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Naming Co-Agents in a Power of Attorney

It has become more and more common for people to name Co-Agents in their Power of Attorney documents. Recently, we prepared a Power of Attorney for a client who named her two children as co-agents in her Power of Attorney. After executing the document, the client brought the executed Power of Attorney to her bank to have it added to her account. The bank representative informed her that the financial institution could not accept the Power of Attorney because it named Co-Agents. Had the client not brought the Power of Attorney to her bank when she had capacity, she would not have known that the financial institution would not accept it. If she had lost capacity, that would have been a serious issue! To resolve this issue, we re-drafted the Power of Attorney to name a single Agent and then an alternative Agent. If you have a Power of Attorney that names Co-Agents, you may want to check with your bank to make sure they accept it as a valid legal document.

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