Tex.
Est. Code Section 751.033
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 (Grants of Authority in General and Certain Limitations)(c), authority granted to an agent under Section 751.031 (Grants of Authority in General and Certain Limitations)(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 (Retirement Plan Transactions), 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 (Multiple-party Accounts); or(3)
create or change a nontestamentary payment or transfer under Chapter 111 (Nonprobate Assets in General).(b)
If an agent is granted authority under Section 751.031 (Grants of Authority in General and Certain Limitations)(b)(4) and the durable power of attorney grants the authority to the agent described in Section 752.108 (Insurance and Annuity Transactions) or 752.113 (Retirement Plan Transactions), 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 (Insurance and Annuity Transactions)(b) and 752.113 (Retirement Plan Transactions)(c).(c)
If an agent is not granted authority under Section 751.031 (Grants of Authority in General and Certain Limitations)(b)(4) but the durable power of attorney grants the authority to the agent described in Section 752.108 (Insurance and Annuity Transactions) or 752.113 (Retirement Plan Transactions), then, unless the power of attorney otherwise provides and notwithstanding Section 751.031 (Grants of Authority in General and Certain Limitations), the agent’s authority to designate the agent as a beneficiary is subject to the limitations prescribed by Sections 752.108 (Insurance and Annuity Transactions)(b) and 752.113 (Retirement Plan Transactions)(c).
Source:
Section 751.033 — Authority to Create or Change Certain Beneficiary Designations, https://statutes.capitol.texas.gov/Docs/ES/htm/ES.751.htm#751.033 (accessed Apr. 20, 2024).
