QUESTION

What form of power of attorney should be used to cover bank accounts and other assets in a revocable living trust in Colorado?

Asked on Apr 01st, 2021 on Trusts and Estates - Colorado
More details to this question:
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?
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1 ANSWER

Estate Planning Attorney serving Boulder, CO at The Cohen Law Firm, P.C.
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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
Answered on Apr 21st, 2021 at 9:24 AM

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