Can a financial POA be named as a beneficiary by the principle for an inherited IRA?
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Can a financial POA be named as a beneficiary by the principle for an inherited IRA?
My aunt has an inherited IRA and would
like to name me as a beneficiary. I was
appointed as her medical and financial
power of attorney a few years back.
Under Indiana law, is my aunt allowed to
do so? She is able-bodied and of sound
mind.
Asked on August 8, 2019 under Estate Planning, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Yes, an attorney-in-fact or agent (those are the terms for someone given power by a POA) can made the beneficiary of in inherited IRA or, for that matter, life insurance or a will. Having power through a POA is completely separate from being a beneficiary after someone's death.
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