow or not allow the Attorney-in-fact to do.  You can construct them to permit access to checking accounts, or to generally allow you complete financial control.  They typically will not be effective after the person is deceased.  Usually a Trust is utilized to give control after death (by way of a Trustee), or also a benficiary may have rights as well.  This cat can be skinned numerous ways.

It is easiest to get a letter from your mother adding you as a signer on the account--problem solved.  

These are some ideas.  Feel free to follow up with additional questions.

For your information, the pros and cons of the types of dispute resolution methods follows.

GOOD LUCK!

Arbitration, Mediation, and Litigation

Arbitration: the referral of a dispute to one or more impartial persons for final and binding determination outside of the judicial system

Benefits of Arbitration:

    Confidential, no public record
    Limited exchange of documentation, information
    Quick, don't have to wait for a court date
    Arbitrators have expertise in the subject matter and are trained in conflict resolution
    Cheaper than litigation
    Preserves business relationships

Negatives of Arbitration

    It's a compromise, no %100 winner
    Complex arbitration can be costly
    If not satisfied, may litigate the arbitration procedure
    Poor results with an unskilled arbitrator
    Both parties must agree to cooperate in the process

Mediation: the process by which parties submit their dispute to a neutral third party (the mediator) who works with the parties to reach a settlement of their dispute.

Benefits of Mediation:

    Neutral mediator can objectively suggest alternatives not considered before
    Parties are directly engaged in negotiating the settlement
    Can be quicker than litigation
    Less costly than litigation
    Preserves business relationships
    85% of American Arbitration Association cases mediated find successful solutions

Negatives of Mediation

    may not reach a binding decision
    unskilled mediator

Litigation: using the judicial system to resolve disputes

Benefits of litigation:

    a clear winner and loser
    uses a prescribed set of procedures
    more predictable outcomes
    is final

Negatives of Litigation:

    waiting for court dates can do more hare
    usually more expensive than mediation and arbitration
    part of the public record