Powers of attorney: statutory form power of attorney.

Existing law, the Power of Attorney Law, sets forth the authority of an attorney-in-fact, defined as a person who is granted authority to act for the principal in a power of attorney. Under existing law, the attorney-in-fact may be granted general authority to act on behalf of the principal and authority to act by incorporating powers by reference to other laws. Existing law requires express authority in the power of attorney in order for an attorney-in-fact to take specified actions, including creating, modifying, or revoking a trust and exercising the right to make a disclaimer on behalf of the principal. Other provisions of existing law, the Uniform Statutory Form Power of Attorney Act, set forth a form in which the principal designates the category of powers granted to the agent pursuant to the power of attorney, referred to as a statutory form power of attorney, and defines the extent of the powers so conferred on the agent. Under existing law, the provisions setting forth the authority of an attorney-in-fact are inapplicable to a statutory form power of attorney. This bill would, instead, apply the attorney-in-fact provisions to a statutory form power of attorney, except for those providing to the attorney-in-fact general authority and powers by reference to other laws. The bill would revise certain powers that require express authority in the power of attorney for their exercise by the attorney-in-fact, specifying that an attorney-in-fact may modify, revoke, or terminate a trust in whole or in part, but only as provided in the trust instrument, and that the attorney-in-fact may reject, disclaim, release, or consent to a reduction or modification of a share in, or payment from, an estate, trust, or other fund. The bill would also revise the statutory form power of attorney to notify the principal that it does not include all of the powers available under law for an attorney-in-fact and would revise the agent's power under a statutory form power of attorney with regard to insurance, annuity, and retirement plan transactions and estate, trust, and other beneficiary transactions. The bill would specify that the power of an agent under a statutory form power of attorney with respect to personal and family maintenance is not dependent on any other authority to make gifts on the principal's behalf and is not limited by any other limitation applicable to the agent's authority to make gifts on the principal's behalf.