(1)Notwithstanding provisions in the
power of attorney, an agent that has accepted appointment shall:
(a)Act in accordance
with the principal's reasonable expectations to the extent known by the agent
and, otherwise, in the principal's best interest;
(b)Act in good faith; and
(c)Act only within the
scope of authority granted, or reasonably implied by, the grant of authority
in the power of attorney.
(2)Except as otherwise provided in the power of attorney, an agent that has accepted
appointment shall:
(a)Act loyally for the principal's benefit;
(b)Act so as not to create a conflict of interest
that impairs the agent's ability to act impartially in the principal's best
interest;
(c)Act with the care, competence, and diligence ordinarily exercised by agents
in similar circumstances;
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(1) Notwithstanding provisions in the
power of attorney, an agent that has accepted appointment shall:
(a) Act in accordance
with the principal's reasonable expectations to the extent known by the agent
and, otherwise, in the principal's best interest;
(b) Act in good faith; and
(c) Act only within the
scope of authority granted, or reasonably implied by, the grant of authority
in the power of attorney.
(2)
Except as otherwise provided in the power of attorney, an agent that has accepted
appointment shall:
(a)
Act loyally for the principal's benefit;
(b) Act so as not to create a conflict of interest
that impairs the agent's ability to act impartially in the principal's best
interest;
(c)
Act with the care, competence, and diligence ordinarily exercised by agents
in similar circumstances;
(d)
Keep a record of all receipts, disbursements, and transactions made on behalf
of the principal;
(e)
Cooperate with a person that has authority to make health care decisions for
the principal to carry out the principal's reasonable expectations to the
extent known by the agent and, otherwise, act in the principal's best interest;
and
(f)
Attempt to preserve the principal's estate plan, to the extent known by the
agent, if preserving the plan is consistent with the principal's best interest
based on all relevant factors, including:
(i) The value and nature of the principal's property;
(ii) The principal's
foreseeable obligations and need for maintenance;
(iii) Minimization of taxes, including
income, estate, inheritance, generation-skipping transfer, and gift taxes;
and
(iv)
Eligibility for a benefit, a program, or assistance under a statute or regulation.
(3) An agent that acts
in good faith is not liable to any beneficiary of the principal's estate plan
for failure to preserve the plan.
(4) An agent that acts with care, competence, and
diligence for the best interest of the principal is not liable solely because
the agent also benefits from the act or has an individual or conflicting interest
in relation to the property or affairs of the principal.
(5) If an agent is selected
by the principal because of special skills or expertise possessed by the agent
or in reliance on the agent's representation that the agent has special skills
or expertise, the special skills or expertise must be considered in determining
whether the agent has acted with care, competence, and diligence under the
circumstances.
(6)
Absent a breach of duty to the principal, an agent is not liable if the value
of the principal's property declines.
(7) An agent that exercises authority to delegate
to another person the authority granted by the principal or that engages another
person on behalf of the principal is not liable for an act, error of judgment,
or default of that person if the agent exercises care, competence, and diligence
in selecting and monitoring the person.
(8) Except as otherwise provided in the power of attorney,
an agent is not required to disclose receipts, disbursements, or transactions
conducted on behalf of the principal unless ordered by a court or requested
by the principal, a guardian, a conservator, another fiduciary or agent acting
for the principal, a governmental agency having authority to protect the welfare
of the principal, or, upon the death of the principal, by the personal representative
or successor in interest of the principal's estate. If so requested, within
thirty days the agent shall comply with the request or provide a writing or
other record substantiating why additional time is needed and shall comply
with the request within an additional thirty days.