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by Answerbag Staff on February 2nd, 2010

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Should the power of attorney&trustee be the same person?

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  • by Laura Agadoni on February 2nd, 2010

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    Great Answer

    Professionally Researched. (What's this?)

    On One Hand: Yes, If There is Trust

    When you select a power of attorney, this person will have authority to make financial and legal decisions for you. This person can be a spouse, child, friend or an attorney. The person you select must use your assets for your benefit, not theirs. The power of attorney ends when you die. Since a trustee manages your trust and distributes your assets after you die, you want to make sure that you choose someone who will follow your wishes.

    On the Other: No, If There is Not Trust

    The power of attorney and trustee roles are subject to abuse because there is no court supervision, according to Caregiver.org. The courts may step in after the fact, but by then, the damage has already been done. If you do not trust anyone to be your trustee or your power of attorney, you can get a neutral third party, such as a lawyer, bank or a trust company, to do this.

    Bottom Line

    Whomever you select must be sensitive to your wishes. If there is one person that you know you can trust, it makes sense to use the same person as your power of attorney and as your trustee. As long as you choose someone you can trust, this is preferable to hiring a neutral party because lawyers, banks and trust companies all charge fees.

    Source:

    Family Caregiver Alliance: Durable Powers of Attorney and Revocable Living Trusts

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