Can the holder of a power of attorney change IRA beneficiary?
A woman is disabled. She has two large IRAs. Her daughter has a power of attorney. Can the daughter change the beneficiaries of her mother’s IRAs?
A woman is disabled. She has two large IRAs. Her daughter has a power of attorney. Can the daughter change the beneficiaries of her mother’s IRAs?
Permalink Submitted by Jose Morales on Fri, 2013-10-18 16:14
That should be addressed in the power of attorney document itself. We have a policy of only accepting a POA on IRA accounts on a case by case basis so that we have an opportunity to review the POA document. We want to see what powers are specifically granted and restricted with regards to their IRA accounts. If it is not specific we will not accept the POA.
Permalink Submitted by Aida Forty on Sat, 2013-10-19 06:24
Is there any process to add those permissions? I mean what to do if a person is not granted the permissions? Get some good information on JenniferBuysHouses.
Permalink Submitted by Alan - IRA critic on Sat, 2013-10-19 23:42
The POA grantor can have a new POA drawn up that includes any desired changes. A more recently dated POA will also be acceptable to more 3rd parties, since the older a POA is the more concern that it might no longer be valid. The last thing an IRA custodian wants is to become involved in litigation regarding beneficiaries.