How to handle POA and being assigned as trustee of a trust?

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AlvaDeer Asked March 2019

How to handle POA and being assigned as trustee of a trust?

Does anyone recommend any particular manuals. I am very new to this, with my brother, mid-80s, having been diagnosed, after a bad car accident, with a brain tumor. He has assigned me as the Trustee of his Revocable Living Trust so that I can pay his bills and take over financial management but I feel a babe in the woods, and know almost nothing. He has some cash in Pay on Death Accounts and some cash in CDs that are in his trust. I will have to open an account specifically for payment of his bills and all other financial care. He will be moving into assisted living, and almost certainly need to move on to memory care or hospice at some point, dependent on whether this is a growing tumor or one suspected of being long standing. Would you start with getting a book? Or with booking the time of an Elder Care Attorney?

Financial Planning New to Caregiving Power of Attorney (POA)

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score 1 · Answer 1

I'm so sorry for the news about your brother, AlvaDeer. You've had a lot thrust upon you.

For both your sakes, contact an elder care attorney for advice. Take any documents with you.

Between now and when you do meet the attorney, educate yourself on living trusts (they're not hard). There are many sites online that explain trusts. The book that launched me into being sold on trusts was "Make Your Own Living Trust" by Denis Clifford. It's simply written and very easy to understand. Your library may have it, or something similar.

Ask your brother and the attorney about getting General Durable Power of Attorney for his finances and for medical. This way you have everything you need to manage all your brother's business. You won't be able to talk with medical places without the medical POA.

Best wishes to you both.

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Thanks so much MountainMoose. I so appreciate this. We do have our own Living Trust and I am familiar with my brother's as well; never thought to have to implement the POA and become the Trustee however. Those steps are already taken and I do have both POA for Health and Financial, and am now empowered to act for him in health and financial. I think your best advice is to go to the Elder Care Attorney for questions. I am told that the Bank, in setting up the Trustee account that will enable me to pay Dee's bills should not be a problem. I was curious how that Trust Account should be titled and in whose social security number, but am certain they can guide me through it. My brother is still able to act in his own interest when needed, but preferring to step now away from the financial problems in life. I guess those of us with any financial assets to WORRY about are the lucky ones in instances like this, but it sure seems daunting to start with. I am loathe to visit an attorney for just a few questions, given the rates required of an hour, but am saving up questions, and appreciate the guidance in some reading materials.

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score 2 · Answer 2

Start by clicking on "Care Topics" listed on the BLUE RIBBON on this website and then look at the articles about power of attorney (POA). https://www.agingcare.com/topics/55/power-of-attorney-poa

Also, search this website for articles (and maybe postings) about Revocable Living Trust and POAs and for a list of Elder Care Attorneys in the same state as where the trust was written. Also Google Revocable Living Trust for the state that the trust is in.

Do you know the attorney is that wrote your brother's trust? Is there a reason why you cannot talk to him/her about the trust?

Are you also in your 80's? Are you in good health? Does the trust name a Secondary Trustee in case you get sick or injured?

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How to handle POA and being assigned as trustee of a trust?

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