[WSBAPT] Wells Fargo refusal to accept POA

Fri Jun 3 15:07:31 PDT 2016

I agree with Heather, but give it 50/50, at best, to work.  The big banks consider themselves immune from having their decisions questioned.

The tragedy is that the only alternative is then guardianship, despite the Principal's clear wish to use a DPOA.

So many of the "do it yourself" forms on the Internet, which provide for no backups, cause huge problems when the Attorney-in-Fact, much younger, of course, than the Principal, meets a tragic end, or a debilitating injury, such that no one is left who can assist the now-incompetent Principal.

I had a recent case involving a (now) 87 year old who had appointed her son to be A-I-F about ten years ago, using an Internet-obtained DPOA form, with no back-up named (since the form didn't have a blank that needed to be filled in).  The son died had the nerve to die of a heart attack at 65.  The only other child, a resident of Arizona, was, himself in bad shape and could not help.

I had a terrible time trying to find a modest means attorney willing to establish a Guardianship (since I don't do Guardianships any more) since the Principal was on Medicaid, but still needed to have medical decisions to be made for her and monthly checks to be prepared for the portion of her Social Security that she was required to pay towards her assisted living costs.

BUT - Good News - they surely saved a bunch of money by using a form they found on the Internet, ten years ago, so they did not have to pay some crummy lawyer to simply fill out an easy form for them.  After all, if they found the form on the Internet, it must be a good and legal form and it will most certainly protect them.

Good luck.

Regards,

Doug Bratt

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Heather deVrieze
Sent: Thursday, June 02, 2016 1:14 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Wells Fargo refusal to accept POA

I would be inclined to start with a letter to Wells Fargo with the 11.94.040 statement of daughter (notarized) included. In my letter I would indicate that I prepared the document, believed mom to be competent (as the law defines) to execute the document.

Heather

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Marilyn J Kliman Law
Sent: Thursday, June 02, 2016 12:00 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Wells Fargo refusal to accept POA

Guardianship seems to loom as the only viable option under circumstances explained below. Question is, is there any sense to/support for first attempting to petition to compel a third-party to accept a POA under these circumstances?

Client's mother has fairly advanced dementia and lives in a memory care facility.   Mom's son/Client's brother holds POA and has been managing Mom's affairs for a few years. Son has now suffered a severe stroke and is markedly incapacitated - remains in the hospital; cannot communicate and prognosis is not good.  No alternate AIF named - he was already the alternate to the deceased dad.

Client/Daughter and brother's wife brought Mom in to execute new POA. Mom needs funds from her brokerage account to pay for her care.  I met with Mom privately and though dementia is quite advanced, she knew who her children were, where she lived, and knew son was in the hospital. She understood that son had been taking care of her affairs. Seemed surprised but understood when I told her son was unable to help her now. When asked if she wanted her daughter to help her instead said "I guess so... I guess someone has to." I briefly explained POA, underscoring daughter's complete control and access to Mom's money.  Admittedly that didn't get a firm acknowledgment, but Mom's response was to ask for her daughter to join the meeting.  Okay. Marginal. But Mom did understand that the POA was necessary and was able to decide that that was okay with her.

Cut to Wells Fargo. For reasons unknown, brother had earlier provided them with a letter from Mom's doctor saying that she was unable to manage her affairs or make financial decisions. Go figure. So Wells Fargo is refusing to accept new POA insisting letter shows she was not competent to execute.      I do have a call in to WF's legal rep to try to go over medically versus legally pronouncing , but it's not looking hopeful.   Thoughts?

Marilyn J. Kliman, Attorney at Law
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