Estate Law Questions? Ask an Estate Lawyer.
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I am sorry to hear about your friends situation. A person can not make themselves power of attorney. Only your friend can grant him that right. He could with a court order become the guardian of her and by court order be issued the right to handle her financial affairs. Regardless he would not have authority to remove a joint checking account owner.
A policy may be canceled and cashed out by the owner during his or her lifetime. If a person with power of attorney has the specific authority to do so, then likely they can but the money must be used for the benefit and in the best interest of the principal. In this case, your sick friend.
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