I have a durable POA on my mother's CDs. She now wants me to be sole POD on all CDs. Originally, they were split between my brother and myself. Can we do this? One of the banks said I couldn't be both.
There is absolutely no legal reason to prevent your mother from designating you as the POD payee on her accounts, even though you hold her power of attorney, but as a general rule, she'll need to make those arrangements personally, because most powers of attorney won't permit the attorney-in-fact (your role) to set up POD designations, especially if it would name himself or herself. In fact, even if the power of attorney document gives you that authority, many (if not most) banks would be reluctant to allow you to make the change.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
There is absolutely no legal reason to prevent your mother from designating you as the POD 