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Current as of January 01, 2025 | Updated by Findlaw Staff
1. Definition. As used in this section, “estate, trust and other beneficial interest” means a trust, probate estate, guardianship, conservatorship, escrow or custodianship or a fund from which the principal is, may become or claims to be entitled to a share or payment.
2. General authority. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to an estate, trust and other beneficial interest authorizes the agent to:
A. Accept, receive, receipt for, sell, assign, pledge or exchange a share in or payment from the fund;
B. Demand or obtain money or another thing of value to which the principal is, may become or claims to be entitled by reason of the fund, by litigation or otherwise;
C. Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal;
D. Initiate, participate in, submit to alternative dispute resolution, settle, oppose or propose or accept a compromise with respect to litigation to ascertain the meaning, validity or effect of a deed, will, declaration of trust or other instrument or transaction affecting the interest of the principal;
E. Initiate, participate in, submit to alternative dispute resolution, settle, oppose or propose or accept a compromise with respect to litigation to remove, substitute or surcharge a fiduciary;
F. Conserve, invest, disburse or use anything received for an authorized purpose; and
G. Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities and other property to the trustee of a revocable trust created by the principal as settlor.
Cite this article: FindLaw.com - Maine Revised Statutes Title 18-C. Probate Code § 5-941. Estate, trust and other beneficial interest - last updated January 01, 2025 | https://codes.findlaw.com/me/title-18-c-probate-code/me-rev-st-tit-18-c-sect-5-941/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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