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Can the power of Attorney designate the beneficiary when a Certificate of Deposit is generated?
Wiki User
∙ 15y ago
There are different POA's and the extent to which they may be used are regulated by the laws of the state in which the POA is granted. It is unlikely that such action as alluded to in the question would be possible without permission of the probate court. Any person holding a POA should always bear in mind that any action they may take concerning the grantor is subject to scrutiny and interpretation by the court. That being the case the grantee should be very cautious in all transactions made on behalf of the grantor and should keep precise records and documentation.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoThey should be designating the beneficiary chosen by the principal unless the principal customarily leaves those decisions up to the discretion of the attorney-in-fact. However, be mindful that self-dealing or the appearance of self-dealing can/may be challenged by other interested persons down the road. Upon the death of the principal other heirs may object to the actions taken by the attorney-in-fact.
Wiki User
∙ 11y agoAn attorney in fact cannot make or rewrite a will for someone else under the authority of a power of attorney.
A power of attorney can never be applied to a will.
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Can an attorney be both the attorney for the estate and an individual beneficiary of the estate?
Yes.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
Can a relative get funds from a deceased relative if they have a death certificate?
No, the relative would need to be included in the will, be named as a beneficiary or power of attorney, or be owed money by the estate. The executor of the estate will be in touch if any funds are available.
Can a power of attorney collect life insurance for a beneficiary on their behalf?
No, not without that persons consent. Not to mention that person would have to qualify.
Can a Power of Attorney also be a beneficiary?
No. That type of self-dealing would be too easy to challenge in court. It would constitute self-dealing by the AIF which is a violation of statutory laws that govern fiduciaries. An attorney-in-fact under a Power of Attorney should bot be involved with the making of a will. If the principal wants to make the AIF their beneficiary, the principal should have the will drafted and properly executed by an attorney.
How will you know if your grandma made you the beneficiary over the money?
Her attorney will call you.
Is a general power of attorney allowed to add self as contingent benefactor on life insurance policy?
It is the person you are naming that has the power of attorney that can be the contingent beneficiary. You would be better to create a trust and make the trust the beneficiary
What happens to a beneficiary designation if the beneficiary dies - is there any protection for the beneficiary's children?
Generally the language in the will directs how the estate will be distributed provided that the will was carefully drafted by a competent attorney. A gift to a deceased beneficiary may pass to her/his heirs, her/his siblings or may lapse and pass into the residuary of the estate to be shared by all the other beneficiaries. The testator has the power to decide while the will is being drafted. If the testator has died you should have the will reviewed by an attorney to determine who receives the share of a beneficiary who predeceased the testator. If the will has been filed for probate then speak to the attorney who is handling the estate.
What happens to a beneficiary designation if the beneficiary dies is there any protection for the beneficiary's children?
Generally the language in the will directs how the estate will be distributed provided that the will was carefully drafted by a competent attorney. A gift to a deceased beneficiary may pass to her/his heirs, her/his siblings or may lapse and pass into the residuary of the estate to be shared by all the other beneficiaries. The testator has the power to decide while the will is being drafted. If the testator has died you should have the will reviewed by an attorney to determine who receives the share of a beneficiary who predeceased the testator. If the will has been filed for probate then speak to the attorney who is handling the estate.
Can one with Financial Power of Attorney change the beneficiaries on her mother's life insurance policies before her death?
Generally, every state has a section in the state laws that governs the powers of an attorney-in-fact under a Power of Attorney. Powers of Attorney grant sweeping powers and the attorney-in-fact should be chosen carefully. Generally, the power to designate beneficiaries is included, however, the AIF cannot name themselves as the beneficiary. You can perform an internet search for your state by entering the name of 'your state + statutory powers of attorney'. Then look for a link for an official state source.
What does it mean when the beneficiary of a life insurance policy is the employer but there's a surviving spouse who is not listed as a beneficiary?
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
How can I as a beneficiary apply for my father's will?
You petition the probate court. You may need an attorney to help.
