My elderly parents are moving into an assisted living facility and using the "Colorado Statutory Form Power of Attorney for Property" have granted me power of attorney over there financial affairs. I am trying organize the financial situation so I can cover their expenses from their assets. The first bank I visited had no issue granting me signatory power on their bank accounts which are in a revocable living trust. The second refused, stating I need a second power of attorney specific to the trust. On the statutory form, both my parents included "Estates, trusts, and other beneficial interests" as part of the agent’s general authority. What power of attorney document would be required for revocable living trust assets?
Hello,
There are some options for this situation such as modifying the financial Power of Attorney or amending the trust agreement.
Please contact our office to discuss in more detail.
303-733-0103, Ext. 1
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