Sec. 15. (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.

power of attorney

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Terms Used In Indiana Code 30-5-5-15

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Legacy: A gift of property made by will.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(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.

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

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