LivingGrantor
New Member
My last living, elderly parent has a living trust and has set up trust accounts at several financial institutions, including a bank and investment/brokerage firms.
My parent is a resident of Florida.
The bank/brokerage accounts have the parent as Grantor and the only active Trustee. I am Successor Trustee.
I am Power of Attorney agent (attorney-in-fact) for my parent.
A few months ago, my parent had a serious stroke. He is able to communicate on simple terms, but cannot read, write, or understand complex topics such as the details of financial affairs. He is capable of signing his name to a document, although he relies on my siblings and me to explain the document to him.
After my father had a stroke, I was surprised to find that the Power of Attorney gave me, the Agent, no control over the trust accounts at the banks and investment firms, at least in the state where my father resides. I state this to give you an idea of my ignorance of trust law and regulation. In any case, it has been challenging to accomplish tasks such as withdrawing funds from my father's accounts in order to pay his bills.
Since my father is able to communicate to some extent, his doctor does not consider him to be incapacitated or incompetent at this time.
Since there is some likelihood of another serious stroke, I worry about what happens if he becomes incapacitated / incompetent for a significant period of time? Is there a mechanism for a bank to allow a Successor Trustee to manage the Grantor's accounts? If so, how does this work? Will a bank honor a physician written statement of incapacity / incompetence?
Thanks in advance for educating me on this topic.
BTW, my forum name, LivingGrantor refers to my own trust, not my father's trust.
My parent is a resident of Florida.
The bank/brokerage accounts have the parent as Grantor and the only active Trustee. I am Successor Trustee.
I am Power of Attorney agent (attorney-in-fact) for my parent.
A few months ago, my parent had a serious stroke. He is able to communicate on simple terms, but cannot read, write, or understand complex topics such as the details of financial affairs. He is capable of signing his name to a document, although he relies on my siblings and me to explain the document to him.
After my father had a stroke, I was surprised to find that the Power of Attorney gave me, the Agent, no control over the trust accounts at the banks and investment firms, at least in the state where my father resides. I state this to give you an idea of my ignorance of trust law and regulation. In any case, it has been challenging to accomplish tasks such as withdrawing funds from my father's accounts in order to pay his bills.
Since my father is able to communicate to some extent, his doctor does not consider him to be incapacitated or incompetent at this time.
Since there is some likelihood of another serious stroke, I worry about what happens if he becomes incapacitated / incompetent for a significant period of time? Is there a mechanism for a bank to allow a Successor Trustee to manage the Grantor's accounts? If so, how does this work? Will a bank honor a physician written statement of incapacity / incompetence?
Thanks in advance for educating me on this topic.
BTW, my forum name, LivingGrantor refers to my own trust, not my father's trust.