Question of the Week

Question: Can a POA be used to close a safe deposit box?

Answer: Yes. Depending on the kind of powers granted in a power of attorney, just about any aspect of a person’s financial powers can be delegated to another person. If there is any question as to whether a POA includes the proper authority to conduct a particular kind of transaction, you should consult your counsel for an interpretation.

Remember that if these powers are granted in a durable power of attorney (that is, a POA that has language indicating that it continues in force past when a person is incapacitated), you may not be able to refuse use in states where acceptance is generally mandatory (Arkansas and Texas).  In these instances, if there is any question as to whether or not a POA includes those powers, you may ask the presenting agent for an interpretation of counsel. 

This answer does not constitute legal advice or a legal relationship, and you should refer to your counsel on how to proceed with any legal matters.