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Can a Totten Trust trustee give POA for transaction authority?
Answer by Name of Guru, BOL Guru
Guru Bio

Question: Should a "trustee" of a Totten trust account be permitted to give a power of attorney for transaction authority?

Answer: In my opinion, there is nothing special about a "Totten Trust." This is considered a fancy name for a POD account.

Since all ownership in such an account is in the "trustee," and the account is totally revocable, and there is no true trust under most state laws (opinion there), there is no reason the owner of the account could not appoint an attorney-in-fact/agent to act on his/her behalf.

First published on BankersOnline.com 04/07/03









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