News & Analysis as of

Power of Attorney Financial Institutions

Kohrman Jackson & Krantz LLP

Wendy Williams’ Conservatorship Battle: A Cautionary Tale on Estate Planning

Wendy Williams’ ongoing legal battle over her financial conservatorship has reignited public debate on the complexities of incapacity planning. Although she allegedly executed a power of attorney (POA) in favor of her son,...more

Warner Norcross + Judd

Michigan’s New Uniform Power of Attorney Act Effective July 1

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Michigan’s new Uniform Power of Attorney Act (UPOAA) becomes effective on July 1, 2024. This law serves several purposes, which include preventing financial exploitation of vulnerable individuals and making standard power of...more

Chambliss, Bahner & Stophel, P.C.

A Useless Power of Attorney: Avoid Free Legal Documents

A power of attorney designates a trusted individual to make decisions or conduct transactions on your behalf. They could be related to personal finances, business operations, or medical needs and used for a single immediate...more

Chambliss, Bahner & Stophel, P.C.

Why You May Need a Trust in Addition to a Power of Attorney

While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help. ...more

Faegre Drinker Biddle & Reath LLP

Recent Uptick in Financial Fraud Claims Can Be Contended Through Classic Defense

The COVID-19 outbreak brought much uncertainty and vulnerability, due in no small part to the uptick in financial fraud. Since May of 2020, it has been reported that the Department of Justice has charged over 600 defendants...more

Harris Beach Murtha PLLC

Governor Signs Amendment to New York Power of Attorney Statutory Form

On December 15, 2020, Governor Cuomo signed into law a comprehensive amendment to General Obligations Law §§ 15-1501, et seq., the statute setting forth the requirements for power of attorney forms. The new legislation...more

Jackson Lewis P.C.

New FINRA Rule Limits Registered Persons From Being Named Customer’s Beneficiary

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The Financial Industry Regulatory Authority (FINRA) has announced that it has adopted a rule to limit a registered person from being named a customer’s beneficiary, executor, or trustee or from holding a power of attorney or...more

Burr & Forman

The Alabama Supreme Court Interprets Alabama's Uniform Power of Attorney Act

Burr & Forman on

Financial institutions should understand that relying on a power of attorney may subject them to potential liability as the use of powers of attorney becomes more commonplace.  The Alabama Supreme Court recently shed some...more

Chambliss, Bahner & Stophel, P.C.

Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney

A durable power of attorney (POA) allows the person creating the POA, called the "principal," to name a trusted agent who can act on his behalf in almost any situation. But because of the risk of abuse, many banks will...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector - June 2019

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The FCA and the PRA published their Business Plans for 2019/20 in April 2019. FCA Priorities - As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more

Tucker Arensberg, P.C.

Pennsylvania Commercial Power of Attorney Problems Fixed by Act 103 of 2016

Tucker Arensberg, P.C. on

It took almost 2 years, but finally this past October 2016, technical corrections were signed into law to address the problems for commercial powers of attorney that arose by virtue of the 2014 Amendments to the Title 20 PA...more

Pullman & Comley, LLC

Alert: Five Things You Should Know About Connecticut’s New Uniform Power of Attorney Act

Pullman & Comley, LLC on

A Power of Attorney is an important estate planning tool that allows an individual (the “Agent”) to act on behalf of another person (the “Principal”) in financial and other matters without involving the probate court. A new...more

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