What is a Power of Attorney?
Creating a Power of Attorney (POA) is a proactive step for future planning, often prepared with the help of an attorney or estate planner.
A Power of Attorney is a legal document that allows an individual (the principal) to select one or more agents (the attorney-in-fact) to make decisions on their behalf in legal, financial, or medical matters and other personal affairs.
There are different types of POAs that vary in the scope and powers granted to the agent. Depending on the type, the POA may remain in effect temporarily, for a particular purpose, or even after the incapacity of the principal.
All authority under a POA terminates upon the passing of the principal.
Can a Power of Attorney provide access to a Trust Account?
The powers granted to the agent are specified within the POA document, which may include the authority to act on behalf of the principal as a trustee of a trust.
Although the POA may indicate such power, for an agent to access a trust account at the Credit Union, the trust document must also clearly indicate that the trustee of the trust (Principal of the POA) can delegate authority to an agent to act on behalf of the trust.
Otherwise, the POA cannot be used to access the trust account.
Learn more about Trust Accounts.
Set up a Power of Attorney
A Power of Attorney is often created with the help of an attorney or estate planner.
You may create a Power of Attorney exclusively for Star One accounts. When you're ready, use our printable Power of Attorney form.
Free estate-planning consultations
Star One members have access to complimentary estate-planning consultations through Affinity Trusts and discounted living trusts and other estate-planning documents prepared by the experienced attorneys at Citadel Law.
Star One member discount pricing for an Affinity Trusts Comprehensive Estate Plan starts at $1,795 for individuals, or $2,095 if married (compared to $2,750 and $3,750 at Citadel Law Corp).