(1) An agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise prohibited by another agreement or instrument to which the authority or property is subject:
Create, amend, revoke, or terminate an inter vivos trust;
Make a gift;
Create or change rights of survivorship;
Create or change a beneficiary designation;
Delegate authority granted under the power of attorney;
Waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan; (g) Exercise:
A power held by the principal in a fiduciary capacity that the principal has the authority to delegate;
A power to nominate, appoint, or remove a fiduciary or to consent, veto, or otherwise participate in the designation or changing of a fiduciary; or
A power to direct a fiduciary in the exercise of a power of the fiduciary with respectto property subject to the fiduciary relationship, including, but not limited to, a power to direct investments, or to consent, veto, or otherwise participate in controlling the exercise of such a power.
Disclaim or release property or a power of appointment;
Except for the exercise of a general power of appointment for the benefit of the principal, to the extent that the agent is authorized as provided in section 15-14-734, or for the benefit of persons other than the principal, to the extent that the agent is authorized to make gifts as provided in section 15-14-740, exercise a power of appointment; or
Except with respect to an entity owned solely by the principal, exercise powers, rights, or authority as a partner, member, or manager of a partnership, limited liability company, or other entity that the principal may exercise on behalf of the entity and has authority to delegate.
Notwithstanding a grant of authority to do an act described in subsection (1) of thissection, unless the power of attorney otherwise provides, an agent that is not an ancestor, spouse, or descendant of the principal may not exercise authority under a power of attorney to create in the agent, or in an individual to whom the agent owes a legal obligation of support, an interest in the principal's property, whether by gift, right of survivorship, beneficiary designation, disclaimer, or otherwise.
Subject to subsections (1), (2), (4), and (5) of this section, if a power of attorneygrants to an agent authority to do all acts that a principal could do, the agent has the general authority described in sections 15-14-727 to 15-14-739.
Unless the power of attorney otherwise provides, a grant of authority to make a giftis subject to section 15-14-740.
Subject to subsections (1), (2), and (4) of this section, if the subjects over whichauthority is granted in a power of attorney are similar or overlap, the broadest authority controls.
Authority granted in a power of attorney is exercisable with respect to property thatthe principal has when the power of attorney is executed or acquires later, whether or not the property is located in this state and whether or not the authority is exercised or the power of attorney is executed in this state.
An act performed by an agent pursuant to a power of attorney has the same effect andinures to the benefit of and binds the principal and the principal's successors in interest as if the principal had performed the act.
Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 396, § 1, effective April 9. L. 2014: (1)(g)(I) amended, (HB 14-1322), ch. 296, p. 1236, § 8, effective August 6.