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Power of Attorney Information
Power of Attorney Information
A power of attorney, conservator or guardianship may never be needed, but it’s better to proactively consider the pros and cons of available options and consult a lawyer as needed before financial access is delegated.
Power of attorney
A power of attorney (POA) is a legal document that authorizes a person to act on one's behalf. The POA gives someone else the right to act on one's behalf regarding matters specifically listed in the legal document in accordance with state law.
If you are the person that gives the authority to someone to act on your behalf, then you are the principal. The person who you give the right to act on your behalf is called the agent or Attorney-In-Fact (AIF).
The power to act on one's behalf can be very specific to a certain task or the power can be very broad. The power can start immediately or only after some event occurs. These events may include events such as if you become temporarily incapacitated or only after a certain date. The POA does not take away your right to act on your behalf.
There are several types of powers of attorney that can benefit our customers and their families. Review what each one means and when you may need one versus another.
General power of attorney
A general power of attorney grants someone broad legal authority to act on your behalf. They're convenient because it doesn't require you to predict every legal scenario in advance.
Limited power of attorney
If you don't feel comfortable granting someone a general power of attorney — or if you don't need to grant someone a general power of attorney — you can give them a limited power of attorney. A limited power of attorney allows the person you choose to perform a specific transaction on your behalf. For example, you can give someone the authority to pay your bills or represent you if you're selling your home.
Durable and nondurable power of attorney
You may have heard the phrase, nondurable power of attorney. Under nondurable powers of attorney, the named agent's authority ends if you become incapacitated. On the other hand, a durable power of attorney ensures your named agent can continue to act on your behalf even if you become incapacitated or mentally incompetent. You'll also eliminate the need for someone to go to court to establish a guardianship to serve on your behalf.
Springing power of attorney
A springing power of attorney is active on/after a future specified date or under a specified condition. It is only in the event that the specified date passes or the specified condition occurs that the Power of Attorney or portions of it become active.
Regardless of the type of power of attorney you decide is right for you and your family, be sure to communicate your wishes with that person.
Frequently Asked Questions
Can multiple people be listed as power of attorney?
Yes. You may request to add more than one attorney-in-fact/agent as long as your state guidelines/laws permit. Please keep in mind if you wish to have more than one POA added, please be sure to provide each agent-in-fact’s name along with the supporting information for each agent-in-fact within your initial request. If you have questions regarding your state’s laws, please consult your legal advisor. A springing power of attorney is active on/after a future specified date or under a specified condition. It is only in the event that the specified date pass or the specified condition occurs that the Power of Attorney or portions of it become active.
How do I remove a power of attorney agent from my account?
You may request to remove a power of attorney by completing the required information within the online form & selecting "Remove authority".
I am working with a law firm and/or a third party debt management company to represent me regarding my financial matters. How do I notify you of this request?
We ask that when a third party/company is named as the agent in fact that we also need the name of an individual as the point of contact/representative(s). If working with a law firm/third party company, please contact them to receive the first and last name(s) of the point of contact/representative(s) who will represent the account holder along with all other supporting documentation listed above prior to submission.
I have multiple accounts with Capital One (e.g. credit card, checking account, etc). Once I submit my documentation, will my Power of Attorney request be applied to each of my accounts?
When submitting your request online, you will have the option to request to have the Power of Attorney applied to each of your qualified account types. Please be sure to enter in each account number in the submission form for each account in which the agent-in-fact has been granted authority.
Request a power of attorney, conservatorship, or guardianship
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