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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) “Agent” means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to which an agent's authority is delegated.
(2) “Durable,” with respect to a power of attorney, means not terminated by the principal's incapacity.
(3) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(4) “Good faith” means honesty in fact.
(5) “Incapacity” means inability of an individual to manage property, business, personal, or health care affairs because the individual:
(a) Has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or
(i) An absentee, as defined in chapter 11.80 RCW; or
(ii) Outside the United States and unable to return.
(6) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(7) “Power of attorney” means a writing that uses the term “power of attorney” and grants authority to an agent to act in the place of the principal.
(8) “Presently exercisable general power of appointment,” with respect to property or a property interest subject to a power of appointment, means power exercisable at the time in question to vest absolute ownership in the principal individually, the principal's estate, the principal's creditors, or the creditors of the principal's estate. The term includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. The term does not include a power exercisable in a fiduciary capacity or only by will.
(9) “Principal” means an individual who grants authority to an agent in a power of attorney.
(10) “Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, tangible or intangible, or any interest or right therein.
(11) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(12) “Stocks, bonds, and financial instruments” means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. The term shall also include but not be limited to commodity futures contracts, call or put options on stocks or stock indexes, derivatives, and margin accounts.
Cite this article: FindLaw.com - Washington Revised Code Title 11. Probate and Trust Law § 11.125.020. Definitions - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-11-probate-and-trust-law/wa-rev-code-11-125-020.html
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