Poa Change Beneficiary On Insurance Form

Behrens signed the new form.

Poa change beneficiary on insurance form. State laws and procedures at financial institutions are getting stricter because of the increase in abuses in beneficiary changes on life insurance policies. In other words the agent is required to use her power to the principal s benefit. It doesn t take much time or effort to add change or remove beneficiaries. Request to change policy beneficiary change beneficiary form beneficiary designation form.

A limited poa allows the person to change the beneficiary if it is specified in the document. Usually the poa does not authorize the agent to change beneficiary form to benefit agent. Most standard power of attorney documents do not grant these rights. Rather than delay further he simply signed a new beneficiary designation form as mr.

Behrens called the insurance company and found that the form had never been received. Some power of attorney documents may be drawn so broadly as to give an agent the power to change beneficiaries on life insurance policies bank accounts and retirement policies. A per statute in order for a power of attorney to change beneficiary information his or her power of attorney documents must specifically state this right. Further should you wish the power of attorney to be able to nominate himself or herself as beneficiary the power of attorney document must specifically state that right as well.

The second issue is whether you can get an insurance company to accept a new beneficary desigination form. Other names for this document. Policies vary but as a rule a power of attorney may not sign a beneficiary designation form although some insurance programs allow it. Cases where the policy holder is still alive and fully equipped to handle business transactions but the agent listed in the power of attorney wishes to change the name of the beneficiary it is possible for a person with general power of attorney to change the beneficiary on a particular policy nevertheless if it is contested by the policy holder then the request of the power of attorney will not be honored.

If an attorney is involved assuming agent has power to change beneficary that may help but does not guarantee insurance company would. There is an exception to the above rule. Smith s agent using the durable power of attorney. Smith s trust or to the four children directly.

This may be set up voluntarily or it may be court ordered like in divorce settlements. However the agent has a fiduciary duty to act in good faith. Protecting your assets with the right legal documents is a critical point in making sure your family is taken care of and your assets are distributed the way you wish when you die. The only time the poa is prohibited from changing the beneficiary is when the life insurance policy designates an irrevocable beneficiary.

However for your power of attorney to complete your beneficiary designation form or make changes to it you must specifically assign the individual that right. The insurance company could not decide whether to pay the life insurance benefit to mr.