Can a individual owner of a bank account have2 active POA’s on the account as well?
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Can a individual owner of a bank account have2 active POA’s on the account as well?
Asked on July 12, 2011 under Estate Planning, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The answer to your question is that typically there can be only one power of attorney that controls a specified bank account assuming the power of attorney complies with State law.
For instance, most states require a specific power of attorney to be notarized before a notary pubic or witnessed by at least two adults to be valid signed by the person giving the power to a third person who can act on behalf of the person giving the power.
Typically, most States in this country deem a subsequent power of attorney signed by the person giving the power to a third person for the very same duties and powers as controlling over a prior power of attorney assuming the subsequent power complies with the requirements for a valid power.
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