Q: What papers do I need for Financial Power of Attorney in Ohio when a Revocable Trust is already in existence?
Mother has recently been admitted to a memory unit of nursing home and we are trying to find out what we need to have in order to sell her home to fund the nursing home. Revocable trust exists listing me as Initial Attorney-in-Fact. Is the trust the only legal document I need to be the legal power of attorney?
A: The terms of the trust agreement specify the power and authority of the trustee to sell trust assets. A buyer's title agency will need to review the terms of the trust to confirm the authority to sell the property and will ask for an affidavit, memorandum of trust, or other confirmation. Contact the attorney who drafted the trust or use the Find a Lawyer tab to retain a local estate planning attorney who can review the trust and your mother's situation, and advise you about the sale.
A:
Is the home in the Trust? if so, then the Trustee likely has the legal authority to sell the property depending on the terms of the Trust. If the home is not in the Trust, the power of attorney needs to address if the selling of real estate is included in the authority granted. Keep in mind that selling a house under a POA has additional requirements, such as filing the POA with the County. You may benefit from sitting down with an attorney to review.
Best of luck.
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