Power Of Attorney Life Or Death

Need a Trusted Individual to Help Maintain Your Finances? Take the following into consideration

Powers of Attorney v. Adding a New Co-Trustee

A document entitled Power of Attorney and Durable Power of Attorney are powerful estate planning documents.  One difference between the two documents is that a Power of Attorney can terminate upon incapacity, however, a durable power of attorney can remain in effect.  They are quite simple documents at first glance, but it is important to understand your state specific laws that regulate the requirements for drafting.

I recently encountered a case where co-trustees of a revocable living trust (RLT) wanted their successor trustee to immediately begin having power over their finances in order to help pay bills.  All of the assets had already been moved into the RLT at this point.  

This was a question I felt I knew the answer to quickly, however, when I delved deeper into my real understanding behind powers of attorney I learned quite a lot.

My first question was should I amend the trust to allow the successor trustee to now serve as co-trustee or should I amend the durable power of attorney and give the successor trustee an immediate power of attorney?

Adding a co-trustee to a trust gives the new individual full authority to act on behalf of the trust assets, but the agent within the power of attorney may not.  A trustee has power to amend and change the terms of everything, therefore, I felt in my gut that changing the power of attorney was a much better solution.

What To Do Before You Die - Continued

                                                                            /s/ Natalie A. Staroschak, Esq.

Other Article Of Interest:
What To Do Before You Die
Power Of Attorney Life Or Death
Newer Post
This is the last post.

Post a Comment

  1. Top 7 Best YouTube Channels for Free I Play Slots
    Top 7 Best YouTube Channels for Free I Play Slots. 유튜브 I play slots for free, and win a jackpot right now.

  2. استشارات قانونية جنائية في الرياض نقدمها لكم عبر الموقع الإلكتروني لمكتب المعين للمحاماة والاستشارات القانونية .حيث نتيجةً للتطورات التي شهدتها المملكة العربية السعودية على جميع الأصعدة استشارات قانونية جنائية في الرياض

  3. Something different you ought to get some information about is the means by which and when the lawyer will speak with you.
    محامي تجاري جدة

  4. A decent lawyer ought to be prepared to arrange an out of court settlement or suits from different gatherings.

  5. In the event that how much your legitimate debate is tiny, for example, a case or grumbling by a client for $1,000 or less, employing a lawyer will be uneconomic.

  6. Assuming a lawyer is searching for a Web showcasing and publicizing arrangement that doesn't need being important for the compensation per click swarm, the lawyer might need to investigate pay per call programs.

  7. Correspondence should be unshakable and valuable to both lawyer as well as client.

  8. A positive law which keeps a mechanical development (a law in regards to safety belts after safety belts were designed).

  9. In the wake of finding a lawyer, a conference meeting will be booked.

  10. A lawyer's work likewise incorporates haggling with the indictment to supplication deal to lesser accusations.

  11. He has a track record of successfully drafting SaaS contracts and licensing agreements that protect his clients' interests while fostering business growth. technology lawyer