(a) In this section, "estates, trusts, and other beneficial interests" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to:
(1) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from the fund;
(2) demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of the fund, by litigation or otherwise;
(3) exercise for the benefit of the principal a presently exercisable general power 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 litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;
(5) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;
(6) conserve, invest, disburse, or use anything received for an authorized purpose;
(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 by the principal as settlor; and
(8) reject, renounce, disclaim, release, or consent to a reduction in or modification of a share in or payment from the fund.
Structure Code of Alabama
Title 26 - Infants and Incompetents.
Chapter 1A - Alabama Uniform Power of Attorney.
Section 26-1A-201 - Authority That Requires Specific Grant; Grant of General Authority.
Section 26-1A-202 - Incorporation of Authority.
Section 26-1A-203 - Construction of Authority Generally.
Section 26-1A-204 - Real Property.
Section 26-1A-205 - Tangible Personal Property.
Section 26-1A-206 - Stocks and Bonds.
Section 26-1A-207 - Commodities and Options.
Section 26-1A-208 - Banks and Other Financial Institutions.
Section 26-1A-209 - Operation of Entity or Business.
Section 26-1A-210 - Insurance and Annuities.
Section 26-1A-211 - Estates, Trusts, and Other Beneficial Interests.
Section 26-1A-212 - Claims and Litigation.
Section 26-1A-213 - Personal and Family Maintenance.
Section 26-1A-214 - Benefits From Governmental Programs or Civil or Military Service.