HF 1498

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to power of attorney; adopting the Uniform Power of Attorney Act;
proposing coding for new law as Minnesota Statutes, chapter 523A; repealing
Minnesota Statutes 2006, sections 523.01; 523.02; 523.03; 523.04; 523.05;
523.06; 523.07; 523.075; 523.08; 523.09; 523.10; 523.11; 523.12; 523.13;
523.131; 523.14; 523.15; 523.16; 523.17; 523.18; 523.19; 523.20; 523.21;
523.22; 523.23; 523.24.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

ARTICLE 1

GENERAL PROVISIONS AND DEFINITIONS

Section 1.

new text begin [523A.101] SHORT TITLE.
new text end

new text begin This chapter may be cited as the Uniform Power of Attorney Act.
new text end

Sec. 2.

new text begin [523A.102] DEFINITIONS.
new text end

new text begin Subdivision 1. new text end

new text begin Applicability. new text end

new text begin The definitions in this section apply to this chapter.
new text end

new text begin Subd. 2. new text end

new text begin Agent. new text end

new text begin "Agent" means a person granted authority to act for a principal
under a power of attorney. The term includes an original agent, coagent, successor agent,
and a person to which an agent's authority is delegated.
new text end

new text begin Subd. 3. new text end

new text begin Durable. new text end

new text begin "Durable" means not terminated by a principal's incapacity.
new text end

new text begin Subd. 4. new text end

new text begin Good faith. new text end

new text begin "Good faith" means honesty in fact.
new text end

new text begin Subd. 5. new text end

new text begin Incapacity. new text end

new text begin "Incapacity" means inability of an individual to manage
property or business affairs because:
new text end

new text begin (1) of an impairment in the ability to receive and evaluate information or make or
communicate decisions even with the use of technological assistance; or
new text end

new text begin (2) the individual is:
new text end

new text begin (i) missing;
new text end

new text begin (ii) detained; or
new text end

new text begin (iii) outside the United States and unable to return.
new text end

new text begin Subd. 6. new text end

new text begin Person. new text end

new text begin "Person" means an individual, corporation, business trust, estate,
trust, partnership, limited liability company, association, joint venture, public corporation,
government or governmental subdivision, agency or instrumentality, or any other legal or
commercial entity.
new text end

new text begin Subd. 7. new text end

new text begin Power of attorney. new text end

new text begin "Power of attorney" means a signed writing or other
record denominated as a power of attorney in which a principal grants authority to an
agent to act for the principal.
new text end

new text begin Subd. 8. new text end

new text begin Principal. new text end

new text begin "Principal" means an individual who grants authority to an
agent in a power of attorney.
new text end

new text begin Subd. 9. new text end

new text begin Property. new text end

new text begin "Property" means anything that may be the subject of ownership,
whether real or personal, or legal or equitable, or any interest or right therein.
new text end

new text begin Subd. 10. new text end

new text begin Record. new text end

new text begin "Record" means information that is inscribed on a tangible
medium or that is stored in an electronic or other medium and is retrievable in perceivable
form.
new text end

new text begin Subd. 11. new text end

new text begin Sign. new text end

new text begin "Sign" means, with present intent to authenticate or adopt a record:
new text end

new text begin (1) to execute or adopt a tangible symbol; or
new text end

new text begin (2) to attach to or logically associate with the record an electronic sound, symbol,
or process.
new text end

new text begin Subd. 12. new text end

new text begin State. new text end

new text begin "State" means a state of the United States, the District of Columbia,
Puerto Rico, United States Virgin Islands, or any territory or insular possession subject to
the jurisdiction of the United States.
new text end

Sec. 3.

new text begin [523A.103] SCOPE, EXCEPTIONS, EXCLUSIONS.
new text end

new text begin This chapter applies to all powers of attorney except:
new text end

new text begin (1) a power to the extent it is coupled with an interest in the subject of the power,
including a power given to or for the benefit of a creditor in connection with a credit
transaction;
new text end

new text begin (2) a power to make health care decisions;
new text end

new text begin (3) a proxy to exercise voting rights or management rights with respect to an entity;
and
new text end

new text begin (4) a power created on a form prescribed by a government or governmental
subdivision, agency, or instrumentality for a governmental purpose.
new text end

Sec. 4.

