Estate & Asset Protection Attorney, Victoria Collier relates difficulties she had acting on behalf of a client to make what appeared to be minor changes to bank accounts and tells readers that just because they have legal documents at their financial institutions they might need to be revisited due to life changes as well as changes in procedures at the institution.

DECATUR, GA, February 6, 2020: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “The Difficulty Of Making Changes To Accounts At Banks And Other Financial Institutions.” Ms. Collier calls into question the validity of legal POA documents filed in years past.

Collier writes, “I bring this topic to your attention for a multitude of reasons. First and foremost, banks and other financial institutions like brokerage houses have specific forms, processes and policies in place that make it difficult even for an experienced attorney like me to deal with let alone a person who has no experience dealing with these institutions.”

“In fact,” says Collier, “I spent three full days on behalf of a client at 3 different banks attempting to accomplish what would normally appear to be very simple tasks. The first task was merely adding a Power of Attorney (POA) to an existing account, second was to change the name of an account to a trust and thirdly to add a named beneficiary to the accounts.”

“You may wonder what was so difficult and why,” writes Collier. She continues adding, “I’m sure the difficulties are in place to protect the institution against becoming the victims of fraud. So what they do is initiate their own policies regardless of what the actual state and/or federal laws are.” She explains, “For example, in Georgia a new law regarding Power of Attorney was put in place in July 2018 which specifically states that financial institutions must accept the Power of Attorney unless there is evidence of fraud or financial abuse. But – and here’s where it gets tricky – while they must accept it, the bank also must send every POA to their “legal” department.” According to Collier, “Typically every banks’ legal department is out of state and they are run by lawyers who are not specialists on each state’s Power of Attorney or trust laws…and, to make it more difficult no one can speak directly to these attorneys.”

“Now, you’re getting the picture,” says Collier. She goes on to say that, “Then there is a third step that makes it very complicated when money in an estate is in a bank or brokerage house. The financial institutions require their own forms in addition to what they call an “outside” Power of Attorney. Or they require a Doctor’s statement saying the person for whom the POA is acting is not competent. In the specific case I was working on my client wasn’t incompetent but was at the time in ICU, so was not accessible.”

The entire article can be read at https://www.elderlawgeorgia.com/articles/the-difficulty-of-making-changes-to-accounts-at-banks-and-other-financial-institutions/

About Victoria Collier

Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.

Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.

Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.

About The Estate & Asset Protection Law Firm

The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.