POA Fidelity
Hi Terry,
I have POA on my mom’s Fidelity account. Fidelity says I can not have online access to her account but can call & make transactions over the phone. I asked if this is written in their policies anywhere & they said no. If I have no limitations on financial transactions according to the POA, why this restriction? They won’t send monthly statements either unless we call every month.
Terry Says
That doesn’t seem right — but Fidelity is very careful to avoid fraud. Is the written POA on file with them? Is it an IRA account — and if so, are you named as beneficiary? Why did you/she “opt out” of paper statements? (You can change that easily.)
You leave out a lot — your mother’s age, mental situation, financial situation. So it’s hard to comment on how to proceed.
Perhaps this is the time to create a Revocable Living Trust, with your mother as trustee, and you as co-trustee.Watch this video in which I explain: terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
Changing the title to the account would be easy –unless it is an IRA. That would give you more power over the account. But the attorney creating the RLT would want to make sure this is in your mother’s best interests. Find an attorney through your bank trust department if you don’t already have one. Or search here: Find A Lawyer – Lawyer Near Me | Search Attorneys (search-attorneys.com)
