Power of Attorney change beneficiary
In New York can someone use their power of attorney to change themselves to be the sole beneficiary on accounts?
Re: Power of Attorney change beneficiary
no, the power of attorney permits the attorney-in-fact (which I assume you are) to assert control over the principal's finances. (A durable power of attorney gives the fiduciary that control if the principal becomes permanently incapacitated).
The attorney in fact controls those finances in accordance with the testamentary papers of the principal; those papers delineate the beneficiaries of the principal's property. Or, if for some odd reason that principal is intestate, the intestate laws delineate who the beneficiaries are.
So power of attorney has no effect on who the beneficiaries are.
Re: Power of Attorney change beneficiary
no, the power of attorney permits the attorney-in-fact (which I assume you are) to assert control over the principal's finances. (A durable power of attorney gives the fiduciary that control if the principal becomes permanently incapacitated).
The attorney in fact controls those finances in accordance with the testamentary papers of the principal; those papers delineate the beneficiaries of the principal's property. Or, if for some odd reason that principal is intestate, the intestate laws delineate who the beneficiaries are.
So power of attorney has no effect on who the beneficiaries are.
