(a) In this section, the term “estate, trust, or 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.
(b) Unless the power of attorney otherwise provides, language in a power of attorney
granting general authority with respect to estates, trusts, and other beneficial interests
authorizes the agent to do all of the following:
(1) Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or
payment from an estate, trust, or other beneficial interest.
(2) Demand or obtain money or another thing of value to which the principal is, may
become, or claims to be, entitled by reason of an estate, trust, or other beneficial
interest, by litigation or otherwise.
(3) Exercise for the benefit of the principal a presently exercisable general power
of appointment held by the principal.
(4) 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.
(5) 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.
(6) Conserve, invest, disburse, or use anything received for an authorized purpose.
(7) 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.
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 or via Westlaw before relying on it for your legal needs.
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