In a Financial Power of Attorney, a member grants a friend or family member access to accounts and authority to make financial transactions on the member’s behalf (most commonly, this authorization becomes effective if the member becomes incapacitated).
If the member is subject to a Conservatorship, however, the court may give such authority to a different individual. The authority granted by the court to a Conservator trumps the authority a member may have granted his or her Agent under a Financial Power of Attorney, in which case a credit union should:
ICUL member credit unions have access to legal resources through Barker, Hodgson & Miller, P.C. Click here to learn more about the legal resources available, including account authority guidance. Questions? Contact Elizabeth Hodgson at Elizabeth.Hodgson@amcattorneys.com or Julie Buenzow at Julie.Buenzow@amcattorneys.com.
- Review and retain a copy of the court’s order appointing the Conservator, and the Letters of Appointment. Document the member’s account(s) so the Conservator can act as authorized; and
- Discontinue any access or authority to the incapacitated member’s accounts by anyone attempting to act under a Financial Power of Attorney.