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Revocable Trust versus POA

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karinarden

Junior Member
What is the name of your state? Florida

1. Can a financial planner analyist have control over annunities above the beneficiary? Can they stop the beneficiary to do with the annunity what they want (cash out, maintain, etc.)?
Can they say who is to get the money after the beneficiary dies without the benefiiciary designating the next beneficiary?

2. Does having a POA mean you don't need a trust to turn over assets, valuables, property, etc to the recipient?

3. If you are named in a trust to receive all assests, properties, etc, does that include annunities even if beneficiaries to those are named?

My mother in law says she does not need a trust since she has a POA naming her son and the the financial planner has the authority to executive her finances to her wishes. That does not jive well with us considering he is a stranger to the family.
 


anteater

Senior Member
A Power of Attorney authorizes an agent to act on behalf of the person granting the power while that person is alive. The POA expires when the person granting it does.

An annuity is a contract with a life insurance company. If the contract names beneficiaries, what happens when the owner dies is a matter between the beneficiaries and the insurance company. Not the salesperson who originally sold the annuity.

Beneficiary designations trump wills, trusts, etc.
 

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