POAs and IRAs
BOA is telling my client that their POA is no good because it does not specifically mention the power to make changes to the IRA accounts. Has anyone ever come across this problem?
BOA is telling my client that their POA is no good because it does not specifically mention the power to make changes to the IRA accounts. Has anyone ever come across this problem?
Permalink Submitted by Alan Spross on Tue, 2012-06-05 21:05
It may depend on the recommended POA document format for the state.
Often, there are several boxes to check indicating the extent of attorney in fact authority. If there is a box checked for “Retirement plans” that should emcompass IRAs without specific mention or if the final box indicates “all of the above” or similar, then the authority should apply to IRA accounts.
Permalink Submitted by Jose Morales on Wed, 2012-06-06 16:15
It is very common for IRA Custodians to not recognize a POA unless the documents specifically lay out what the POA is allowed or not allowed to do with regards to IRA accounts. BofA is under no obligation to accept any POA on an IRA if that is their policy.