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Title: Breaking Down Estate Planning Myths: Mark Fishbein Explains the Limits of Powers of Attorney Over Living Trusts

United States, 5th Sep 2024 - Mark Fishbein of ALTA Estate provides strategic estate planning solutions tailored to meet the specific needs of each client. ALTA Estate Services focuses on creating strong and adaptable estate plans, managing clients' financial matters, and preserving their legacy according to their wishes. The tools employed include the creation of living trusts, wills, durable powers of attorney, and healthcare directives.Understanding the Basics: Trusts and Powers of AttorneyA trust is a legal arrangement that allows a trustee to manage assets for the benefit of beneficiaries. A living trust, often revocable, enables the trustor to adjust its terms during their lifetime. A power of attorney (POA) is a legal document that grants someone the authority to make decisions on your behalf, usually related to financial matters or healthcare.The Authority of a Durable Power of Attorney in Estate PlanningA durable power of attorney remains valid even if the principal becomes incapacitated. It plays a crucial role in estate planning by allowing an agent to manage financial decisions concerning trust assets. However, the scope of authority depends on the specific language in the POA document and the governing state laws.Can a Power of Attorney Amend a Living Trust?Typically, an agent with power of attorney does not have the authority to amend or revoke a living trust. This power is generally reserved for the trustor, unless the POA document explicitly grants this ability, which is uncommon and subject to restrictions under state law.Revocable Living Trusts: Flexibility and ControlA revocable living trust offers the trustor the flexibility to make changes as circumstances change, including amending or completely revoking the trust. The trustor retains control over...

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