[WSBAPT] POA question

[Mark Vohr]

Randy - We occasionally, more often than we like, have to get financial institutions attention when it comes to honoring the actions of an AIF.  We generally start the process with a polite, but directed, letter referencing RCW 11.125.200.  If they still refuse - we file and action against them and ask for attorney fees, which we always get awarded.

Not sure if you will have an issue with getting jurisdiction over the insurance company  - but hope this helps.

Regards,

Mark

Mark C. Vohr, Esq.
Ohana Fiduciary Corp.
Ohana Financial Services
A Washington Trust Company
Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com      www.ohanafc.com

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Randolph Petgrave
Sent: Tuesday, February 16, 2021 3:01 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] POA question

Listmates,

I have a situation where an attorney-in-fact used her power under a POA to change the beneficiary of a life insurance policy.  The power to do this was specifically granted in the POA.

The original life insurance designation gave 60% to the AIF (who was also the principal's spouse), and 40% to Beneficiary A.  After the principal changed his estate plan, creating an Irrevocable Family Trust, he wanted to change the life insurance to be 50% to AIF, and 50% to the Family Trust (of which Beneficiary A is one of five trust beneficiaries).  Because the principal suffered from ALS he was physically unable to sign the document, and had the AIF sign for him under the POA.

The life insurance company declined to honor the updated beneficiary designation saying the POA was insufficient to authorize the AIF to make such changes (despite the specific language, and the fact that the AIF was actually reducing her share).

Does anyone have case law or other authority (state or federal), that would be helpful in defending the AIF's ability to make the changes to the new designation document?

Thanks in advance for your responses.

Regards,
Randy


Petgrave & Petgrave, PLLC

Attorneys at Law

Mailing: P.O. Box 2831

Issaquah, WA 98027



Direct: (206) 240-9148

Fax:      (206) 260-2710

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