Legal Question in Wills and Trusts in Texas

You have two questions:

1. Can the adult child who has been named POA change the name of the beneficiaries, change the amount of any or all CDs, terminate, or sell the CD on their own without the parent's knowledge or approval?

Answer: Possibly. The answer depends on a host of factors. The main one is the way the POA is written. The POA is infinitely customizable. You can restrict access to a set of accounts, or restrict the use of the POA to make beneficiary designations. The power grantor can always revoke the POA, or go to the institution where the accounts are held and restrict powers there.

2. Can they make any changes after the death of the parent?

Answer: No. The POA dies with the power grantor. Once the power grantor dies, the POA dies with it. There's always a chance that a person uses a POA after the death of the power grantor, but before the recipient knows of the death. The power holder is without authority, however.

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