Texas Estates Code 751.033 – Authority to Create or Change Certain Beneficiary Designations
(a) Unless the durable power of attorney otherwise provides, and except as provided by § 751.031(c), authority granted to an agent under § 751.031(b)(4) empowers the agent to:
(1) create or change a beneficiary designation under an account, contract, or another arrangement that authorizes the principal to designate a beneficiary, including an insurance or annuity contract, a qualified or nonqualified retirement plan, including a retirement plan as defined by § 752.113, an employment agreement, including a deferred compensation agreement, and a residency agreement;
(2) enter into or change a P.O.D. account or trust account under Chapter 113; or
(3) create or change a nontestamentary payment or transfer under Chapter 111.
(b) If an agent is granted authority under § 751.031(b)(4) and the durable power of attorney grants the authority to the agent described in § 752.108 or 752.113, then, unless the power of attorney otherwise provides, the authority of the agent to designate the agent as a beneficiary is not subject to the limitations prescribed by Sections 752.108(b) and 752.113(c).
Terms Used In Texas Estates Code 751.033
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(c) If an agent is not granted authority under § 751.031(b)(4) but the durable power of attorney grants the authority to the agent described in § 752.108 or 752.113, then, unless the power of attorney otherwise provides and notwithstanding § 751.031, the agent’s authority to designate the agent as a beneficiary is subject to the limitations prescribed by Sections 752.108(b) and 752.113(c).