POA changed Aunt's beneficiary to benefit self

[Emaldad]

What is the name of your state (only U.S. law)? Maryland.
My aunt gave POA to an Attoney that had done her will a year earlier. Following this, she later changed her will to list the POA as her "personal reprsentative", and to reflect that her estate's tangible assets could go to any charity her personal representative, aka the POA, chooses. One year after her will change, she was in a nursing home, and still is today, with "good days" and "bad days". We found out that 8 months ago, her POA changed the beneficiary on an Annuity she has had for 14 years FROM the original three familiy members, TO her estate. This makes the annuity taxable, it will give him fee's for taking it through probate, gives him the power to send that money anywhere he likes, and the fee's for doing it.

QUESTION - is it legal for a POA to change the beneficiary from the original family members, in a way that solely benefits himself, with out her written consent.

 

[seniorjudge]

QUESTION - is it legal for a POA to change the beneficiary from the original family members, in a way that solely benefits himself, with out her written consent?

A: Her written consent was (possibly) the POA. What does that instrument say in answer to your question?

 

[anteater]

Probably not. Consult with a Maryland attorney.

and to reflect that her estate's tangible assets could go to any charity her personal representative, aka the POA, chooses.... TO her estate. This makes the annuity taxable, it will give him fee's for taking it through probate, gives him the power to send that money anywhere he likes, and the fee's for doing it.

Just for clarification.... An annuity is not a tangible asset. I don't see how the change of beneficiary to the estate would change the taxability. Unless the former named beneficiaries would be exempt from Maryland tax while the beneficiaries under the will would not.

 

[Emaldad]

reply about Aunt's POA

The paper granting POA to her attorney is more or less "standard" granting ability to carry out her business. It does not specify that he can change her beneficiary, and the fact that he has done this one whole year after she changed her will, and while she was in a nursing home, stinks. That is why I am questioning the legality.

 

[kmaunz]

POA question

In regards to changing the beneficiary, in the power of attorney it should have a clause for this, if they are not to change it it should state that the POA has no rights to change, modify or cancel anything dealing with life insurance..etc etc..check on that, if not, then you might want to conatct an estate attorney. Best of luck!

 

[Dandy Don]

This was highly improper and only an attorney can tell you whether Maryland state law has rules against this or not, and I'll bet that they do.

DANDY DON IN OKLAHOMA ([email protected])