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#2187105 - 07/27/18 03:50 PM Retirement Accounts - Power of Attorney
Megan Offline
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Joined: Aug 2017
Posts: 2
It was suggested in an IRA training that a POA should specifically state the agent is authorized to act on a “retirement account”. Our general POA normally states along the line of: "to open, manage, operate, renew, or close any account at any bank or financial institution in the name of appearer; to deposit or withdrawal all or part of the funds; including certificates of deposit, checking, savings, money market, or any other type of account."

I understand that Military POA must have this distinction. Will you please share your knowledge on why we should require this on a regular POA?

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General Discussion
#2187120 - 07/27/18 04:54 PM Re: Retirement Accounts - Power of Attorney Megan
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,839
Bloomington, IN
You will need to consult your legal counsel for the acceptable wording under your state statutes.

IN's statute is found at IC-30-5-5.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2187151 - 07/27/18 06:37 PM Re: Retirement Accounts - Power of Attorney Megan
Megan Offline
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Joined: Aug 2017
Posts: 2
Attorney stated that the special language is not required in our state law. This would be purely a business decision based on the rise in elderly abuse.

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