|
|
|
|
|
If aged parents have a "living trust" does a financial power of attorney allow the holder of the POA to use the trust assets to care for the parents (when necessary) or must one be identified in the trust as an "additional trustee" in order to use access trust assets for care?
|
|
|
|
|
Power Member
Group: Forum Members
Last Login: 1/6/2010 6:00:00 PM
Posts: 83,
Visits: 123
|
|
Usually, the trust assets can only be accessed by a trustee, but if the agent has assets outside of the trust, he or she can usually marshal and use them for the principals' benefit. If your client is the agent, but not the trustee, I suggest he or she consult legal counsel if the parents are unable to change their trust or the successor trustee does not want to transfer assets to him or her.
John Jacobson
|
|
|
|