§15-1013. Construction of power relating to estate, trust, and

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

other beneficiary transactions.

CONSTRUCTION OF POWER RELATING TO ESTATE,

TRUST, AND OTHER BENEFICIARY TRANSACTIONS

In a statutory power of attorney, the language granting power with respect to estate, trust, and other beneficiary transactions empowers the agent to act for the principal in all matters that affect a trust, probate estate, guardianship, conservatorship, escrow, custodianship, or other fund from which the principal is, may become, or claims to be entitled, as a beneficiary, to a share or payment, including to:

1. Accept, reject, disclaim, receive, receipt for, sell, assign, release, pledge, exchange, or consent to a reduction in or modification of a share in or payment from the fund;

2. Demand or obtain by litigation or otherwise money or other thing of value to which the principal is, may become, or claims to be entitled by reason of the fund;

3. Initiate, participate in, and oppose 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;

4. Initiate, participate in, and oppose litigation to remove, substitute, or surcharge a fiduciary;

5. Conserve, invest, disburse, and use anything received for an authorized purpose; and

6. Transfer an interest of the principal in real property, stocks, bonds, accounts with financial institutions, insurance, and other property, to the trustee of a revocable trust created by the principal as settlor. Added by Laws 1998, c. 420, § 13, eff. Nov. 1, 1998.