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.

  • 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