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.

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............?

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......?????