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Living Trust - Power of Attorney

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J

jemmah

Guest
Recently a problem came up, concerning my father-in-laws trust. The bank appears to be pushing to have him declared incompetent. This being done would make the bank the trustee of his trust (maybe). The bank called my wife and said he is acting strangely. She informed them she had durable power of attorney to assist him, and requested they notify her if any large amounts of money were to be moved, or there were any suspicious moves made. They asked her to bring a copy of the POA to the bank. When she arrived they were quite hostile, and told her they didn't need the POA requested, and that she should have him declared as incompetent. She requested to see the Bank President and received much the same treatment, again a push to have him declared incompetent. They stated that they would not recognize the POA, and it was worthless because he had a living trust. The POA was drawn up well after the trust. We also have are trust with them, and after a little research are going to change our trust. This is all somewhat confusing to my wife, I've already told her what I suspect is about to take place. What can be done to prevent this trust from being depleted and it's original intent being completely destroyed.
 


L

loku

Guest
The way most Durable POAs are written, they give very broad financial powers. If that is the case with yours, then if the trust is revocable, you can exercise your right under the Durable POA to revoke the trust or to change the trustee. If the trust is irrevocable and your father in law has the power to change the trustee, then you can also do so with the POA. If the POA is not broad enough to cover that, then you could get him declared incompetent and have yourself declared his conservator. Then you would have the powers.
 

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