Power of Attorney

A power of attorney (POA) is a legal document that lets a person you choose make decisions for you. These decisions can be about money, property, or other important matters. The person who gives the authority to another person is called the principal. The person who receives the authority is called the agent or attorney-in-fact.


A POA only works while the principal can still understand and make decisions. If it’s a “durable” POA, it stays in effect even if the principal becomes unable to make decisions. The agent’s authority ends when the principal passes away.

Before you set up a power of attorney (POA), it’s a good idea to talk to a legal professional. They can help you decide if a POA is right for you based on your needs. You might need a POA if you want an agent to help manage your money, property, or health care decisions in case you are unable to do it yourself. A lawyer can explain the different types of POA and help you choose the one that fits your situation.

An agent is the person you choose to make legal decisions for you using a POA document. The agent is the individual who carries out those powers as described in the POA. The POA document sets rules and limits, while the agent is the person who follows them to help manage your money, property, or other important matters.

To add an agent to an existing account or open a new account, the agent may be able to complete the process alone, but this depends on the powers granted in the power of attorney (POA) document. The POA must specifically allow the agent to take these actions. In some cases, the agent will need to bring the principal’s primary and secondary identification to the bank for account verification. The bank will review the POA to confirm the agent’s authority before approving any changes or opening a new account.

To set up a power of attorney (POA), start by deciding what you want your agent to do for you. Choose someone you trust to be your agent. You can work with an attorney to draft a POA document that clearly states what powers your agent will have. You will need to sign the document, and sometimes it must be notarized or witnessed. Chase also offers a POA form for Chase accounts that may work for your situation. To use a Chase POA form, you will need to visit a branch in person. Review your POA regularly to make sure it still meets your needs.

To add an agent to an existing account, either the agent or the principal needs to bring the power of attorney (POA) document to a branch. The bank will review the POA to make sure it gives the agent the right authority. Once approved, the agent is added to the account and can help manage it, but does not own the funds in the account. The agent’s authority under the POA ends when the principal passes away.

Yes, an agent with power of attorney can open a new account for the principal, but the POA document must specifically allow for this. The agent will need to come to a branch in person to open the account and bring the POA document for review.

An agent with POA usually cannot add or change beneficiaries on your account. Only the account owner (the principal) can decide who gets the money from the account after they pass away. However, if the POA document specifically gives the agent this authority, the agent may be allowed to add or change beneficiaries. This helps protect your wishes and keeps your account safe. If you want to change or add a beneficiary, you should do it yourself or make sure your POA clearly allows your agent to do so.

A POA agent is someone you choose to help with money, property, or health care using a power of attorney document. You can change or cancel a POA at any time, and it works while you can make decisions, unless it’s "durable."

A guardian is appointed by a court to help someone who can’t manage their own affairs. The guardian’s authority comes from the court and usually starts when the person can no longer make decisions. If a guardian is appointed, their authority usually overrides any power of attorney.

A statutory power of attorney is a POA form created by state law. It uses standard language and lists specific powers the agent can have. Because it follows the state’s official format, banks and other companies are more likely to accept it. A statutory POA can make it easier for your agent to act on your behalf, but you should talk to a legal professional to make sure it fits your needs.

A financial power of attorney is a legal document that lets an agent manage money and property for the principal. The agent can do things like pay bills, handle bank accounts, buy or sell property and take care of other financial tasks. The agent must always act in the principal’s best interest. A financial POA can be set up to start right away or only if the principal becomes unable to manage their finances.