Answer:
Answer by John Burnett: In most cases, no. However, if the Power of Attorney grants to the attorney-in-fact the authorization to make accounts joint with himself or herself (make sure it explicitly says so), it may be done.
Answer:
Answer by Ken Golliher: If you mean joint "owner" on a joint account with a right of survivorship I agree with John. The AIF cannot do anything from which he would benefit personally and inheriting the account on the death of the principal would certainly be beneficial.
If he wants to be added as a new signatory (not owner) on an existing account, his signature on the signature card and on all checks should indicate he is not an owner and he is signing in a fiduciary capacity. I encourage you to use a new signature card if it is feasible under the circumstances, not to alter an existing contract.
First published on BankersOnline.com 11/14/11
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