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socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 37968
Experience:  Retired (mostly)
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I have a General Power of Attorney as well as a Durable

Customer Question

I have a General Power of Attorney as well as a Durable Power of Attorney appointing me as Agent from my mother. I am trying to get her life insurance straightened out and am being told by 2 different insurance companies that they will not honor either power of attorney, that I must go to the local Court House and get a "Business Power of Attorney" ... I have never heard of a business power of attorney. Can you provide insight please?
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.

Hello,

There is no such thing as a "business power of attorney." There are "general," "durable," and "limited" powers. However, Louisiana law refers to a power of attorney as "representation." Among the laws controlling this power, is LA Civil Code Section 2997(1) which provides: "Authority also must be given expressly to:...(1) Make an inter vivos donation, either outright or to a new or existing trust or other custodial arrangement, and, when also expressly so provided, to impose such conditions on the donation, including, without limitation, the power to revoke, that are not contrary to the other express terms of the mandate."

A life insurance policy is in effect, an inter vivos ("while living") donation of a benefit by the insured to a beneficiary. Consequently, you need your power of attorney to expressly appoint you with the power to take whatever actions may be necessary with respect to the life insurance policy, including the power to remove and replace any and/or all named/designated beneficiaries.

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