My question involves estate planning in the state of: Missouri
My elderly father recently decided to plan for his passing with a Power of Attorney and a Living Trust. This was not thoroughly researched, and was instigated by my younger brother.The trust and POA are documents that were printed off the internet. A lawyer was never involved, and I was out of town when this happened.
The Living Trust is a collective trust, revocable, with both myself, and my brother having equal powers. "The purpose of this agreement is to establish a Trust to receive and manage assets for the benefit of the Grantor, during the Grantor's lifetime, and to further manage and distribute the assets of the Trust upon the death of the Grantor." The trust was dated May the 5th, of 2015, and has not been revoked.
There is also a Durable Power of Attorney involved, which lists a lot of the same powers as the living trust, and it's dated after the trust. But, the POA lists my brother as being the immediate attorney- in-fact, and myself as being a successor. This document is dated after the Living Trust. It has not been revoked.
What I have found, is that any institution which has interests in these documents, only have one, the POA. None of them have a copy of the Living Trust. I am not sure why this is, and I have not approached my brother, who as I stated, started the ball rolling on this. I do know that he is the one who handed the POA out, and not the Living Trust along with it. I do not with to talk with him about this, until I am certain of what I know concerning this issue.
My questions are: "Are these documents in conflict with each other, assuming that I give the Trust to concerned parties?" "Does one document override the other?" "Should I give the Trust to all concerned entities?"
Any other comments and concerns are welcome. Thanks!