new text begin [523A.104] POWER OF ATTORNEY IS DURABLE.
new text end

new text begin A power of attorney is durable unless it expressly provides that it is terminated by
the incapacity of the principal.
new text end

Sec. 5.

new text begin [523A.105] EXECUTION OF POWER OF ATTORNEY.
new text end

new text begin A power of attorney must be signed by the principal or by another individual directed
by the principal to sign the principal's name on the power of attorney in the principal's
presence. The signature is presumed to be genuine if the principal acknowledges the
signature before a notary public or other individual authorized to take acknowledgments.
new text end

Sec. 6.

new text begin [523A.106] VALIDITY OF POWER OF ATTORNEY.
new text end

new text begin (a) A power of attorney executed in this state on or after the effective date of this
chapter is valid and enforceable if its execution complies with section 523A.105.
new text end

new text begin (b) A power of attorney executed in this state before the effective date of this chapter
is valid and enforceable if its execution complied with the law of this state as it existed
at the time of execution.
new text end

new text begin (c) A power of attorney executed other than in this state is valid and enforceable in
this state if, when the power of attorney was executed, the execution complied with:
new text end

new text begin (1) the law of the jurisdiction that the principal intended to govern the power of
attorney;
new text end

new text begin (2) the law of the jurisdiction in which the power of attorney was executed; or
new text end

new text begin (3) the requirements for a military power of attorney pursuant to United States Code,
title 10, section 1044b, as amended, for a military power of attorney.
new text end

Sec. 7.

new text begin [523A.107] INTERPRETATION OF POWER OF ATTORNEY.
new text end

new text begin A power of attorney must be interpreted under the law of the jurisdiction which at
the time of execution the principal intended to govern the power of attorney. If the law
of that jurisdiction conflicts with this chapter, the law of that jurisdiction controls unless
prohibited or restricted by the public policy of this state. This chapter may not be applied
to enlarge the scope of authority granted to an agent in a power of attorney.
new text end

Sec. 8.

new text begin [523A.108] NOMINATION OF GUARDIAN; RELATION OF AGENT
TO COURT APPOINTED FIDUCIARY.
new text end

new text begin (a) In a power of attorney, a principal may nominate a conservator or guardian for
consideration by the court if protective proceedings for the principal's estate or person are
thereafter commenced. Except for good cause shown or disqualification, the court shall
make its appointment in accordance with the principal's most recent nomination.
new text end

new text begin (b) If, after a principal executes a power of attorney, a court appoints a conservator or
guardian or other fiduciary charged with the management of some or all of the principal's
property, the agent is accountable to the fiduciary as well as to the principal. The power of
attorney is not terminated and the agent's authority continues unless limited, suspended, or
terminated by the court.
new text end

Sec. 9.

new text begin [523A.109] WHEN POWER OF ATTORNEY IS EFFECTIVE.
new text end

new text begin (a) A power of attorney is effective when executed unless the principal provides in
the power of attorney that it is to become effective at a future date or upon the occurrence
of a future event or contingency.
new text end

new text begin (b) If a power of attorney is to become effective upon the occurrence of a future event
or contingency, the principal, in the power of attorney, may authorize one or more persons
to determine in a writing or other record that the event or contingency has occurred.
new text end

new text begin (c) If a power of attorney is to become effective upon the principal's incapacity and
the principal has not authorized a person to determine that the principal is incapacitated,
or the person authorized is unable or unwilling to make the determination, the power of
attorney becomes effective upon a determination in a writing or other record by:
new text end

new text begin (1) a physician or licensed psychologist that the principal is unable to manage
property or business affairs because of an impairment in the principal's ability to receive
and evaluate information or make or communicate decisions even with the use of
technological assistance; or
new text end

new text begin (2) an attorney-at-law, judge, or governmental official that the principal is:
new text end

new text begin (i) missing;
new text end

new text begin (ii) detained; or
new text end

new text begin (iii) outside the United States and unable to return.
new text end

new text begin (d) A person authorized by the principal in the power of attorney to determine that
the principal is incapacitated may act as the principal's personal representative pursuant
to the Health Insurance Portability and Accountability Act, Sections 1171 through 1179
of the Social Security Act, United States Code, title 42, section 1320d, as amended, and
applicable regulations, to obtain access to the principal's health care information and
communicate with the principal's health care provider.
new text end

