A limited FPOA puts a limit on what the person can do with your account. You can authorize them to make a few specific transactions if that’s all you want them to do. If you want the person to have longer-term access to your account, you can grant a durable FPOA. This enables the person to make decisions for you and handle your finances in the event that you become incapacitated.
Either visit your bank in person to speak to an agent, or visit your bank’s website to obtain a power of attorney form online. Fill out and submit the form according to your bank’s instructions.
You may want to have a lawyer help you draw up the form to make sure it’s legally sound. The execution of the document must also be done according to your state’s laws. Some states require that you have a witness, and others require that you have the document notarized.
This is not an option in every state. See if your state’s laws permit convenience accounts. Contact your bank to find out whether a convenience account will meet your needs.
In order to add a co-owner, you’ll need to fill out forms that are signed by both parties. Once the forms are completed and submitted, the other person will be granted full access to the account.
You may want to meet with a lawyer to discuss which option is best for your situation. The lawyer may advise you against getting a joint account, and instead recommend getting a durable FPOA. It’s a good idea to think it through with an expert before making a decision. This is especially true if you’re considering adding your children to your bank account so they can take care of your bills. Unanticipated problems could arise at a later time, so make sure your finances are well protected. [7] X Research source
