Anyone familiar with our state statutes on these? I've seen on BOL that POA's are governed by state reg., but can't put my hands on what I'm looking for. I've been trying to locate the spot in the MCL that addresses POAs and whether or not an AIF can make property joint.

We are sometimes presented with requests to open joint accounts between the individual and the attorney-in-fact (or someone else), with only the AIF's signature. We don't typically do this unless the POA document states that the AIF can do so (which it typically doesn't...). Unless the primary owner can sign the card WITH the AIF, it has to be individually owned. Is that what the rest of you are doing?

I "love" the POAs that state that their AIF "can do anything I would do if I were present" - but does that mean adding a joint relationship to the account? Somehow, I don't think so - but need proof!

I just glanced at the Fiduciary Accounts chapter of Bodman Longley's FICC Operations Manual. When discussing POAs, it references MCLA 700.495 - 497, MCLA 565.xxx, and MSA 27.5495-97, MSA 26.554.

Email me if you would like to see that section of the manual.