trust fund My elderly mother is selling her home in Washington state to live…

trust fund
My elderly mother is selling her home in Washington state to live with me in Colorado. Can her money be put in some kind of account that can be secured for her? My brother has power of attorney and my sister and I feel he and his family will deplete her money if he puts his name on her account. She does have a will and we are all to recieve equal amounts. She is also losing her memory, so we are very concerned about what we can do before closing.

2 thoughts on “trust fund My elderly mother is selling her home in Washington state to live…

  1. Re: trust fund
    I agree with Mr. Campbell. If your mother is competent her first option should be to revoke the current DPA and appoint a new attorney in fact. Appointment of a Conservator or Guardian in the state of her permanent residence would be the next alternative. This second alternative can be far more expensive, involving considerable attorney fees if it is contested.

    Bruce Busch
    Bruce R. Busch, Attorney at Law
    6511 39th Ave. NE
    Seattle, WA 98115

  2. Re: trust fund
    Currently, as long as your mother continues to live in Washington, your options are going to be limited by the laws of that state. You should consult an attorney in Washington regarding what can be done before your mother moves to Colorado.

    When your mother moves to Colorado, she will be subject to the laws of Colorado. If her power of attorney is revocable and your mother is not mentally incapacitated, she may revoke the power of attorney and execute a new power of attorney naming someone else as her agent. She could also create a living trust and appoint a trustee, but this may be inadvisable under certain circumstances. Your mother should consult an elder law attorney before making the decision as to whether or not to create a living trust.

    If your mother’s mental capacity is in question, the alternative is to petition the appropriate court in Colorado for appointment of a conservator to manage your mother’s financial affairs. While your brother would have to be the first one considered for appointment as conservator (because your mother appointed him as her agent under the power of attorney), the court may appoint someone else if you can demonstrate that appointment of your brother would not be in your mother’s best interests.

    The bottom line is that you have a fairly complex set of legal issues. I highly recommend you make an appointment with an experienced elder law attorney to review these issues, discuss your options and recommend an appropriate course of action.

    John Campbell
    Law Offices of John J. Campbell, P.C.
    4155 E. Jewell Ave., Ste. 500
    Denver, CO 80202

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