Q: Executor of will changed named beneficiary on retirement account for personal gain? Durable POA not filled. Wake, NC
Executor changed named beneficiary of 25yrs to make himself now the named beneficiary, via internet, on Charles Schwab acct. 3 weeks before my dad passed away. Durable POA not filled with registry of deeds in Wake county
A:
The answer to your question will hinge upon the Power of Attorney document’s language. Because your father was living at the time of this beneficiary change, the executor would have been acting in his or her potential role as agent under the Power of Attorney.
An agent has a fiduciary duty to act in the best interest of the principal (your father in this case). The Power of Attorney document will be controlling, as it is possible your father granted the executor the ability to make such changes.
North Carolina does not require a Power of Attorney to be recorded, though it is sometimes common practice for them to be recorded in the county in which the principal resides or has property.
I would recommend speaking to a local attorney if you believe the executor may have been acting outside of your father’s wishes and the specifications in the Power of Attorney document.
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