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Only an active power of attorney can access an annuity product. If the person for whom the power of attorney is created is NOT incapacitated (or ruled incompetent in probate court), then only the individual, whose name is on the annuity, can access it.
AnswerYou need to check your state laws for statutory powers granted under a POA and you must also check the POA for any specific powers granted or restricted. A POA gives the attorney-in-fact broad powers that vary from state to state. For example, the state of Ohio bestows the following statutory powers regarding annuities:
(H) Language in a power of attorney granting power with respect to insurance and annuities authorizes the attorney in fact to do all of the following:
- (1) Continue, pay the premium or assessment on, modify, rescind, release, or terminate a contract procured by or for the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
- (2) Procure new, different, or additional contracts of insurance or annuities for the principal or the principal's spouse, children, or other dependents and select the amount, type of insurance or annuity, and mode of payment;
- (3) Pay the premium or assessment on, modify, rescind, release, or terminate a contract of insurance or annuity procured by the attorney in fact;
- (4) Apply for and receive a loan on the security of a contract of insurance or annuity;
- (5) Surrender and receive the cash surrender value;
- (6) Exercise an election that is not specifically prohibited;
- (7) Change the manner of paying premiums;
- (8) Change or convert the type of insurance or annuity, with respect to which the principal has or claims to have a power described in this section;
- (9) If specifically authorized in the power of attorney, change the beneficiary of a contract of insurance or annuity designated by the principal;
- (10) Apply for and procure government aid to guarantee or pay premiums of a contract of insurance on the life of the principal;
- (11) Collect, sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in a contract of insurance or annuity;
- (12) Pay from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
You can review the long list of other Ohio statutory powers at the link provided below that is included for reference purposes only. For statutory powers of an attorney-in-fact in your state you need to check your state laws.
What else can I help you with?
Can someone with Power of Attorney access funds after someone dies?
No they will not be able to access funds. A power of attorney expires on the death of the grantor.
How to Get Cash for Your Annuity?
There are a couple of ways to get cash for your annuity. You can contact the company and ask to cash out. Another option is to hire an attorney and get the annuity that way.
Can power of attorney and main beneficiary borrow money from estate?
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.
Do you have the right to see the will if you are a power of attorney?
Having power of attorney may not grant one access to a will. It may require specific permission.
Can power of attorney cash draw my sister's bank account?
An attorney-in-fact under a Power of Attorney has complete access to the principal's assets including bank accounts.
Annuity loans are what type of loan exactly?
Annuity loans are when an annuity holder borrows money against the value of an annuity contract. It allows one to access funds without having to cash out their annuity immediately.
How does the daughter of a deceased person obtain power of attorney to access medical notes?
The power of attorney only represents a living person. You would need to have a letter of authority as the executor of the estate.
How do I get my principal back from an annuity?
To get your principal back from an annuity, you typically need to wait until the annuity reaches its maturity date or surrender the annuity early, which may result in penalties or fees. Contact the annuity provider or financial advisor for specific instructions on how to access your principal.
Can a power of attorney delegate their authority to another power of attorney?
No, a power of attorney cannot delegate their authority to another power of attorney.
Who gets access to an army soldiers accounts?
Anyone they allow, whether by marriage, power of attorney, or something of that sort.
Can a Power of Attorney stop a beneficiary from getting a copy of a mother's will?
You may need to hire a lawyer and go to court to get access, but a power of attorney does not allow this. The executor of the will may not be allowed to release the details, or a copy to protect the privacy of the deceased and the arraignments made for other beneficiaries. To get a copy you may need to sue and show wrongdoing to get access.
What kind of attorney can handle a power of attorney?
Anyone can act as a power of attorney for someone else. You do not have to be an attorney
