Texas § ES.751.033 - AUTHORITY TO CREATE OR CHANGE CERTAIN BENEFICIARY DESIGNATIONS

§ ES.751.033. AUTHORITY TO CREATE OR CHANGE CERTAIN BENEFICIARY DESIGNATIONS

AUTHORITY TO CREATE OR CHANGE CERTAIN BENEFICIARY DESIGNATIONS. (a) Unless the durable power of attorney otherwise provides, and except as provided by Section 751.031 (c), authority granted to an agent under Section 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 Section 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 Section 751.031 (b)(4) and the durable power of attorney grants the authority to the agent described in Section 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). (c) If an agent is not granted authority under Section 751.031 (b)(4) but the durable power of attorney grants the authority to the agent described in Section 752.108 or 752.113 , then, unless the power of attorney otherwise provides and notwithstanding Section 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). Added by Acts 2017, 85th Leg., R.S., Ch. 834 (H.B. 1974 ), Sec. 3, eff. September 1, 2017.