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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.

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Unless your Gmas POAs had step Mom as secondary, they don't automatically transfer over to step Mom. Your Gma would need to assign step Mom if not secondary. The annuity depends on how it's written. Some annuities are set up only so much can be taken out a month. So you will need to find that out. I think the company will talk to you since ur beneficiary. Ask how Medicaid will effect the annity.
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As legal counsel for a life and annuity insurer, our company will not speak to a beneficiary about the the contract owned by another person. Their interest does not vest until death, and we are not permitted to release any information about the account to a beneficiary unless said beneficiary has valid authority (written permission, subpoena, POA, conservator appointment).

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).
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Thanks for info Rebecca
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