Power of attorney or something else

[Marybell]

Jurisdiction

Kansas

I have a non standard situation.
I have health issues, both physical and mental. Im not of senior age. I have a child whos 18, a college student away from home. No alive spouse.
The situation is such that im thinking to go overseas for treatment. Im not sure if im back.
I do have inherited IRA account. In case i leave the country, I want my child to have access to my bank account and to this IRA account. Basically, I want this child to be able to withdraw IRA money which would go to my checking, then to have access from there. I cannot add her name to this checking, without her presence.
If i do POA with her name, would she be able to withdraw IRA money as if it was me, while I'm away?

 

[Tax Counsel]

If i do POA with her name, would she be able to withdraw IRA money as if it was me, while I'm away?

Explain your situation to a knowledgeable representative at the financial institution involved and find out what it will accept for your daughter to have access to the accounts. Every institution has it's own policies and thus there isn't any one size fits all kind of answer to give you.

 

[Marybell]

Thank you Tax councel