Can a Power of Attorney legally change a beneficiary on a life insurance policy?

Question

Wanted to find out to protect an elderly relative that is possibly being financially exploited.

Answer 1

yes

Answer 2

Unless the power of attorney was limited, they may be able to do that, but they also have a legal obligation to act in the best interest of the person who granted the power.

Answer 3

Yep! Assuming that it is granted for that specific purpose. Many insurance companies will not accept a general power of attorney for such a purpose though they legally could.

Answer 4

in basic terms the coverage proprietor can substitute the beneficiary clause. If the coverage proprietor is legally incompetent, then their criminal mum or dad can substitute the beneficiary clause, regardless of if, they can't substitute IT TO THEMSELF. there is not any way it is going to fly. And, you do not could desire to help mom, and you do not could desire to help grandma, the two. ultimately, everyone who's that incompetent or irresponsible has NO corporation driving a automobile. base line - none of something of the family is ENTITLED to any of that money. not even you. no remember what. you could not "thieve" or "sneak" the beneficiary clause over to your self, and destroy out with it. And that categorical seems to be precisely what's occurring. there is not any signed paper, that OVERRULES the existence coverage plans wording. not even a will. in case you like your siblings and cousins to have some money, provide them your man or woman money. not grandma's, and not mothers.

Answer 5

Once the power of attorney is signed, the assigned person has all rights of the signer...unless specified other wise. that includes financial, medical, and anything else you can think of...so one must be very cautious.

Answer 6

any will can be challenged, assuming there is anything left. You should act now before it's too late. Cunsult with an attorney.

Answer 7

I don't think they can in Ontario (Canada) without a full review by a court.