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Last year we did the health care power of attorney, a durable power of attorney for financial management, a will and a declaration of trust and I am the trustee for my mom. I have cleaned and fixed up her home and going to sell. I would like to put her money in a trust account for her care and would like to find out the best to create for the sale of the house.

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Just to clarify, a living trust was created and the house was titled to the trust? As trustee, you are selling the home and need to know where to deposit the proceeds.

Is there already a trust checking account? Are the proceeds expected to be less than $250,000? If yes, you can put the proceeds into the account. If not, you’ll need to open one or more accounts as appropriate to maximize FDIC insurance.

I wouldn’t recommend investing the money unless you expect it to last more than 5-10 years. You can use an FDIC insured high yield savings account to get 1.6+% online if you like.

Consult the attorney if it’s a Medicaid trust, especially if you expect the money to last more than 5 years.
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So when all these documents were done, the house was not titled to become an asset of the Trust, so it’s “owned” by the Trust? To me that’s odd. You need to meet with the attorney who did all these items and find out why that didn’t happen as a starting point and let them advise you. None of this is DIY or armchair attorney stuff.
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AlvaDeer Sep 2022
My attorney said that unfortunately it is common that people pay thousands to create a trust, and then do not draw the property into the trust. It should be possible, as our OP is both POA and Trustee of Trust, for her to sell the property, dependent on the powers stated in her POA, and to deposit in her Trust account. I was POA and Trustee of Trust for my brother.
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Steve63, best to check with the Attorney who drew up the Trust. He/she would be familiar with State laws regarding same.
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