Question

Does a durable financial POA give me control over my child’s bank accounts?

Answer

No. A durable financial POA grants the designated agent the authority to assist — not the authority to take control. Your child retains full ownership of and decision-making over the accounts. The POA simply allows a trusted person to act on the student’s behalf if the student is unable to — for example, paying rent during a medical recovery.

About Mercer Advisors

We exist so you don’t have to worry about money. For more than 40 years, we’ve taken the sophisticated, time-tested approach that many ultra-high net worth individuals use to help manage their financial lives and made it accessible to more families.

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