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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 53951
Experience:  29 years of experience practicing law, including tax and estate planning.
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Will a Power of Attorney override a Trustee of an investment

Customer Question

Will a Power of Attorney override a Trustee of an investment Trust? Who has more power, A trustee who was made trustee in 2008 versus a new power of attorney that was established 2016? The Power of Attorney wants to review the Investments in the Trust, does the Power of authority have the legal right, if the Trustee will not allow them? Is the financial representative or advisor on the investment statement responsible to the trustee or to the person with power of attorney
Submitted: 1 month ago.
Category: Estate Law
Expert:  Richard replied 1 month ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 month ago.

The trust agreement controls the trust assets. And, the trustee controls the trust and its assets. The POA has authority to act on behalf of the principal individual. Such a person acting under a Durable Power of Attorney becomes the agent of the principal who appointed him or her. As agent, that person is what the law calls a “fiduciary.” This means that person has a duty to act in the highest good faith for the principal’s benefit. It is not considered in the principal's best interest to change the principal's estate planning, which would include this trust even if the trust is revocable. If the trust is irrevocable, the POA would have no authority over the trust because the individual would not have any control. If the trust is revocable, although the individual could revoke or amend the trust, the POA would be breaching his fiduciary duty to act in the best interest of the individual to make any changes to the trust or try to control the trust or the trustee.

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