The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Discusses Common Reasons That Financial Institutions May Refuse A Power Of Attorney.

Estate & Asset Protection Law Firm Owner, Shannon Pawley, explains why some people may run into issues with financial institutions refusing to accept their POA and how to avoid this problem.

DECATUR, GA, September 29, 2022: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Why Banks Sometimes Refuse To Accept A Financial Power of Attorney.” Ms. Pawley acknowledges that this doesn’t happen often, but when it does it can be very disruptive.

Pawley writes, “You’ve created an estate plan, assigned a financial Power of Attorney (POA) and when it comes time for your POA to execute a function, the bank refuses to accept it.” She goes on to add, “This doesn’t happen often, but it does happen, and it can really throw a wrench into the works especially when bills must be paid.”

According to Pawley, “Today, banks are hyper-sensitive and on the lookout for identity theft, scams, and elder abuse, so you must make sure your POA is created and executed correctly. And you want to make sure that the person you’ve chosen to be your POA is trustworthy. With that understanding,” she states, “one of the most common reasons for a bank to refuse a POA is because it isn’t durable.”

Pawley notes, “A POA comes into effect when the person who made the POA is incapacitated in some way. So, the POA must be made to last (be durable) even during the incapacitation. In some states, POAs are durable by default, but in states where it isn’t, the document must include an explicit statement. In Georgia, your POA is durable by default unless it explicitly states that it terminates when you become incapacitated.”

“Another reason a bank might refuse a POA,” says Pawley, “is because some POAs are written so that they don’t take effect until incapacitation has been demonstrated.” She explains, “The POA usually sets out the procedure for proving that the POA maker is now incapacitated. For example, someone, usually a doctor, might need to certify that you’re no longer able to make your own financial decisions. Third parties like financial institutions will take these procedures very seriously, with good reason.”

The entire article can be read at LINK HERE

About The Estate & Asset Protection Law Firm

The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.

About Shannon M. Pawley, J.D., LL.M

As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

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15:06 13 Nov 21

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