                                 CODE OF VIRGINIA

ESTATES, TRUSTS, AND OTHER BENEFICIAL INTERESTS (§ 64.2-1632)

A. In this section, &#8220;estate, trust, or other beneficial interest&#8221;
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 an estate, trust, or other beneficial interest;

   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 an estate, trust, or other
   beneficial interest, 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 of,
   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 of,
   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 an estate, trust, or other
   beneficial interest.

HISTORY: 2010, cc. 455, 632, § 26-105; 2012, c. 614.