I have power of attorney over my surviving parents finances. Her savings account is in trust between both parents, one deceased. Which thing takes precedence, POA or trust?
Trust for a minor should have more power. You see, so many minor's money has been stolen from under them by people, the bank puts more power in the trust over power of attorney, in protection of a minor.
A POA is only allowing you to sign for something that the original person would be able to sign for. So if the trust doesn't allow something. the POA is useless.
You must be a trustee of the trust in order to do anything with that. A POA is only good for the person it's drawn on, up until their death. A POA won't give you access to the trust unless you're a trustee.
Usually the trust overrides the POA since there is a legal trustee who has been charged by law to operate the trust. Your POA will address those financial issues not a part of the trust.
technically neither take precedence- cos they are 2 different things the trustee is required by law to ensure the terms of the trust are adhered to YOU with POA have the power to ensure they do (just as your parents would if you didnt have POA) YOU with POA have no power to change the terms of that trust just as your parents dont (or didnt) as you say - YOU only have control over their finances , what you dont have control over is the source of those finances (the trust) cos the trust is a separate entity from your parents (just like a company is a separate entity from its employees YOU (as an employee) only have control on how you spend your pay. but you dont control how much you get paid per hour/week/month - THATS down to the company)
