457.340 Estates, trusts, and other beneficial interests.
300 words·~1 min read·
/ky/chapter-457/457-340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)In this section, "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.
(2)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:
(a)Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or
payment from an estate, trust, or other beneficial interest;
(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 an estate, trust, or other
beneficial interest, 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;
(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; and
(h)Reject, renounce, disclaim, release, or consent to a reduction in or
modification of a share in or payment from an estate, trust, or other beneficial
interest.