ARTICLE TAKEAWAYS
A power of attorney (POA) is a document that gives an authorized individual, an attorney-in-fact, the ability to handle some, or all, of a person’s business affairs. The POA document states what actions an attorney-in-fact is authorized to perform and whether authorization continues if the individual becomes incompetent.
An attorney-in-fact may not be able to act on some account types (for example, trust accounts, UGMA/UTMA accounts and some employer-sponsored retirement plans) since the authority and power of a fiduciary cannot be delegated.
If you have questions about your client’s specific situation, contact us.
To complete a transaction or any other request, a financial professional can contact us or go online. However, if the attorney-in-fact is acting on the account, he or she must submit the request in writing with a copy of the POA document. POA documents are not kept on file for future use. The POA document must:
The POA can be self-certified by the attorney-in-fact or certified by a third party.
Self-certification requirements
The ability to self-certify a POA is determined by the laws of the state in which the account owner resides (see below). To self-certify a POA document, the attorney-in-fact can complete the Power of Attorney Self-Certification form. The form must be notarized and received within 30 days of notarization. A copy of the POA document must be provided with the request and the original self-certification form.
If your state does not appear above, state law does not allow self-certification. See the next section for further information.
Third-party certification requirements
If the applicable state law does not allow self-certification, a third party, such as a bank, financial professional or attorney (whose name appears on their firm’s letterhead), must certify the POA. The certification must:
A medallion guarantee can be provided as certification in lieu of the certification language if it:
For financial professionals only. Not for use with the public.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.