Posted by John T on May 01, 2015 at 15:56:20 from (216.249.74.3):
In Reply to: Is this legal? posted by Geo-TH,In on May 01, 2015 at 14:31:28:
George, as part of my semi retired law practice here in Indiana I work in areas of Probate and POA's etc, so I can give you a Professional Legal Opinion of what the answers might be (subject to trust terms) here in Indiana at least.
1) A farmer sets up a Revocable living trust in 2003. His checking account was listed in trust. Before he died of cancer and was unable to go to bank, he gave finical power of attorney to daughter.
a) I would need to read the Trust Instrument and see who was/were the Trustee(s),,,,,,,,Who was a successor Trustee, and if so what event would trigger their becoming such. If the checking account was placed into the Trust and subject to how it was set up and who had what kind of authority, THE TRUSTEE IS THE PERSON WHO MANAGES TRUST PROPERTY AND THE CHECKING ACCOUNT IS TRUST PROPERTY...
b) Did the Trust permit/allow the granting of POA authority for another person to assume duties as Trustee??? Or do the terms of the Trust PROHIBIT any successor or other trustees to be granted power UNLESS IN STRUCT COMPLIANCE WITH TRUST TERMS. IE Did the Trust allow appointment of a successor trustee via a POA or not???????????? Maybe yes maybe no I CANT ANSWER UNTIL I READ THE TRUST. In general a POA can grant most any authority UNLESS SUCH A GRANT IS CONTRARY TO THE TERMS OF ANOTHER INSTRUMENT. If I draft an instrument and in it make it clear no other person can be granted successor or POA authority unless and until I do such and such, that's one thing. But if its NOT prevented then YES most authority can be granted via a POA
2) Daughter takes POA to bank. Lists her brother, who was only going to get $100 from trust and so was she, as co-owner of dad's account. Well dad dies STOP THE PRESSES
a) POA expires upon death of Principal so the POA has no authority under the POA terms then. b) What transpires upon the death of Dad????????? I HAVE TO READ THE TRUST TO ANSWER THAT. Typically upon the death of the Trustee the successor trustee is required to distribute assets etc sort of like if there was a Wills. The Trust would say upon death of dad daughter is successor trustee and she is to do so and so AND THATS WHAT SHE HAS TOP DO IN GENERAL. The POA is expired, now when dad dies the trust rules.
3) And brother transfer $4600 from dad's checking into his savings. Is this a legal way to get around a trust and to steal from it?
LEGAL ANSWER it depends on what the Trust said I HAVE TO READ IT TO ANSWER but it sounds FISHYYYYYYY LOL
4) Friend is going to ask her lawyer.
NOW THATS THE ABSOLUTE BEST THING TO DO, ask a Professional who practices in Probate and Trust and don't rely on what lay persons or even attorneys may say on a Tractor Forum UNTIL THEY READ THE TRUST AND RESEARCH THE LAW...
5) Who will ever know that is that was really what dad wanted?
IF I (or others) READ THE TRUST I COULD TELL YOU but its a bit hard to do not having read it
SUMMARY its freaking IMPOSSIBLE to say whats legal or not legal unless and until the trust is read and reviewed and lay persons or even attorneys opinions arent worth a cent until then ASK A PROFESSIONAL ATTORNEY AND LET HIM READ THE TRUST AND ONLY THEN CAN YOU GET WORTHWHILE OPINIONS.. If anyone here has the smarts or ability to answer the questions perfectly not having read the trust WE BETTER CALL GUINESS BOOK OF RECORDS AND MAYBE HAVE THEM PICK LOTTERY TICKET NUMBERS LOL
Or have the person do as they like, its not up to me or anyone here...
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