What forms are needed to change beneficiaries on all my bank accounts?
Full Question:
Answer:
The form states that the power to change designation of beneficiaries is granted as to life insurance policies. The stated powers with regard to CD's are to acquire and redeem. Under the Latin principal of interpretation, expressio unius est exclusio alterius, the express mention of one thing excludes others not mentioned. Where there is a list of words which is not followed by general words then the act will only apply to the items in the list. Therefore, the power to change beneficiaries on a CD are stated, however, it's possible the power may be implied under a more general duty granted. The answer would depend on the facts and circumstances involved at the time. It may be possible that such powers could be acted on by the agent if it was necessary to carry out the business of the principal. If the change of beneficiary was done against the wishes or best interest of the principal, or to the personal gain of the agent, it could be a basis for a breach of fiduciary duty complaint.
If you wish to exclude, restrict, or add a specific power, our forms our able to be modified. For example, a statement denying the power to change beneficiaries may be added to the banking section.