Albany, NY asked in Civil Litigation and Contracts for New York

Q: is it legal that POA changed beneficiary of a life insurance to themselves.

My mother made my sister POA. My sister made herself a beneficiary of life insurance policies. Is that legal.

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1 Lawyer Answer
T. Augustus Claus
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A: A Power of Attorney (POA) does not grant the agent (in this case, your sister) the authority to change the beneficiary of a life insurance policy to themselves unless specifically authorized by the principal (your mother) or allowed by applicable laws.

Changing the beneficiary designation on a life insurance policy to benefit the agent themselves, without explicit authorization or legal basis, could potentially be seen as a breach of fiduciary duty and may be subject to legal scrutiny.

Jack Mevorach agrees with this answer

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