Sec. 10.

new text begin [523A.110] TERMINATION OF POWER OF ATTORNEY.
new text end

new text begin (a) A power of attorney terminates when:
new text end

new text begin (1) the principal dies;
new text end

new text begin (2) the principal becomes incapacitated, if the power of attorney is not durable;
new text end

new text begin (3) the principal revokes the power of attorney;
new text end

new text begin (4) the power of attorney provides it will terminate;
new text end

new text begin (5) the purpose of the power of attorney is accomplished; or
new text end

new text begin (6) the principal revokes the agent's authority or the agent dies, becomes
incapacitated, or resigns and the power of attorney does not provide for another agent to
act under the power of attorney.
new text end

new text begin (b) An agent's authority terminates when:
new text end

new text begin (1) the principal revokes the agent's authority;
new text end

new text begin (2) the agent dies, becomes incapacitated, or resigns;
new text end

new text begin (3) proceedings are commenced for the dissolution or annulment of the agent's
marriage to the principal or their legal separation, unless the power of attorney otherwise
provides; or
new text end

new text begin (4) the power of attorney terminates.
new text end

new text begin (c) Unless a power of attorney otherwise provides, an agent's authority is exercisable
until the power of attorney terminates, notwithstanding a lapse of time since the execution
of the power of attorney.
new text end

new text begin (d) Termination of an agent's authority or of a power of attorney is not effective as
to an agent or other person that, without actual knowledge of the termination, acts in
good faith under the power of attorney. An act so performed, unless otherwise invalid or
unenforceable, binds the principal and the principal's successors in interest.
new text end

new text begin (e) Incapacity of the principal of a power of attorney that is not durable does not
revoke or terminate the power of attorney as to an agent or other person that, without
actual knowledge of the incapacity, acts in good faith under the power of attorney. An
act so performed, unless otherwise invalid or unenforceable, binds the principal and the
principal's successors in interest.
new text end

new text begin (f) The execution of a power of attorney does not revoke a power of attorney
previously executed by the principal unless the subsequent power of attorney provides that
the previous power of attorney is revoked or that all other powers of attorney are revoked.
new text end

Sec. 11.

new text begin [523A.111] COAGENTS AND SUCCESSOR AGENTS.
new text end

new text begin (a) A principal may designate two or more persons to act as coagents. Unless a
power of attorney otherwise provides:
new text end

new text begin (1) authority granted to coagents is exercisable only by their majority consent;
new text end

new text begin (2) if prompt action is required to accomplish a purpose of the power of attorney and
to avoid irreparable harm to the principal's interests and a coagent is unavailable because
of absence, illness, or other temporary incapacity, the other coagent or coagents may
act for the principal; and
new text end

new text begin (3) if a coagent resigns, dies, becomes incapacitated, is not qualified to serve, or
declines to serve, the remaining coagent or coagents may act for the principal.
new text end

new text begin (b) A principal may designate one or more successor agents to act if an agent
resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve. A
principal may grant to an agent or other person designated by name, office, or function,
authority to designate one or more successor agents. Unless a power of attorney otherwise
provides, a successor agent:
new text end

new text begin (1) has the same authority as that granted to the original agent; and
new text end

new text begin (2) may not act until all predecessor agents have resigned, died, become
incapacitated, are no longer qualified to serve, or have declined to serve.
new text end

new text begin (c) An agent is not liable for the actions of another agent, including a predecessor
agent, unless the agent participates in or conceals a breach of fiduciary duty committed by
the other agent. An agent that has actual knowledge of a breach or imminent breach of
fiduciary duty by a coagent or another agent shall notify the principal and, if the principal
is incapacitated, take any action reasonably appropriate in the circumstances to safeguard
the principal's best interest.
new text end

Sec. 12.

new text begin [523A.112] REIMBURSEMENT AND COMPENSATION OF AGENT.
new text end

new text begin Unless a power of attorney otherwise provides, an agent is entitled to reimbursement
of expenses reasonably incurred on behalf of the principal and to compensation that is
reasonable under the circumstances.
new text end

Sec. 13.

