Why would I want to set up a power of attorney?
You may consider setting up a POA to prepare for unexpected events that could prevent you from handling your own affairs. Establishing a POA enables you to choose who acts on your behalf in case you are unable to act for yourself, whether due to illness, mental incapacity, or physical absence.
Why would I want to get a power of attorney?
You may want or need to be able to make important decisions for someone else if they become unable to do so, be it a family member or friend. You must be able to make decisions for the person who has given you this authority with an understanding of the long-term impacts and act in the principal’s best interest at all times.
Important things to know about setting up or getting a power of attorney
You must be an account owner to give an agent access to Fidelity accounts. When setting up a POA, the agent being given authority on behalf of the principal cannot sign as a witness.
If you have been named an agent and don’t have a Fidelity account, you’ll need to open your own account before you can be added.
If you are an annuity customer, you’ll need to use these forms.
Account withdrawal restrictions
For the first 30 days the newly added agent can take out no more than $10,000 total, though exceptions can be made in certain situations. This restriction is a protective measure to help monitor withdrawals when a POA is added to an account and does not apply to the account owner.
After the 30-day period, this restriction is automatically lifted from the account.