(a) An agent acting pursuant to a power of attorney may exercise the following powers of the settlor with respect to a revocable trust only to the extent expressly authorized by the terms of the trust or the power of attorney:
(1) revocation of the trust;
(2) amendment of the trust;
(3) additions to the trust;
(4) direction to dispose of property of the trust;
(5) creation of the trust, notwithstanding the provisions of Section 62-7-402(a)(1) and (2).
(b) An agent acting pursuant to a power of attorney may exercise the following powers of the settlor with respect to an irrevocable trust only to the extent expressly authorized by the terms of the trust or the power of attorney:
(1) additions to the trust;
(2) creation of the trust, notwithstanding the provisions of Section 62-7-402(a)(1) and (2).
(c) The exercise of the powers described in subsection (a) and (b) shall not alter the amount of property beneficiaries are to receive on the settlor's death under the settlor's existing will or other estate planning documents or in the absence thereof in accordance with the law of intestate succession.
HISTORY: 2005 Act No. 66, Section 1; 1976 Code Section 62-7-602(e); 2013 Act No. 100, Section 2, eff January 1, 2014.