Can a POA agent set up a trust fund for a beneficiary?
1 Answer from Attorneys
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.