So, here is the deal. My grandma has an annuity and made me the beneficiary. She also has a pretty good bank account that my stepmom has POA on. Grandma and POD on bank account (my father died last year) it was all the POD and POA in his name then reverted to her. My question is can stepmom cash in annuity to pay grandma's health care before using the bank account that would go to her? We're in Oregon.
As to surrendering the annuity - if your stepmother has an active POA agent position, and the POA document itself permits such a transaction, as an insurer, we will follow the instructions (again, as long as the POA is validly executed and provides such authority and the submitter is the valid agent under a POA).