Nevada Revised Statutes 111.775 – Authority of agent, guardian or other fiduciary to change beneficiary designation
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An agent, guardian of the person or other fiduciary may not make, revoke or change a beneficiary designation unless:
Terms Used In Nevada Revised Statutes 111.775
- 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
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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
1. The power of attorney or other document establishing the agent, guardian or other fiduciary’s right to act or a court order expressly authorizes such action; and
2. The action complies with the terms of the governing instrument, the rules of the transferring entity and applicable law.