§ 30-5-5-8 — Beneficiary transactions

(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.

Legislative History

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