§ 30-5-5-15 — Estate transactions

Indiana § 30-5-5-15

• Jurisdiction: Indiana
• Art. 5: POWERS OF ATTORNEY
• Ch. 5: Powers

Text

(a) Language conferring general authority
with respect to estate transactions means the principal authorizes the
attorney in fact to do the following:
(1) Accept, receipt for, exercise, release, reject, renounce, assign,
disclaim, demand, sue for, claim, and recover a legacy, bequest,
devise, gift, or other property interest or payment due or payable
to or for the principal.
(2) Assert an interest in and exercise power over a trust, an estate,
or property subject to fiduciary control.
(3) Establish a revocable trust solely for the benefit of the
principal that terminates at the death of the principal.
(4) Exercise all powers with respect to estates and trusts the
principal could exercise. However, the attorney in fact may not
make or change a will.
(b) In exercising powers of amendment or revocation, or powers to
expend or withdraw property passing by trust, contract, or beneficiary
designation at the principal's death, including specifically bequeathed
property, joint accounts, life insurance, trusts, and retirement plans, the
attorney in fact shall take the principal's estate plan into account to the
extent the estate plan is known to the attorney in fact.
(c) The attorney in fact is not liable to a beneficiary of the principal's
estate plan for an action performed under this section unless the
attorney in fact acts in bad faith.
(d) The attorney in fact may:
(1) have access to; and
(2) copy, but not hold;
the principal's will, trusts, and other personal records to the extent
necessary for the attorney in fact to act under this section.

Legislative History

As added by P.L.149-1991, SEC.2.