How is a Trust executed?

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How is a Trust executed?

I hold a Power of Attorney for my father who is 82 years old and suffers from dementia. I have copy of a Trust that was set up in 1997. I contacted the bank and they informed me that the Trust was never executed and they have no accounts in my father’s name. How would I set up a new one?

Asked on April 6, 2011 under Estate Planning, Alaska

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If your father suffers from dementia, is he only suffering from it time to time or has he been declared incompetent? If he is still competent (of sound mind), he can go to the bank, along with the trust documents, and ask the bank account be renamed and rerouted to the trust. It will be usually his name as trustee for whatever name the trust is. If you are the power of attorney and he is completely incompetent, you need to bring him, the power of attorney, and the trust to the bank and go through the same process. Review the trust documents with a trust/estate planning attorney because there may be other assets that should and could go into the trust (other accounts, retirement monies, vehicles, homes, boats, personal property and the like). You may wish to also explore medical power of attorney and medical directives in addition to the general power of attorney.


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