FAQs: How to Set Up a Power of Attorney (POA)
Can my attorney-in-fact make withdrawals from my account?
Yes, within limits. There is a 30-day restriction on making withdrawals that total more than $10,000 from your account, but exceptions can be made in certain situations, such as minimum required distributions (MRDs).
Can I name my attorney-in-fact as a beneficiary?
No, your attorney-in-fact cannot be designated as a beneficiary or name beneficiaries on the account unless this request is specifically noted in your power of attorney document.
Will a trust affect my ability to name my power of attorney?
There are special requirements for trust accounts. The trust document must clearly show that the trustee can delegate his/her powers. In addition, you’ll need to provide:
- A copy of the first page of the body of the trust document.
- The page(s) that names the trust, trustees, and grantors.
- The signature page(s) of the trust document.
- A POA document from the trustee that clearly states the trustee of the trust is delegating his or her fiduciary responsibilities; this can be done only through a POA document created by the trustee's attorney.
Please note: You cannot use Fidelity's POA form or a trustee certification form to fulfill this requirement.
Do all states require the same power of attorney forms?
You may need to complete a specific form or complete the state-specific section on the form, based on your state's requirements.
- New York residents must complete a Durable Power of Attorney – New York (PDF) form or for annuities, the Durable Power of Attorney – Annuities New York (PDF) form. California residents must complete the Notice for California Residents section.
- Pennsylvania residents must complete the Notice for Pennsylvania Residents section.
- Michigan residents must complete the Notice for Michigan Residents section.
Can I set up power of attorney on any account?
Power of attorney cannot be established on these account types:
- Custodial (UGMA/UTMA), non-prototype, and other fiduciary accounts
- Keogh and Defined Benefit Plans
- Business accounts, including corporations, unincorporated associations, sole proprietorships, and partnerships
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