Giving power of attorney to a family member

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mois_2012
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Giving power of attorney to a family member

Post by mois_2012 » Wed Nov 30, 2016 12:43 am

Hi

If someone (let's say X) wants to give power of attorney to a family member (Y) who can get the money (from the Bank) from X's account on X's absence, what things are needed to be done at the bank?

Should X go to a lawyer to make a document to give power of attorney or just write all information of his/her family member (lives in another EU country) and his/her own on white paper and give it to both bank and that family member?

Does the bank have any rights/restrictions about it and does the bank need to make inquiries about X in an appointment? I mean: does s/he need to explain anything to the bank why s/he is doing this?

It would be great if anybody who has experienced such situations, would share his/her experience.

Thanks in advance.



Giving power of attorney to a family member

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Rip
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Re: Giving power of attorney to a family member

Post by Rip » Wed Nov 30, 2016 9:10 am

I am sure a lawyer can help, but it should be lot cheaper to ask from the bank directly.
The one who has the account is currently living in Finland?

betelgeuse
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Re: Giving power of attorney to a family member

Post by betelgeuse » Wed Nov 30, 2016 9:31 am

Rip wrote:I am sure a lawyer can help, but it should be lot cheaper to ask from the bank directly.
The one who has the account is currently living in Finland?
And additionally, is the bank Finnish?

mois_2012
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Re: Giving power of attorney to a family member

Post by mois_2012 » Wed Nov 30, 2016 2:20 pm

Yes, X is living in Finland and a Finnish citizen now and his account is in Nordea bank.

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Pursuivant
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Re: Giving power of attorney to a family member

Post by Pursuivant » Wed Nov 30, 2016 2:56 pm

The bank has the lawyers and the paperwork ready. You just say you want to do this kind of a thing, and they tell you what options and what papers they want.
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Upphew
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Re: Giving power of attorney to a family member

Post by Upphew » Wed Nov 30, 2016 3:18 pm

Quick googling suggest that you can give the power of attorney so someone can pay your bills for a time or for one time draw out. Some of that info was few years old, so better get confirmation from the bank.
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betelgeuse
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Re: Giving power of attorney to a family member

Post by betelgeuse » Wed Nov 30, 2016 3:42 pm

mois_2012 wrote:Yes, X is living in Finland and a Finnish citizen now and his account is in Nordea bank.
If Y is already a Nordea customer, the matter could work out by just contacting them with phone/online and ask for Y to have usage rights (käyttöoikeus) to the account. Otherwise it's easiest if both go to branch at the same time. No lawyers are needed. The bank has standard forms for this. You will need to draft a separate power of attorney if you want Y to only be able to do certain things over the counter.

mois_2012
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Re: Giving power of attorney to a family member

Post by mois_2012 » Fri Dec 02, 2016 10:34 pm

Thanks for the valuable information.

llewellyn
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Re: Giving power of attorney to a family member

Post by llewellyn » Sun Dec 04, 2016 9:27 am

Upphew wrote:Quick googling suggest that you can give the power of attorney so someone can pay your bills for a time or for one time draw out. Some of that info was few years old, so better get confirmation from the bank.
Yeah, they will have various "valtakirja"-forms available though you can easily draft one yourself - though not an open one, banks are said to be rather careful about those, but if it just for one or a few single transactions it's pretty routine.


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