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The answer depends on the details. You should review the document that created the POA for language regarding the powers of the trustee and the trust document for language regarding amendments to the trust. An attorney in fact under a POA acts on behalf of the principal. They may or may not have the authority to change the term os the trust. You should consult with an attorney who can review the POA and the trust document and explain your options especially if you suspect the AIF of self dealing.
What else can I help you with?
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
Can I change my revocable trust once my husband dies its in his and my name?
Yes, you can change your revocable trust after your husband's death, as long as you are the surviving trustee and the trust remains revocable. You may want to review the trust documents to see if there are any specific provisions regarding amendments or changes. It's advisable to consult with an attorney to ensure the changes are legally valid and align with your intentions.
Is power of attorney part of estate planning?
Whether you create a will or a revocable living trust, it is important to have a durable power of attorney. A durable power of attorney is a document that designates a person who can sign on your behalf and handle your financial matters in the event you are incapacitated.
What is the average cost for an attorney to make a revocable trust?
The cost of an attorney to perform a given task will vary widely by jurisdiction.
Can a irrevocable trust become revocable if the only trust document is a will?
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
Can a property held in a Revocable Living Trust qualify for the Florida homestead exemption?
While I am not a Florida attorney, the general rule is that including property in a Revocable Living Trust does not change the ownership for purposes of a homestead exemption. Because such a trust is revocable at any time, it is still considered your property and therefore still qualifies for a homestead exemption.
Where can I search to learn about revocable trust?
You can search online resources such as legal websites, government websites, or financial planning sites to learn more about revocable trust. Additionally, consulting with a qualified estate planning attorney or financial advisor would be beneficial to get personalized guidance on setting up a revocable trust.
Does power of attorney end at death if there is a clause that says it remains in effect until a trustee is appointed?
Power of attorney ends at death. A revocable and irrevocable trust with a trustee and benaficiarys would continue from life thru death. This would be a better option if your trying to hold on to property.
Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
How can you amend a revocable trust?
A trust must be managed according to the provisions set forth in the document that created the trust. Therefore, you must review your trust to determine how/if it can be amended. Trusts should always be drafted by an attorney in your jurisdiction who specializes in trust law.
Can a person who has power of attorney over a trust account change that account into a joint account?
no In order to change the account you must be the Grantor of the Trust.
Why would one work with a revocable trust?
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
