Only an active power of attorney can access an annuity product. If the person for whom the power of attorney is created is NOT incapacitated (or ruled incompetent in probate court), then only the individual, whose name is on the annuity, can access it.
AnswerYou need to check your state laws for statutory powers granted under a POA and you must also check the POA for any specific powers granted or restricted. A POA gives the attorney-in-fact broad powers that vary from state to state. For example, the state of Ohio bestows the following statutory powers regarding annuities:
(H) Language in a power of attorney granting power with respect to insurance and annuities authorizes the attorney in fact to do all of the following:
You can review the long list of other Ohio statutory powers at the link provided below that is included for reference purposes only. For statutory powers of an attorney-in-fact in your state you need to check your state laws.
No they will not be able to access funds. A power of attorney expires on the death of the grantor.
No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.No, of course not. A power of attorney does not grant access to the principal's assets for your own personal use. That type of action by a fiduciary is against the law.If the principal is deceased the power of attorney is extinguished.
There are a couple of ways to get cash for your annuity. You can contact the company and ask to cash out. Another option is to hire an attorney and get the annuity that way.
Having power of attorney may not grant one access to a will. It may require specific permission.
An attorney-in-fact under a Power of Attorney has complete access to the principal's assets including bank accounts.
Annuity loans are when an annuity holder borrows money against the value of an annuity contract. It allows one to access funds without having to cash out their annuity immediately.
The power of attorney only represents a living person. You would need to have a letter of authority as the executor of the estate.
Anyone they allow, whether by marriage, power of attorney, or something of that sort.
You may need to hire a lawyer and go to court to get access, but a power of attorney does not allow this. The executor of the will may not be allowed to release the details, or a copy to protect the privacy of the deceased and the arraignments made for other beneficiaries. To get a copy you may need to sue and show wrongdoing to get access.
Anyone can act as a power of attorney for someone else. You do not have to be an attorney
power of attorney
The power of attorney represents a living person in business dealings. The power of attorney ends with the death of the grantor.