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My mom's trust was set up years ago. Cost was in the range of $1500-2500. The person who sets up a trust is the one who pays. Setting it up is a one time thing unless the person wants to change what is listed in their trust (there would be a fee for amending it).
Dealing with my mom’s trust now. She passed away in November 2021. Everything is in her trust, I am executor. My responsibility is to handle her trust according to her wishes as indicated in the trust. Lawyers are not required, although I did contact my lawyer to handle things (so he files documents, double checks everything, etc). I just want to make sure everything is done correctly. Her trust is not complicated and consists of bank accounts and her home. Trusts are handled privately (no need for court/judges decisions) while probate is public.
The cost involved with a trust is in setting it up. Worth it imo.
After death, a DPOA reverts to 'a derivative POA' so that in the absence of an Estate Rep or Conservator assignment, the POA can continue to act on behalf of the estate to close out any remaining matters. I don't know if this requires a court appointment.
(My apologies if my attempts to quote don't carry into the post; I'm new here and still learning how to use the quotes function when posting.)
I am not confident that is true as I could not quickly find any reference to confirm your statement.
A "Power of Attorney" in most States is valid only while the Grantor is fully capable, both mentally and physically.
A "Durable Power of Attorney" extends those powers to be valid after the Grantor is incapacitated mentally or physically. That is typically when such powers are most needed.
Both forms of POA terminate upon death of the Grantor.
I am not confident that is true as I could not quickly find any reference to confirm your statement.
A "Power of Attorney" in most States is valid only while the Grantor is fully capable, both mentally and physically.
A "Durable Power of Attorney" extends those powers to be valid after the Grantor is incapacitated mentally or physically. That is typically when such powers are most needed.
Both forms of POA terminate upon death of the Grantor.
This is my understanding also. I could not find any definition of “derivative POA”.
There is a third type of POA that only comes into effect if the person is incapacitated, but I could not find any type of POA that is valid after death.
This is my understanding also. I could not find any definition of “derivative POA”.
There is a third type of POA that only comes into effect if the person is incapacitated, but I could not find any type of POA that is valid after death.
One of my jobs when I was working in the financials services business was reviewing documents when a DPOA was attempting to open a brokerage account. The DPOA that becomes effective upon incapacitation is a Springing Durable Power of Attorney. During all the time I did that job, I never heard of a Derivative POA.
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