new text begin [523A.113] AGENT'S DUTIES.
new text end

new text begin (a) A person accepts appointment as an agent under a power of attorney by
exercising powers or performing duties as an agent or by any other assertion or conduct
indicating acceptance.
new text end

new text begin (b) Except as otherwise provided in the power of attorney, an agent that has accepted
appointment shall:
new text end

new text begin (1) act loyally for the principal's benefit;
new text end

new text begin (2) act in accordance with the principal's reasonable expectations to the extent
actually known by the agent and, otherwise, in the principal's best interest;
new text end

new text begin (3) act with the care, competence, and diligence ordinarily exercised by agents
in similar circumstances;
new text end

new text begin (4) act only within the scope of authority granted in the power of attorney;
new text end

new text begin (5) not create a conflict of interest that impairs the agent's ability to act impartially in
the principal's best interest;
new text end

new text begin (6) keep a complete record of all receipts, disbursements, and transactions made
on behalf of the principal;
new text end

new text begin (7) cooperate with a person that has authority to make health care decisions for
the principal to carry out the principal's reasonable expectations to the extent actually
known by the agent and, otherwise, to act in what the agent reasonably believes to be
the principal's best interest; and
new text end

new text begin (8) attempt to preserve the principal's estate plan, to the extent actually known
by the agent, if preserving the plan is consistent with the principal's best interest based
on all relevant factors, including:
new text end

new text begin (i) the value and nature of the principal's property;
new text end

new text begin (ii) the principal's foreseeable obligations and need for maintenance;
new text end

new text begin (iii) minimization of taxes, including income, estate, inheritance, generation-skipping
transfer, or gift taxes; and
new text end

new text begin (iv) eligibility for a benefit, program, or assistance under a statute or governmental
regulation.
new text end

new text begin (c) An agent that acts in good faith is not liable to any beneficiary of the principal's
estate plan for failure to preserve the plan.
new text end

new text begin (d) An agent that acts with care, competence, and diligence for the best interest of
the principal is not liable solely because the agent also benefits from the act or has an
individual or conflicting interest in relation to the property or affairs of the principal.
new text end

new text begin (e) If an agent is selected by the principal because of special skills or expertise
possessed by the agent, the special skills or expertise must be considered in determining
whether the agent has acted with care, competence, and diligence under the circumstances.
new text end

new text begin (f) Absent a breach of duty to the principal, an agent is not liable if the value of
the principal's property declines.
new text end

new text begin (g) An agent that exercises authority to delegate to another person the authority
granted by the principal or that employs another person on behalf of the principal is not
liable for an error of judgment, act, or default of that person if the agent exercises care,
competence, and diligence in selecting and monitoring the person.
new text end

new text begin (h) Except as otherwise provided in the power of attorney, an agent is not required
to disclose receipts, disbursements, or transactions conducted on behalf of the principal
unless ordered by a court or requested by the principal, a guardian, conservator, other
fiduciary acting for the principal, a governmental agency having authority to protect the
welfare of the principal, or, upon the death of the principal, by the personal representative
or successor in interest of the principal's estate. If so requested, the agent shall comply
within 30 days or provide a writing or other record substantiating why additional time
is needed and shall comply within an additional 30 days.
new text end

Sec. 14.

new text begin [523A.114] EXONERATION OF AGENT.
new text end

new text begin A provision in a power of attorney relieving the agent of liability for breach of duty
is binding on the principal and the principal's successors in interest except to the extent
the provision:
new text end

new text begin (1) relieves the agent of liability for breach of duty committed dishonestly, with an
improper motive, or with reckless indifference to the purposes of the power of attorney or
the best interest of the principal; or
new text end

new text begin (2) was inserted as a result of an abuse of a confidential or fiduciary relationship
with the principal.
new text end

Sec. 15.

