POA appoints self as beneficiary on accounts

Posted By: nemsi

POA appoints self as beneficiary on accounts - 05/01/09 08:55 PM

We have an account where the POA is changing the beneficiaries on customers account. Grandchildren were previously named beneficiaries on elderly customers account. POA is naming herself beneficiary. i think i just read something on this site about POA changing beneficiary but I can't find it. Help!!
Posted By: rlcarey

POA appoints self as beneficiary on accounts - 05/01/09 09:06 PM

Most State laws will not allow this and the POA itself may not grant that specific right.
Posted By: nbk2yj2

Re: POA appoints self as beneficiary on accounts - 05/03/09 11:05 PM

It is under anonymous POA second page.
Posted By: BBoyd

Re: POA appoints self as beneficiary on accounts - 05/04/09 03:21 AM

The POA document must specifically state that the attorney-in-fact can do this. Most do not allow it.
Posted By: nbk2yj2

Re: POA appoints self as beneficiary on accounts - 05/05/09 11:01 AM

Thanks BBoyd,

I'm aware, just pointing to post for nemsi
Posted By: nemsi

Re: POA appoints self as beneficiary on accounts - 05/06/09 01:30 PM

Thanks everybody! nbk2yj2, with your response I was able to locate the previous post- I appreciate that.