Can A power of Attorney change bank account beneficiaries?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can A power of Attorney change bank account beneficiaries?

My greedy relative is my grandfathers POA and I’m worried she is going to remove me from being a beneficiary on bank accounts. Is that legal?

Asked on December 30, 2018 under Estate Planning, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Yes, it is legal: someone with a valid power of attorney from someone in their favor has the same power and authority over the person's accounts as the person him/herself doers. You grandfather could stop this person from doing so--e.g. take away the POA, or else change it so it does NOT extend to changing beneficiaries on bank accounts (POAs can be limited in any way the person granting it wants). And if it's done, your grandfather could change the designation of beneficiary back. But if your grandfather allows this to happen, it is legal.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption