As trustee for my parents' living trust, can I manage their affairs if they're unable and do I still need power of attorney?
As a trustee for my parents in their living trust, can I manage their affairs if they become unable to do so? Do I still need a power of attorney?
Your role as trustee of the living trust is a big one, but it only authorizes you to manage the property in the trust should your parents become incapacitated.
You would still need to be appointed their agent in a durable power of attorney for finances to handle income likely to be outside the trust -- from pensions, Social Security and other sources and to pay their bills and maintain their bank accounts, for example.
Stay Connected With Caring.com
Get news & tips via e-mail