change of beneficiary desingnation form via power of attorney

[Guest jigpsu100]

We have a former employee with a 401(k) balance. Unfortunately, he has terminal cancer. His beneficiary disgnation currently leaves 25% to each of three children and to his wife. His Wife has Alzheimer's disease and one of the children has a Power of Attorney over the mother. Can the power of attorney enable the child to change the beneficiary designations to 33% to each of the children? The mother currently doesn't always remember everyone in the family. If anyone has any thoughts, it would be very appreciated. Thanks.

[chris]

The former employee would be the one to change the beneficiary designations not the Attorney-in-Fact under the Power of Attorney for the mother........... Unless I read your facts incorrectly....... However, I guess you're asking as to whether the Attorney-in-Fact for the mother can waive/consent to husband's naming a beneficiary other than her............?

[chris]

The Q&A in the Regs. under 401 refer to the spouse's legal guardian if the spouse is incompetent and there is no mention of an attorney-in-fact......however, maybe someone else can dig something else up which may help....... What about having Attorney-in-Fact execute a disclaimer/renunciation of her 25% of the proceeds when/if the time comes......?????