The Massachusetts Supreme Judicial Court in Barbetti v. Stempniewicz rules that an agent under a durable power of attorney may not create a trust on behalf of a grantor if that power is not granted in the DPA document, but does not rule on whether such a trust may be created if the power is granted.
In the case of Barbetti v. Stempniewicz, the Massachusetts Supreme Judicial Court rules that a specific power of attorney did not allow the creation of a revocable trust, but chose not to address the question of whether such a power may be created, leaving that to the legislature to decide.
Due to the “staleness doctrine” of many financial institutions, revocable trusts often work better than durable powers of attorney for incapacity planning.
Learn about revocable trusts & annuities for seniors in this fascinating episode of the AskHarry podcast. Margolis & Bloom, Wellesley and Boston, MA, 02481
Older women are often targets of scams & elder abuse. Respectful steps can be taken to protect them. Margolis & Bloom, Wellesley and Boston, MA, 02481.
CA court holds that Post-it note with grantor’s signature is not sufficient to constitute a trust amendment. Margolis & Bloom, Wellesley, MA, 781-705-6400
‘Second Home Savvy’ authors Tim Borchers of Borchers Trust Law and Chris Cahill of 12 Points Wealth Management talk to Harry Contact us at 781-705-6400.