new text begin [523A.115] PETITION FOR JUDICIAL REVIEW.
new text end

new text begin (a) A court may construe a power of attorney, review the agent's conduct, and grant
appropriate relief.
new text end

new text begin (b) The following persons may petition the court:
new text end

new text begin (1) the principal or the agent;
new text end

new text begin (2) a guardian, conservator, or other fiduciary acting for the principal;
new text end

new text begin (3) a person authorized to make health care decisions for the principal;
new text end

new text begin (4) the principal's spouse, parent, or descendant;
new text end

new text begin (5) an individual who would qualify as a presumptive heir of the principal;
new text end

new text begin (6) a person named as a beneficiary to receive any property, benefit, or contractual
right on the principal's death, or as a beneficiary of a trust created by or for the principal;
new text end

new text begin (7) a governmental agency having regulatory authority to protect the welfare of
the principal;
new text end

new text begin (8) the principal's caregiver or another person that demonstrates sufficient interest in
the principal's welfare; and
new text end

new text begin (9) a person asked to accept an agent's authority under a power of attorney.
new text end

new text begin (c) Upon motion by the principal, the court shall dismiss a petition filed under
this section unless the court finds that the principal lacks capacity to revoke the agent's
authority or the power of attorney.
new text end

new text begin (d) The court may award reasonable attorney's fees and costs to the prevailing party
in a proceeding under this section.
new text end

Sec. 16.

new text begin [523A.116] AGENT'S LIABILITY.
new text end

new text begin An agent that violates this chapter is liable to the principal or the principal's
successors in interest for any of the following resulting from the violation:
new text end

new text begin (1) damages;
new text end

new text begin (2) reasonable attorney's fees and costs paid from the principal's estate; and
new text end

new text begin (3) any amount awarded under section 523A.115, paragraph (d).
new text end

Sec. 17.

new text begin [523A.117] AGENT'S RESIGNATION; NOTICE.
new text end

new text begin If a power of attorney does not provide the method for an agent's resignation, an
agent may resign by giving notice to the principal and, if the principal is incapacitated:
new text end

new text begin (1) to the conservator or guardian, if one has been appointed for the principal, and a
coagent or successor agent;
new text end

new text begin (2) if there is no person described in clause (1), to the principal's caregiver or other
person reasonably believed by the agent to have sufficient interest in the principal's
welfare; or
new text end

new text begin (3) if neither clause (1) nor (2) applies, to a governmental agency having authority to
protect the welfare of the principal.
new text end

Sec. 18.

new text begin [523A.118] PROTECTION OF PERSON DEALING WITH AGENT.
new text end

new text begin (a) A person that in good faith accepts an agent's authority without actual knowledge
that the agent's authority has been terminated, the power of attorney has been terminated
or is invalid, or the agent is exceeding or improperly exercising the agent's powers, is
protected from liability as if the power of attorney were still in effect and valid and the
agent had properly exercised the power.
new text end

new text begin (b) A person may request and, without further investigation, rely upon an agent's
certification under penalty of perjury of any matter concerning the principal or the power
of attorney.
new text end

new text begin (c) A person presented with a power of attorney that contains, in whole or in part,
language other than English may request that the agent obtain, at the principal's expense,
an English translation of the power of attorney, and may, without further investigation,
rely upon the translation.
new text end

new text begin (d) A person presented with a power of attorney, other than a power of attorney
executed on a statutory form under the Uniform Power of Attorney Act, may request
that the agent obtain, at the principal's expense, an opinion of counsel as to any matter
concerning the principal or the power of attorney and, without further investigation, may
rely upon the opinion.
new text end

new text begin (e) A request under this section for an agent's certification, translation, or an opinion
of counsel must be made not later than three business days after presentation of a power of
attorney.
new text end

new text begin (f) Except when the refusal of an agent's authority is reasonable under section
523A.119, paragraph (b), a person may not require an additional or different form of
power of attorney for authority granted in the power of attorney presented.
new text end

new text begin (g) Except as otherwise provided by law other than this chapter, a photocopy or
electronically transmitted copy of an original power of attorney has the same effect as the
original.
new text end

Sec. 19.

new text begin [523A.119] LIABILITY FOR REFUSAL TO ACCEPT AGENT'S
AUTHORITY.
new text end

new text begin (a) A person that unreasonably refuses to accept a power of attorney is subject to:
new text end

new text begin (1) a court order mandating acceptance of the power of attorney; and
new text end

new text begin (2) liability for reasonable attorney's fees and costs incurred in any action or
proceeding necessary to confirm the validity of the power of attorney or to mandate
acceptance of the power of attorney.
new text end

new text begin (b) A person's refusal to accept a power of attorney is reasonable if:
new text end

new text begin (1) the person has actual knowledge of the termination of the agent's authority or of
the power of attorney before exercise of the power;
new text end

