Q: I have financial POA over my grandfather, can I add myself as a beneficiary on his deed?
He has no will. I’ve been living in his hook me caring for him for over a year. In February he was going to add me as beneficiary on his deed. The pandemic closed the courthouse until this week. He is now incapacitated and can not do so. Can I add myself as beneficiary? The financial POA states I have the power to do so.
A: Typically, if a POA grants a power then it is legal to exercise that power, assuming doing so doe not conflict with any limitations or restrictions given in the document. Another important caveat is that said power is being exercised in good faith and in keeping with the principal's interests. Further, the POA would need to be "durable" (still effective despite the principal's incapacity) to be effective at this point.
Ultimately, it is impossible to give a hard answer without reviewing the POA and knowing all of the surrounding facts.
It would be in your best interest to consult personally with an estate planning attorney before acting.
*This statement is the opinion of its author and is intended for educational purposes only. It is not legal advice, nor does it constitute an attorney-client relationship.
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