As power of attorney canI change beneficiaries on bank accounts?

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As power of attorney canI change beneficiaries on bank accounts?

Can Imake myself a beneficiary or someone else? Or withdraw money and put it into a new account naming me or my sister?

Asked on August 17, 2010 under Estate Planning, Massachusetts

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It depends on what type of Power of Attorney you have.  If it a General Power of Attorney ("for all purposes") then probably yes.  But I caution you: do not do anything that could be seen as illegal in the transfer of assets or dissipation of the assets of an estate.  You are acting in a fiduciary capacity on behalf of the person who gave you power of attorney and that carries with it great duty and responsibility.  You and your actions will be viewed with a higher standard of care and held to it too.  Be very careful.  Seek legal consultation before you do anything questionable. The consequences can be great. Good luck.


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