Beneficiary transactions
Sec. 8. (a) Language conferring general authority with respect to
beneficiary transactions means the principal authorizes the attorney
in fact to do the following:
(1) Represent and act for the principal in all ways and in all
matters affecting a trust, a probate, an estate, a guardianship, an
escrow, a custodianship, or other fund out of which the
principal is entitled, or claims to be entitled as a beneficiary, to
some share or payment, including the following powers:
(A) To 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 a fund.
(B) To demand or obtain by action or proceeding money or
other things of value to which the principal is, may become,
or claims to be entitled to because of the fund, initiate,
participate in, or oppose a proceeding, for the ascertainment
of the meaning, validity, or effect of a deed, declaration of
trust, or other transaction affecting in any way the interest of
the principal, initiate, participate in, or oppose a proceeding
for the removal, substitution, or surcharge of a fiduciary,
conserve, invest, disburse, or use anything received for the
purposes permitted under this section, and reimburse the
attorney in fact for expenditures properly made by the
attorney in fact in the execution of the powers conferred
upon the attorney in fact.
(C) To prepare, sign, file, and deliver all reports,
compilations of information, returns, or papers with respect
to an interest had or claimed on behalf of the principal in the
fund, pay, compromise, or contest, and apply for and receive
refunds in connection with a tax or an assessment with
respect to an interest had or claimed by or on behalf of the
principal in the fund or with respect to a property in which
an interest is had or claimed.
(D) To agree and contract in any manner and on any terms
with a person the attorney in fact selects to accomplish a
purpose permitted under this section, and perform, rescind,
reform, release, or modify an agreement or contract.
(E) To execute, acknowledge, verify, seal, file, and deliver
a deed, a mortgage, a lease, a consent, a designation, a
pleading, a demand, a notice, an election, a conveyance, a
release, an assignment, a pledge, a check, a waiver, an
admission of service, a notice of appearance, or other
instrument the attorney in fact considers useful to
accomplish a purpose permitted under this section.
(F) To submit to arbitration, settle, and propose or accept a
compromise with respect to a controversy or claim that
affects the administration of a fund in which the principal
has or claims to have an interest and do all acts the attorney
in fact considers to be desirable or necessary to reach a
compromise.
(G) To hire, discharge, and compensate an attorney,
accountant, expert witness, or other assistant when the
attorney in fact considers the action to be desirable for the
proper execution by the attorney in fact of a power described
in this section and keep needed records.
(H) To transfer part or all of an interest the principal may
have in interests in real property, stocks, bonds, bank
accounts, insurance, and other assets of any kind to the
trustee of a revocable trust created by the principal as
grantor.
(2) Perform any other acts in connection with the administration
or disposition of a trust, a probate estate, a guardianship, an
escrow, a custodianship, or other fund in which the principal
has, or claims to have, an interest as a beneficiary.
(b) The powers described in this section are exercisable equally
with respect to the administration or disposition of a trust, a probate
estate, a guardianship, an escrow, a custodianship, or other fund in
which the principal is interested at the time the power of attorney is
given or becomes interested in after that time, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
Last modified: May 27, 2006