[WSBAPT] ability of AIF to cash in Principal's Life Ins for LTC costs

[Melinda Grout]

Good morning,

AIF for my client needs to cash in the life insurance to bring in funds to
help my client afford to stay at home with assistance, but insurance
company says no specific authority in DPOA for life insurance.  

I am looking at RCW 11.94.050 which specifically prohibits an AIF from
altering or revoking a life insurance beneficiary unless for the purpose
of qualifying for medical assistance.  However, the statute does not seem
to prohibit cashing in the policy.  

Has anyone had experience with interpretation of the statute.  I could see
how it could be argued that the intent of the statute would be to also
prevent cashing in insurance policy, but the words do not say this.

Thanks!

Melinda Grout
Law Office of Melinda K Grout, PS
17325 W. Main Street / P.O. Box 1360
Monroe, WA  98272
360-794-4322  / Fax: 425-744-6745

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