new text begin (2) the person reasonably believes that the power is not valid or that the agent does
not have the authority to perform the act requested;
new text end

new text begin (3) the person has made a report in good faith to the local adult protective services
unit alleging physical or financial abuse, neglect, exploitation, or abandonment of the
principal by the agent or has actual knowledge that such a report has been made by
another person; or
new text end

new text begin (4) the power of attorney is accepted within the later of five business days after
presentation of the power of attorney or the date of receipt of an agent's certification, a
translation, or an opinion of counsel if requested under section 523A.118.
new text end

new text begin (c) A person is not required to accept an agent's authority or to conduct business
with an agent if the person is not otherwise required to conduct business with the principal
in the same circumstances.
new text end

Sec. 20.

new text begin [523A.120] PRINCIPLES OF LAW AND EQUITY.
new text end

new text begin Unless displaced by a provision of this chapter, the principles of law and equity,
including the law governing capacity to contract, principal and agent, entity operation
and interests, estoppel, fraud, misrepresentation, duress, coercion, mistake, ratification,
bankruptcy, and other validating or invalidating cause, supplement this chapter.
new text end

Sec. 21.

new text begin [523A.121] REMEDIES UNDER OTHER LAW.
new text end

new text begin The remedies under this chapter are not exclusive and do not abrogate any right or
remedy under the law of this state.
new text end

ARTICLE 2

POWERS

Sec. 22.

new text begin [523A.201] GRANT OF AUTHORITY; POWERS THAT REQUIRE
EXPRESS AUTHORIZATION.
new text end

new text begin (a) Subject to paragraphs (b), (c), (d), and (e), if a power of attorney grants to an
agent authority to do all acts that a principal could do, the agent has all the powers
described in sections 523A.204 to 523A.216.
new text end

new text begin (b) Unless a power of attorney otherwise provides, an agent other than an ancestor,
spouse, or descendant of the principal may not exercise authority under a power of
attorney to create in the agent, or in a person 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.
new text end

new text begin (c) 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 authority to:
new text end

new text begin (1) create, amend, or revoke an inter vivos trust;
new text end

new text begin (2) make a gift;
new text end

new text begin (3) create or change rights of survivorship;
new text end

new text begin (4) create or change a beneficiary designation;
new text end

new text begin (5) make a revocable delegation of a power granted under the power of attorney;
new text end

new text begin (6) waive the principal's right to be a beneficiary of a joint and survivor annuity,
including a survivor benefit under a retirement plan;
new text end

new text begin (7) exercise fiduciary powers that the principal has authority to delegate; or
new text end

new text begin (8) disclaim property, including a power of appointment.
new text end

new text begin (d) Unless a power of attorney otherwise provides, a grant of authority to make a gift
is subject to the limitations of section 523A.217.
new text end

new text begin (e) Subject to paragraphs (b), (c), and (d), if powers granted in a power of attorney
are similar or overlap, the broadest power controls.
new text end

new text begin (f) Powers granted in a power of attorney are exercisable with respect to a property
interest that the 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 powers are
exercised or the power of attorney is executed in this state.
new text end

new text begin (g) An act performed by an agent pursuant to a power of attorney has the same effect
and inures to the benefit of and binds the principal and the principal's successors in interest
as if the principal had performed the act.
new text end

Sec. 23.

new text begin [523A.202] INCORPORATION OF POWERS.
new text end

new text begin (a) An agent has a power described in this article if the power of attorney
incorporates the power by citing to a section of sections 523A.204 to 523A.217.
new text end

new text begin (b) A reference in a power of attorney to a citation or to a section of sections
523A.204 to 523A.217 incorporates the entire section as if it were set out in full in the
power of attorney.
new text end

new text begin (c) A principal may modify a power incorporated by reference.
new text end

Sec. 24.

