Can you create a trust with my money?
In 2005 the Texarkana Court of Appeals was asked that question. An elderly couple who became concerned about their future health and living care needs made two of their children signatories on their bank account. Over time, the mother died and a daughter was able to get sole control of the funds. She refused to [...]
Is a breach of fiduciary duty a crime?
Texas has a criminal statute that makes it a felony offense to misapply fiduciary property. Many of the cases dealing with the criminal aspect of misapplication of fiduciary property deal with persons who have powers of attorney over a relative. Using the power of attorney, they essentially convert the relative’s money into their own. Occasionally, [...]
Can someone with a power of attorney create a trust for his principal?
The principal is the person who gives the power of attorney. The agent or attorney-in-fact is the person to whom the power is given. Once he has a power of attorney, can the attorney-in-fact create a trust for the principal? In Texas, the answer is no, he cannot. The law dealing with trust requires that, [...]
Are all Powers of Attorney the same?
The short answer is no. A power of attorney can grant a general power or a special power. It can be a durable power of attorney or not. You can also have a power of attorney solely for medical decisions. What do all of these terms mean? A power of attorney is granted by one [...]
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- Can you create a trust with my money?