A
abtlady
Guest
What is the name of your state? Illinois
My mother in law has a trust of which she is the sole trustee since her husband passed away last year. My husband in Illinois and his brother in Florida are the co-successor trustees. My husband is named in the Durable Power of Attorney to handle all of her financial affairs since she now has Alzheimer's and is unable to handle her finances. All of her assets are titled in the trust except one small checking account which is not in the trust and that account has both my mother in law's and my husband's name on it jointly. Does the POA cover all assets, only those assets outside of the trust, or only those assets titled in the trust? My husband needs to be able to move money from one account in the trust to another account in the trust so he can pay caregivers and other larger bills for her. Does my mother in law have to relinquish her rights as a trustee for this to happen? Thanks for your time!
My mother in law has a trust of which she is the sole trustee since her husband passed away last year. My husband in Illinois and his brother in Florida are the co-successor trustees. My husband is named in the Durable Power of Attorney to handle all of her financial affairs since she now has Alzheimer's and is unable to handle her finances. All of her assets are titled in the trust except one small checking account which is not in the trust and that account has both my mother in law's and my husband's name on it jointly. Does the POA cover all assets, only those assets outside of the trust, or only those assets titled in the trust? My husband needs to be able to move money from one account in the trust to another account in the trust so he can pay caregivers and other larger bills for her. Does my mother in law have to relinquish her rights as a trustee for this to happen? Thanks for your time!