Can I Open a Bank Account and Cash a Check for Another With a General Power of Attorney?
There are various types of powers of attorney; they can be either general, durable or limited. Some states have also adopted a statutory power of attorney. A general power of attorney grants the agent broad powers to act in regard to the principal’s assets and property while the principal is alive and not incapacitated. A durable power of attorney will remain effective even if the principal becomes incapacitated. A special or limited power of attorney restricts the agent’s action to a particular purpose in order to handle specific matters when the principal is unavailable or unable to do so. The answer will depend on the language of the document. Generally, as long as it grants power over financial matters, the agent is authorized to open a bank account and cash checks in the principal's name.
For further discussion, please see: