§ 5-1502G — Construction--estate transactions

New York § 5-1502G

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 15: Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1502G. Construction--estate transactions. In a statutory short\nform power of attorney, the language conferring general authority with\nrespect to "estate transactions," must be construed to mean that the\nprincipal authorizes the agent:\n 1. To the extent that an agent is permitted by law thus to act for a\nprincipal, to apply for and to procure, in the name of the principal,\nletters of administration, letters testamentary, letters of trusteeship,\nor any other type of authority, either judicial or administrative, to\nact as a fiduciary of any sort;\n 2. To the extent that an agent is permitted by law thus to act for a\nprincipal, to represent and to act for the principal in all ways and in\nall matters affecting any estate of a decedent, absentee, infant or\nincompetent, or any trust or other fund, out of which the principal is\nentitled, or claims to be entitled, to some share or payment, or with\nrespect to which the principal is a fiduciary;\n 3. Subject to the provisions of paragraph (d) of section 2-1.11 of the\nestates, powers and trusts law, to accept, to reject, to receive, to\nreceipt for, to sell, to assign, to release, to pledge, to exchange, or\nto consent to a reduction in or modification of, any share in or payment\nfrom any estate, trust or other fund;\n 4. To demand, to obtain by action, proceeding or otherwise any money,\nor other thing of value to which the principal is, or may become, or may\nclaim to be entitled by reason of the death testate or intestate of any\nperson or of any testamentary disposition or of any trust or by reason\nof the administration of the estate of a decedent or absentee or of the\nguardianship of an infant or incompetent or the administration of any\ntrust or other fund, to initiate, to participate in and to oppose any\nproceeding, judicial or otherwise, for the ascertainment of the meaning,\nvalidity or effect of any deed, will, declaration of trust, or other\ntransaction affecting in any way the interest of the principal, to\ninitiate, to participate in and to oppose any proceeding, judicial or\notherwise, for the removal, substitution or surcharge of a fiduciary, to\nconserve, to invest, to disburse or to utilize anything so received for\npurposes enumerated in this section, and to reimburse the agent for any\nexpenditures properly made by him in the execution of the powers\nconferred on him by the statutory short form power of attorney;\n 5. To prepare, to sign, to file and to deliver all reports,\ncompilations of information, returns or papers with respect to any\ninterest had or claimed by or on behalf of the principal in any estate,\ntrust, or other fund, to pay, to compromise or to contest, and to apply\nfor refunds in connection with, any tax or assessment, with respect to\nany interest had or claimed by or on behalf of the principal in any\nestate, trust or other fund or by reason of the death of any person, or\nwith respect to any property in which such interest is had or claimed;\n 6. To agree and to contract, in any manner, and with any person and on\nany terms, which the agent may select, for the accomplishment of the\npurposes enumerated in this section, and to perform, to rescind, to\nreform, to release, or to modify any such agreement or contract or any\nother similar agreement or contract made by or on behalf of the\nprincipal;\n 7. To execute, to acknowledge, to verify, to seal, to file and to\ndeliver any consent, designation, pleading, notice, demand, election,\nconveyance, release, assignment, check, pledge, waiver, admission of\nservice, notice of appearance or other instrument which the agent may\nthink useful for the accomplishment of any of the purposes enumerated in\nthis section;\n 8. To submit to alternative dispute resolution or to settle, and to\npropose or to accept a compromise with respect to any controversy or\nclaim which affects the estate of a decedent, absentee, infant or\nincompetent, or the administration of a trust or other fund, in any one\nof which the principal has, or claims to have, an interest, and to do\nany and all acts which the agent shall think to be desirable or\nnecessary in effectuating such compromise;\n 9. To hire, to discharge, and to compensate any attorney, accountant,\nexpert witness or other assistant or assistants, when the agent shall\nthink such action to be desirable for the proper execution by him of any\nof the powers described in this section, and for the keeping of needed\nrecords thereof; and\n 10. In general, and in addition to all the specific acts in this\nsection enumerated, to do any other act or acts, which the principal can\ndo through an agent, with respect to the estate of a decedent, absentee,\ninfant or incompetent, or the administration of a trust or other fund,\nin any one of which the principal has, or claims to have, an interest,\nor with respect to which the principal is a fiduciary.\n All powers described in this section shall be exercisable equally with\nrespect to any estate of a decedent, absentee, infant or incompetent, or\nthe administration of any trust or other fund, in which the principal is\ninterested at the giving of the power of attorney or may thereafter\nbecome interested, regardless of whether the estate, trust or other fund\nis specifically identified at the giving of the power of attorney and\nwhether located in the state of New York or elsewhere.\n