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Power of Attorney Guidelines

Last Updated: Tue, 16 Jun 2015 > Related Articles

6 rated this

Summary

Refer to the following guidelines prior to submitting a Power of Attorney (POA) to Cox.

Solution

Power of Attorney

A power of attorney (POA) or letter of attorney is a written authorization to act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power), and the one authorized to act is the agent, donee, or attorney or, in some common law jurisdictions, the attorney-in-fact.


Power of Attorney - Types


TypeDescription
Special or LimitedAuthorizes an agent to act on the customer's behalf in specific situations
GeneralAuthorizes an agent to act on the customer's behalf in a variety of situations
Health Care or Medical
  • An agent is authorized to make health care decisions for the patient (customer) due to incapacitation.
     
    Note: A living will is not a POA.
     
  • A medical POA is not acceptable for changes on a Cox account.
 
DurableThis type can be a General, Special, or Health Care with special durability provisions, such as grantor (customer) becomes mentally incompetent while the POA is in effect. The durability provision allows the document to stay in effect.
Psychiatric Advance DirectivesEnables preferences for care before the patient (customer) becomes incapacitated by recurring mental illness
SpringingTakes effect after the incapacity of the grantor or some other definite future act or when the power goes into effect
FinancialApplies to securities broker in order to perform extensive investment functions on the principal's (customer's) behalf
Revocation of Power of AttorneyAllows the customer to revoke a POA document

Cox Qualifications for Accepting a POA

  • The POA must be in writing. Oral agreements are not accepted.
  • The POA must indicate that it is specifically for managing the account holder's financial affairs or accounts.

    Note: A medical POA is not acceptable for changes on a Cox account.
     
  • The grantor (customer) of the POA must be the account holder for the Cox account.
  • The POA must be signed by correct parties.
  • The POA must include effective dates.
  • The POA must be notarized.
  • If the grantor (customer) dies, the POA is no longer valid.

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