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Question: A person has come to the bank with a power of attorney and wants to open a new account for the principal and name himself as POD beneficiary. Can we do that?
Answer: Not right now! The 8th Court of Appeals in El Paso decided that an attorney in fact may not name beneficiaries on an account. That court concluded that only the owner/principal and not the attorney in fact may sign the agreement creating the POD relationship. IBAT is filing an amicus brief, supporting a motion for hearing in the Texas Supreme Court. But meanwhile, this is the law on point.
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