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This is a good observation . I have sort of noticed this too. In past years I helped my dad enter beneficiary information on his various accounts. In general, I just had to help him sign onto online account, and it was easy to enter the info. I guess the bottom line is that it is a good practice to verify beneficiary information periodically in case of any fraud.

On the opposite end of the spectrum, getting added on to a bank as a POA (while the principal is still alive) can be very hard at times. We made the mistake of not adding my brother and I on as POA' s onto the actual banks until after my dads mental and physical decline. We have an executed POA document and letter of being incapable of doing his own banking from his doctor, but some banks are making it a real hassle. I read somewhere that some people have gone to the courts in some cases to get the courts to force banks to comply. I havent had time to reach that stage yet. But apparently that can work , the states do want legitimate POAs to be able to conduct necessary banking business. I guess the banks are so afraid of fraud that their processes are so tough?
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cavincunningham May 26, 2024
And some people are unaware or ignore the fact that upon death, the POA ends.
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Hi Calvin - I'm not sure how to specifically answer this. Maybe more info is needed. What specifically is your situation - and what are you trying to accomplish??
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On your own account?
It's quite simple usually, however you wish to do it.
Generally, for me, when changing beneficiary I am given papers to fill in on my accounts.
I suspect that different banks and savings and loans and credit unions have different rules. Do give them a simple phone call. They are the ones to ask, not a Forum of strangers from around the world.
Wishing you good luck.
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cavincunningham May 26, 2024
I'm not asking for advice per se, just pointing out how easy it is to do, so we need to be diligent in our own affairs.
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My concern is that knowing how simple it is, an unscrupulous person could change the beneficiary to themselves, without anyone else realizing it. If it was done from their computer, how could anyone prove fraud?
(And yet I can't get my ex husband off my checking account without his cooperation, or going to court.)
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strugglinson May 26, 2024
well, they would need your login and password correct?
but that is all. With that said, it may not be a bad idea to check beneficiary status regularly

For someone post divorce, if the ex spouse has passwords to stuff that they no longer have a right to access, then changing passwords is key. If that is your point. An ex spouse who has a password to your account could later change stuff on it.....
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Do you know if they send out some sort of confirmation email or letter after it's changed?
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strugglinson May 26, 2024
I think that when I helped my dad do this, he did get some emails confirming that a change was made. But this could be variable.....
the OP has a valid point that this is a potential vulnerability area
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