§ 26-95. Authority that requires specific grant; grant of general authority.
A. Subject to the provisions of subsection H, an agent under a power ofattorney may do the following on behalf of the principal or with theprincipal's property only if the power of attorney expressly grants the agentthe authority and exercise of the authority is not otherwise prohibited orlimited by another statute, agreement, or instrument to which the authorityor property is subject:
1. Create, amend, revoke, or terminate an inter vivos trust;
2. Make a gift;
3. Create or change rights of survivorship;
4. Create or change a beneficiary designation;
5. Delegate authority granted under the power of attorney;
6. Waive the principal's right to be a beneficiary of a joint and survivorannuity, including a survivor benefit under a retirement plan; or
7. Exercise fiduciary powers that the principal has authority to delegate.
8. [Reserved.]
B. Notwithstanding a grant of authority to do an act described in subsectionA or H, unless the power of attorney otherwise provides, an agent that is notan ancestor, spouse, or descendant of the principal may not exerciseauthority under a power of attorney to create in the agent, or in anindividual to whom the agent owes a legal obligation of support, an interestin the principal's property, whether by gift, right of survivorship,beneficiary designation, disclaimer, or otherwise.
C. Subject to subsections A, B, D, and E, if a power of attorney grants to anagent authority to do all acts that a principal could do, the agent has thegeneral authority described in §§ 26-98 through 26-110.
D. Unless the power of attorney otherwise provides and subject to subsectionH, a grant of authority to make a gift is subject to § 26-111.
E. Subject to subsections A, B, and D, if the subjects over which authorityis granted in a power of attorney are similar or overlap, the broadestauthority controls.
F. Authority granted in a power of attorney is exercisable with respect toproperty that the principal has when the power of attorney is executed oracquires later, whether or not the property is located in the Commonwealthand whether or not the authority is exercised or the power of attorney isexecuted in the Commonwealth.
G. An act performed by an agent pursuant to a power of attorney has the sameeffect and inures to the benefit of and binds the principal and theprincipal's successors in interest as if the principal had performed the act.
H. Notwithstanding the provisions of subsection A, if a power of attorneygrants to an agent authority to do all acts that a principal could do, theagent shall have the authority to make gifts in any amount of any of theprincipal's property to any individuals or to organizations described in §§170(c) and 2522(a) of the Internal Revenue Code or corresponding futureprovisions of federal tax law, or both, in accordance with the principal'spersonal history of making or joining in the making of lifetime gifts. Thissubsection shall not in any way impair the right or power of any principal,by express words in the power of attorney, to authorize, or limit theauthority of, an agent to make gifts of the principal's property.
§ 26-95. Authority that requires specific grant; grant of general authority.
A. Subject to the provisions of subsection H, an agent under a power ofattorney may do the following on behalf of the principal or with theprincipal's property only if the power of attorney expressly grants the agentthe authority and exercise of the authority is not otherwise prohibited orlimited by another statute, agreement, or instrument to which the authorityor property is subject:
1. Create, amend, revoke, or terminate an inter vivos trust;
2. Make a gift;
3. Create or change rights of survivorship;
4. Create or change a beneficiary designation;
5. Delegate authority granted under the power of attorney;
6. Waive the principal's right to be a beneficiary of a joint and survivorannuity, including a survivor benefit under a retirement plan; or
7. Exercise fiduciary powers that the principal has authority to delegate.
8. [Reserved.]
B. Notwithstanding a grant of authority to do an act described in subsectionA or H, unless the power of attorney otherwise provides, an agent that is notan ancestor, spouse, or descendant of the principal may not exerciseauthority under a power of attorney to create in the agent, or in anindividual to whom the agent owes a legal obligation of support, an interestin the principal's property, whether by gift, right of survivorship,beneficiary designation, disclaimer, or otherwise.
C. Subject to subsections A, B, D, and E, if a power of attorney grants to anagent authority to do all acts that a principal could do, the agent has thegeneral authority described in §§ 26-98 through 26-110.
