Skip to content

Can a POA Add Beneficiaries on an Account?

Answered by: 

Question: 
Can a POA add beneficiaries on an account?
Answer: 

The powers available to the POA should be spelled out in the POA document and also vary by state law. If you're not sure whether or not the attorney-in-fact has the authority to add or change beneficiaries, ask bank counsel to review the document prior to permitting any changes.

Many states provide for statutory which generally prohibit the POA from changing ownership on any assets or otherwise gifting the assets to others. Again, this will vary by state law.

First published on 05/19/2019

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics