My question involves estate proceedings in the state of: North Dakota
I have a durable POA for my Mom if Dad passes first or becomes incapacitated. Dad is an annuitant of a non-qualified annuity that pays a death benefit. Mom is the primary beneficiary when Dad passes. Us 4 siblings are named as contingent beneficiaries. If Dad passes before Mom, I, as Mom's POA, will file a claim with the annuity company. Mom can elect to take a lump sum, or continue on with the annuity under the same terms, or, I believe, take payments over 5 years. If Mom elects to continue on as owner of the annuity, then she may also elect new beneficiaries. Mom has no will or other directive indicating that the proceeds would be intended anything other than us 4 siblings. Mom has dementia. There are no other ex-spouses or heirs(of higher priority). My question is: Can I, acting as Mom's durable financial POA, designate us 4 siblings (includes myself) as primary beneficiaries? These would be the same beneficiaries that are currently listed as contingent beneficiaries. Is this, in any way, considered to be self-dealing, to put myself on as a beneficiary too?
I have a durable POA for my Mom if Dad passes first or becomes incapacitated. Dad is an annuitant of a non-qualified annuity that pays a death benefit. Mom is the primary beneficiary when Dad passes. Us 4 siblings are named as contingent beneficiaries. If Dad passes before Mom, I, as Mom's POA, will file a claim with the annuity company. Mom can elect to take a lump sum, or continue on with the annuity under the same terms, or, I believe, take payments over 5 years. If Mom elects to continue on as owner of the annuity, then she may also elect new beneficiaries. Mom has no will or other directive indicating that the proceeds would be intended anything other than us 4 siblings. Mom has dementia. There are no other ex-spouses or heirs(of higher priority). My question is: Can I, acting as Mom's durable financial POA, designate us 4 siblings (includes myself) as primary beneficiaries? These would be the same beneficiaries that are currently listed as contingent beneficiaries. Is this, in any way, considered to be self-dealing, to put myself on as a beneficiary too?
Heirs and Beneficiaries: Power of Attorney Naming Self As One of 4 Siblings As Beneficiary to Annuity
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