D. Unless the power of attorney otherwise provides and subject to subsectionH, a grant of authority to make a gift is subject to § 26-111.
E. Subject to subsections A, B, and D, if the subjects over which authorityis granted in a power of attorney are similar or overlap, the broadestauthority controls.
F. Authority granted in a power of attorney is exercisable with respect toproperty that the principal has when the power of attorney is executed oracquires later, whether or not the property is located in the Commonwealthand whether or not the authority is exercised or the power of attorney isexecuted in the Commonwealth.
G. An act performed by an agent pursuant to a power of attorney has the sameeffect and inures to the benefit of and binds the principal and theprincipal's successors in interest as if the principal had performed the act.
H. Notwithstanding the provisions of subsection A, if a power of attorneygrants to an agent authority to do all acts that a principal could do, theagent shall have the authority to make gifts in any amount of any of theprincipal's property to any individuals or to organizations described in §§170(c) and 2522(a) of the Internal Revenue Code or corresponding futureprovisions of federal tax law, or both, in accordance with the principal'spersonal history of making or joining in the making of lifetime gifts. Thissubsection shall not in any way impair the right or power of any principal,by express words in the power of attorney, to authorize, or limit theauthority of, an agent to make gifts of the principal's property.
§ 26-95. Authority that requires specific grant; grant of general authority.
A. Subject to the provisions of subsection H, an agent under a power ofattorney may do the following on behalf of the principal or with theprincipal's property only if the power of attorney expressly grants the agentthe authority and exercise of the authority is not otherwise prohibited orlimited by another statute, agreement, or instrument to which the authorityor property is subject:
1. Create, amend, revoke, or terminate an inter vivos trust;
2. Make a gift;
3. Create or change rights of survivorship;
4. Create or change a beneficiary designation;
5. Delegate authority granted under the power of attorney;
6. Waive the principal's right to be a beneficiary of a joint and survivorannuity, including a survivor benefit under a retirement plan; or
7. Exercise fiduciary powers that the principal has authority to delegate.
8. [Reserved.]
B. Notwithstanding a grant of authority to do an act described in subsectionA or H, unless the power of attorney otherwise provides, an agent that is notan ancestor, spouse, or descendant of the principal may not exerciseauthority under a power of attorney to create in the agent, or in anindividual to whom the agent owes a legal obligation of support, an interestin the principal's property, whether by gift, right of survivorship,beneficiary designation, disclaimer, or otherwise.
C. Subject to subsections A, B, D, and E, if a power of attorney grants to anagent authority to do all acts that a principal could do, the agent has thegeneral authority described in §§ 26-98 through 26-110.
D. Unless the power of attorney otherwise provides and subject to subsectionH, a grant of authority to make a gift is subject to § 26-111.
E. Subject to subsections A, B, and D, if the subjects over which authorityis granted in a power of attorney are similar or overlap, the broadestauthority controls.
F. Authority granted in a power of attorney is exercisable with respect toproperty that the principal has when the power of attorney is executed oracquires later, whether or not the property is located in the Commonwealthand whether or not the authority is exercised or the power of attorney isexecuted in the Commonwealth.
G. An act performed by an agent pursuant to a power of attorney has the sameeffect and inures to the benefit of and binds the principal and theprincipal's successors in interest as if the principal had performed the act.
H. Notwithstanding the provisions of subsection A, if a power of attorneygrants to an agent authority to do all acts that a principal could do, theagent shall have the authority to make gifts in any amount of any of theprincipal's property to any individuals or to organizations described in §§170(c) and 2522(a) of the Internal Revenue Code or corresponding futureprovisions of federal tax law, or both, in accordance with the principal'spersonal history of making or joining in the making of lifetime gifts. Thissubsection shall not in any way impair the right or power of any principal,by express words in the power of attorney, to authorize, or limit theauthority of, an agent to make gifts of the principal's property.