new text begin [523A.203] CONSTRUCTION OF POWERS GENERALLY.
new text end

new text begin Except as otherwise provided in the power of attorney, by executing a power of
attorney that incorporates by reference a power described in sections 523A.204 to
523A.217, a principal authorizes the agent with respect to that subject to:
new text end

new text begin (1) demand, receive, and obtain by litigation or otherwise, money or another thing of
value to which the principal is, may become, or claims to be entitled, and conserve, invest,
disburse, or use anything so received for the purposes intended;
new text end

new text begin (2) contract in any matter with any person, on terms agreeable to the agent, to
accomplish a purpose of a transaction, and perform, rescind, cancel, terminate, reform,
restate, release, or modify the contract or another contract made by or on behalf of the
principal;
new text end

new text begin (3) execute, acknowledge, seal, and deliver a deed, revocation, mortgage, security
agreement, lease, notice, check, draft, promissory note, electronic funds transfer, release,
or other instrument or communication the agent considers desirable to accomplish a
purpose of a transaction, including creating at any time a schedule listing some or all of
the principal's property and attaching it to the power of attorney;
new text end

new text begin (4) prosecute, defend, submit to alternative dispute resolution, settle, and propose or
accept a compromise with respect to a claim existing in favor of or against the principal or
intervene in litigation relating to the claim;
new text end

new text begin (5) seek on the principal's behalf the assistance of a court or other governmental
agency to carry out an act authorized in the power of attorney;
new text end

new text begin (6) engage, compensate, and discharge an attorney, accountant, discretionary
investment manager, expert witness, or other assistant;
new text end

new text begin (7) prepare, execute, and file a record, report, or other document to safeguard or
promote the principal's interest under a statute or governmental regulation;
new text end

new text begin (8) communicate with any representative or employee of a government,
governmental subdivision, agency, or instrumentality on behalf of the principal;
new text end

new text begin (9) access communications intended for and communicate on behalf of the principal,
whether by mail, electronic mail, facsimile, telephone, or other means; and
new text end

new text begin (10) in general, do any other lawful act with respect to the power and all property
related to the power.
new text end

Sec. 25.

new text begin [523A.204] REAL PROPERTY.
new text end

new text begin Language in a power of attorney granting power with respect to real property
authorizes the agent to:
new text end

new text begin (1) demand, buy, lease, receive, accept as a gift or as security for an extension of
credit, or otherwise acquire or reject an interest in real property or a right incident to
real property;
new text end

new text begin (2) sell; exchange; convey with or without covenants, representations, or warranties;
quitclaim; release; surrender; retain title for security; encumber; partition; consent to
partitioning; subject to an easement or covenant; subdivide; apply for zoning, rezoning, or
other governmental permits; plat or consent to platting; develop; grant options concerning;
lease; sublease; contribute to an entity in exchange for an interest in that entity; or
otherwise grant or dispose of an interest in real property or a right incident to real property;
new text end

new text begin (3) pledge or mortgage an interest in real property or right incident to real property
as security in order to borrow money or pay, renew, or extend the time of payment of a
debt of the principal;
new text end

new text begin (4) release, assign, satisfy, or enforce by litigation or otherwise a mortgage, deed of
trust, conditional sale contract, encumbrance, lien, or other claim to real property which
exists or is asserted;
new text end

new text begin (5) manage or conserve an interest in real property or a right incident to real property
owned or claimed to be owned by the principal, including:
new text end

new text begin (i) insuring against liability or casualty or other loss;
new text end

new text begin (ii) obtaining or regaining possession or protecting the interest or right by litigation
or otherwise;
new text end

new text begin (iii) paying, assessing, compromising, or contesting taxes or assessments or applying
for and receiving refunds in connection with them; and
new text end

new text begin (iv) purchasing supplies, hiring assistance or labor, and making repairs or alterations
to the real property;
new text end

new text begin (6) use, develop, alter, replace, remove, erect, or install structures or other
improvements upon real property in or incident to which the principal has, or claims to
have, an interest or right;
new text end

new text begin (7) participate in a reorganization with respect to real property or an entity that owns
an interest in or right incident to real property and receive and hold, directly or indirectly,
shares of stock, obligations, other evidences of ownership or debt, or other property
received in a plan of reorganization, and act with respect to them, including:
new text end

new text begin (i) selling or otherwise disposing of them;
new text end

new text begin (ii) exercising or selling an option, conversion, or similar right with respect to
them; and
new text end

new text begin (iii) exercising any voting rights in person or by proxy;
new text end

new text begin (8) change the form of title of an interest in or right incident to real property; and
new text end

new text begin (9) dedicate to public use, with or without consideration, easements or other real
property in which the principal has, or claims to have, an interest.
new text end

Sec. 26.

