In the last part of this month’s series about estate planning we discuss living trust amendments with an incapacitated settlor.
John, an old We the People customer called regarding amending his uncle’s living trust to be added as a trustee, because his uncle is incapacitated. He is already the successor trustee. The question is, can he amend the trust to add himself as acting trustee, or does it go beyond his powers as successor trustee?
In this case, John does not need to execute an amendment. The trust already provides for the successor trustee to take over when the Settlor is incapacitated. To cover his bases (and maybe out of necessity, depending on what the trust says), it would be good to get a letter from a physician saying the trustee is incapacitated. Banks, etc. may need to see a physician letter documenting incapacity as well as a certificate of trust before he can transact business on the Settlor’s behalf.
We hope you have enjoyed our series on Living Trusts and Estate Planning questions!
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The information contained in this blog – including information of a legal nature – is provided for informational purposes only, and should not be construed as legal advice on any subject matter.