26-105 - Estates, trusts, and other beneficial interests. - Virginia Statutes

§ 26-105. Estates, trusts, and other beneficial interests.

A. In this section, "estate, trust, or other beneficial interest" means atrust, probate estate, guardianship, conservatorship, escrow, orcustodianship or a fund from which the principal is, may become, or claims tobe, entitled to a share or payment.

B. Unless the power of attorney otherwise provides, language in a power ofattorney granting general authority with respect to estates, trusts, andother beneficial interests authorizes the agent to:

1. Accept, receive, receipt for, sell, assign, pledge, or exchange a share inor payment from an estate, trust, or other beneficial interest;

2. Demand or obtain money or another thing of value to which the principalis, may become, or claims to be, entitled by reason of an estate, trust, orother beneficial interest, by litigation or otherwise;

3. Exercise for the benefit of the principal a presently exercisable generalpower of appointment held by the principal;

4. Initiate, participate in, submit to alternative dispute resolution,settle, oppose, or propose or accept a compromise with respect to litigationto ascertain the meaning, validity, or effect of a deed, will, declaration oftrust, or other instrument or transaction affecting the interest of theprincipal;

5. Initiate, participate in, submit to alternative dispute resolution,settle, oppose, or propose or accept a compromise with respect to litigationto remove, substitute, or surcharge a fiduciary;

6. Conserve, invest, disburse, or use anything received for an authorizedpurpose;

7. Transfer an interest of the principal in real property, stocks and bonds,accounts with financial institutions or securities intermediaries, insurance,annuities, and other property to the trustee of a revocable trust created bythe principal as settlor; and

8. Reject, renounce, disclaim, release, or consent to a reduction in ormodification of a share in or payment from an estate, trust, or otherbeneficial interest.

(2010, cc. 455, 632.)