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.

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

Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New York