why is my insurance asking me to sign a power of attorney

Jason Alexander Richman

No. That is not generally how it works. Generally the settlement draft (paper check) is sent to the attorney in both his name and yours. You both sign it, then it gets deposited into the attorney trust (client) account.

Mitchell Jan Birzon

Typically, the insurance carrier issues the check made payable to the client and the attorney both named as the payees. Attorneys often ask the client to sign a written authorization to allow the check to be deposited in the attorney's escrow account and the proceeds distributed from that account.

Christian K. Lassen II

It can be done different ways, but your attorney has it under control, so listen to him.

Jeffrey James Schietzelt

Perfectly normal. Your lawyer is simply saving you a trip in to the office to endorse the check.

David Ian Schoen

In NY the settlement checks are made out in the name of the injured party and the attorney "as attorney" Many offices request that the client authorize the client to for authority to endorse their name for the limited purposes of depositing the check in the attorney's IOLTA account, and then disbursing the funds in accordance with the retainer agreement and subsequent specific confirmation.

Benjamin Martin Andrews

Settlement proceeds are typically deposited into a lawyer's client trust account, then distributed to the client, lienholders, and the law firm from that account.

Why Does an Insurance Company Want Power of Attorney for a Totaled Car

My fiance got in an accident that was deemed not his fault. The woman admitted fault at the scene immediately. She was in a loaner car at the time and her insurance company (Allstate) had to investigate the accident before doing anything.

Re: Why Does an Insurance Company Want Power of Attorney for a Totaled Car

When you obtained the replacement copy of the POA, what did it say? I expect it is simply to allow them to execute a transfer of title on your behalf.

How to sign a POA?

Step 1: Bring Your Power of Attorney Agreement and ID. When signing as a POA, you need to bring the original power of attorney form to the meeting — even if you’ve already registered a copy of the document with the institution (such as a bank, financial agency, or a government institution). You also need to bring government-issued photo ...

What is a power of attorney?

A power of attorney is a document that creates a legally binding agreement between two parties — a principal and an attorney-in-fact. A power of attorney form grants an attorney-in-fact the right to: access the principal’s financial accounts. sign legal documents on the principal’s behalf. manage the principal’s legal and business affairs.

How to act as an attorney in fact?

access the principal’s financial accounts. sign legal documents on the principal’s behalf. manage the principal’s legal and business affairs. As an attorney-in-fact, you must act in the principal’s best interest, and adhere to their wishes when signing documents for them. This means doing what the principal would want you to do, no matter what.

Who is Mollie Moric?

Mollie Moric is a staff writer at Legal Templates. She translates complex legal concepts into easy to understand articles that empower readers in their legal pursuits. Her legal advice and analysis...

Why do we need a power of attorney?

A power of attorney should be created to appropriately represent the specifics of the unique circumstances and the decisions and care that need to be made on behalf of the person. “People should stay away from the internet and have a power of attorney custom drafted to your circumstances,” Furman advises.

Who determines the type of powers to grant their agent in the power of attorney document?

The principal determines the type of powers to grant their agent in the power of attorney document, which is why it should be drafted by an experienced attorney in the court so that it covers the principal ’s unique situation.

What is Durable Power of Attorney?

What Does a Durable Power of Attorney Mean?#N#In regard to a durable POA, the word “durable” specifically means that the effectiveness of the assigned power of attorney remains in effect even if the principal becomes mentally incompetent. Typically, there are four situations that would render powers of attorney null and void: 1 If you revoke it 2 If you become mentally incompetent 3 If there is an expiration date 4 If you die

What is the fiduciary obligation of a power of attorney?

By law, the agent under a power of attorney has an overriding obligation, commonly known as a fiduciary obligation, to make financial decisions that are in the best interests of the principal (the person who named the agent under the power of attorney).

What does "durable" mean in POA?

In regard to a durable POA, the word “durable” specifically means that the effectiveness of the assigned power of attorney remains in effect even if the principal becomes mentally incompetent. Typically, there are four situations that would render powers of attorney null and void: If you revoke it.

What is mental incapacity?

Mental incapacity is defined as a person being unable to make informed decisions. Additionally, mental incapacity can include persons incapable of communicating decisions, or persons with medical concerns relating to disease or injury (such as a coma or unconsciousness).

Who is Stuart Furman?

A Place for Mom’s legal expert, Stuart Furman, author of “ The ElderCare Ready Book ,” identifies the top five misconceptions that today’s families have regarding a POA. By learning from these misconceptions about a POA, you will get answers to some of the most frequently asked questions, including who should draft the signed document ...