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#690696 - 02/21/07 08:22 PM POA and trust accounts
sunshinebanker Offline
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Joined: Mar 2006
Posts: 233
Can a current trustee of a trust account give power of attorney to another person? i.e. mother and daughter are trustees on a trust. The mother was in with her son, who had typed up a power of attorney, to add himself as a power of attorney on the trust account. Both mother and son signed the POA in front of our banker. Doesn't the trust document have to specifically allow for the trustee to add a power of attorney in the provisions of the trust?

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#690755 - 02/21/07 09:02 PM Re: POA and trust accounts sunshinebanker
TaraHay Offline
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Joined: Jan 2007
Posts: 45
Our legal counsel told us just that, that the trust documents have to specifically allow for the appointment of a POA.

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#690830 - 02/21/07 09:52 PM Re: POA and trust accounts TaraHay
#Just Jay Offline
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#Just Jay
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Cheeseheadland
Ditto...the trust doc must make a provision for it, otherwise no.

She needs to produce a trust doc showing the trustees have the right to assign a POA, or revise the trust to make her son a trustee also, or take the account out of trust and either make it POA or joint.
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#690842 - 02/21/07 09:58 PM Re: POA and trust accounts #Just Jay
John Burnett Offline
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John Burnett
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Cape Cod
You should also have your bank counsel check to make sure there is nothing in your state's laws that would prohibit such a provision in a trust agreement.
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