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Correct me if I am wrong. An Irrevocable Trust is created by…

Correct me if I am...
Correct me if I am wrong. An Irrevocable Trust is created by it's owner through the advice of an attorney. Another person can not create a Irrevocable trust for it's owner unless given the power of an attorney.
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Answered in 5 minutes by:
1/16/2018
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,219
Experience: 29 years of experience practicing law, including tax and estate planning.
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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!

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Good morning. 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. Unless the Power of Attorney specifically allows it, that person cannot use any of the property for that person's own benefit or do anything that isn't in the best interest of the principal. For example, unless the document specifically says so, that person may not set up an irrevocable trust for the principal and transfer the principal's assets to that trust. Also, that person can not sell any of the principal’s property to him or herself, his or her friends, or his or her relatives even at a fair price unless the Power of Attorney makes it clear that such is authorized.

Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,219
Experience: 29 years of experience practicing law, including tax and estate planning.
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Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Richard
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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