Georgia § 10-6B-50 - Estates, trusts, and other beneficial interests.

§ 10-6B-50. Estates, trusts, and other beneficial interests.

As used in this Code section, the term "estate, trust, or other beneficial interest" 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. 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 shall authorize the agent to: Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest; Demand or obtain money or any other thing of value to which the principal is, may become, or claims to be entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise; Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal; 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; 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; Conserve, invest, disburse, or use anything received for an authorized purpose; Create, amend, and revoke a revocable trust so long as the terms of the trust only authorize distributions that would be allowable under the power of attorney if the principal held the trust assets outright and provide for the distribution of all trust assets to the principal's estate upon the principal's death; 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 or as described in paragraph (7) of this Code section; and With respect to a bona fide dispute, consent to a reduction in or modification of a share in or payment from an estate, trust, or other beneficial interest. (Code 1981, § 10-6B-50 , enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 520, § 16/HB 897; Ga. L. 2018, p. 1112, § 10/SB 365.) The 2018 amendments. The first 2018 amendment, effective July 1, 2018, added present paragraph (b)(7); redesignated former paragraph (b)(7) as present paragraph (b)(8); inserted "or as described in paragraph (7) of this Code section" in present paragraph (b)(8); redesignated former paragraph (b)(8) as present paragraph (b)(9); and substituted "With respect to a bona fide dispute," for "Reject, renounce, disclaim, release, or" at the beginning of paragraph (b)(9). The second 2018 amendment, effective May 8, 2018, part of an Act to revise, modernize, and correct the Code, revised punctuation in paragraph (b)(2).