Full question:
I have Durable Power of Attorney for both of my relatives. Also, I am the Executor of both Wills. I was told by Chase Bank that no one can change their or alter the annuities in anyway except the owners of the annuity. Both of the owners have been certified by their physicians that they are unable to make such decisions. Is this true? The male wants to leave his to the housekeeper not his wife. Thank you.
- Category: Power of Attorney
- Date:
- State: Texas
Answer:
A Durable Power of Attorney (DPOA) allows someone to act on behalf of another person (the principal) regarding specific matters, as outlined in the DPOA document. Unlike a standard Power of Attorney, a DPOA remains effective even if the principal becomes incapacitated. This is crucial for situations where the principal can no longer make decisions for themselves.
If a financial institution, like Chase Bank, refuses to accept a DPOA, they may be liable for any resulting losses. Often, a simple call from your attorney can resolve these issues. Typically, once the law is explained, the DPOA is accepted.
Regarding annuities, the relevant law states that a DPOA can grant authority to manage insurance and annuity transactions. This includes the ability to modify, change beneficiaries, or terminate contracts related to the annuity (see § 498 of the Texas Estates Code). Therefore, as the holder of a Durable Power of Attorney, you may have the authority to change the beneficiary of the annuity, depending on the specific terms of the DPOA.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.