Quote:
Originally Posted by nancyre
If you might need a POA at some point avoid Vanguard. They gave me fits when my mom had a stroke. I could not access her funds, even with a POA that was executed properly. Needless to say when she passed I closed the account totally. They carried on about that too. Told them they made their bed and I would not do business with them.
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Unfortunately, a lot of financial institutions, including banks, will not recognize a Power of Attorney unless it is set up using their own POA forms. If you have a POA, be prepared to have it rejected by financial institutions and other companies.
I would just add that Vanguard is definitely not alone at rejecting a POA. Financial institutions have no way to know that a POA is legitimate. So, if you have a large amount of assets in a financial institution, it is a good idea to have that company initiate a POA using their process and forms. That will ensure that they will accept it when you need to use it.