St Louis, MO asked in Estate Planning for Illinois

Q: Can financial POA change beneficiaries on a trust?

The poa states that I can change any and all beneficiaries.

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1 Lawyer Answer
Michael Goldberg
Michael Goldberg
  • Estate Planning Lawyer
  • Libertyville, IL
  • Licensed in Illinois

A: By default, a financial POA is not permitted to change beneficiaries on financial accounts in Illinois. However, the POA document itself can add in language authorizing the POA to change beneficiaries on financial accounts. Drafting attorneys will typically limit this power to only naming the principal's trust as a beneficiary, or in some cases a spouse or descendants as well.

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