Legal Question in Wills and Trusts in New York

Can a POA agent set up a trust fund for a beneficiary?


Asked on 1/26/18, 5:42 pm

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

I assume you’re intending to transfer the Principal’s money into a trust for a 3rd person (the beneficiary). That transfer would be considered a gift of the Principal’s money to the beneficiary. You need to tread carefully here: if the Power of Attorney doesn’t give you specific authority to do this, you’d be exceeding your authority and perhaps violating the General Obligations Law. It’s potentially criminal. Be careful.

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Answered on 1/27/18, 11:37 am


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