new text begin [523A.205] TANGIBLE PERSONAL PROPERTY.
new text end

new text begin Language in a power of attorney granting power with respect to tangible personal
property authorizes the agent to:
new text end

new text begin (1) demand, buy, receive, accept as a gift or as security for an extension of credit,
or otherwise acquire or reject ownership or possession of tangible personal property or
an interest in tangible personal property;
new text end

new text begin (2) sell; exchange; convey with or without covenants, representations, or warranties;
quitclaim; release; surrender; create a security interest in; grant options concerning; lease;
sublease; or otherwise dispose of tangible personal property or an interest in tangible
personal property;
new text end

new text begin (3) pledge tangible personal property or an interest in tangible personal property
as security in order to borrow money or pay, renew, or extend the time of payment of a
debt of the principal;
new text end

new text begin (4) release, assign, satisfy, or enforce by litigation or otherwise, a security interest,
lien, or other claim on behalf of the principal, with respect to tangible personal property or
an interest in tangible personal property;
new text end

new text begin (5) manage or conserve tangible personal property or an interest in tangible personal
property on behalf of the principal, including:
new text end

new text begin (i) insuring against liability or casualty or other loss;
new text end

new text begin (ii) obtaining or regaining possession of or protecting the property or interest, by
litigation or otherwise;
new text end

new text begin (iii) paying, assessing, compromising, or contesting taxes or assessments or applying
for and receiving funds in connection with taxes or assessments;
new text end

new text begin (iv) moving the property from place to place;
new text end

new text begin (v) storing the property for hire or on a gratuitous bailment; and
new text end

new text begin (vi) using and making repairs, alterations, or improvements to the property; and
new text end

new text begin (6) change the form of title of an interest in tangible personal property.
new text end

Sec. 27.

new text begin [523A.206] STOCKS AND BONDS.
new text end

new text begin (a) in this section, "stocks and bonds" means stocks, bonds, mutual funds, and all
other types of securities and financial instruments, whether held directly, indirectly, or
in any other manner, except commodity futures contracts and call-and-put options on
stocks and stock indexes.
new text end

new text begin (b) Language in a power of attorney granting power with respect to stocks and bonds
authorizes the agent to:
new text end

new text begin (1) buy, sell, and exchange securities;
new text end

new text begin (2) establish, continue, modify, or terminate a securities account;
new text end

new text begin (3) pledge securities as security in order to borrow, pay, renew, or extend the time of
payment of a debt of the principal;
new text end

new text begin (4) receive certificates and other evidences of ownership with respect to securities;
and
new text end

new text begin (5) exercise voting rights with respect to securities in person or by proxy, enter into
voting trusts, and consent to limitations on the right to vote.
new text end

Sec. 28.

new text begin [523A.207] COMMODITIES AND OPTIONS.
new text end

new text begin Language in a power of attorney granting power with respect to commodities and
options authorizes the agent to:
new text end

new text begin (1) buy, sell, exchange, assign, settle, and exercise commodity futures contracts and
call and put options on stocks and stock indexes traded on a regulated option exchange; and
new text end

new text begin (2) establish, continue, modify, and terminate option accounts.
new text end

Sec. 29.

new text begin [523A.208] BANKING AND OTHER FINANCIAL TRANSACTIONS.
new text end

new text begin Language in a power of attorney granting power with respect to banking and other
financial transactions authorizes the agent to:
new text end

new text begin (1) continue, modify, and terminate an account or other banking arrangement made
by or on behalf of the principal;
new text end

new text begin (2) establish, modify, and terminate an account or other banking arrangement with a
bank, trust company, savings and loan association, credit union, thrift company, brokerage
firm, or other financial institution selected by the agent;
new text end

new text begin (3) contract for services available from a financial institution, including renting a
safe deposit box or space in a vault;
new text end

new text begin (4) withdraw, by check, order, electronic funds transfer or otherwise, money or
property of the principal deposited with or left in the custody of a financial institution;
new text end

new text begin (5) receive statements of account, vouchers, notices, and similar documents from a
financial institution and act with respect to them;
new text end

new text begin (6) enter a safe deposit box or vault and withdraw or add to the contents;
new text end

new text begin (7) borrow money and pledge as security personal property of the principal
necessary in order to borrow money or pay, renew, or extend the time of payment of a
debt of the principal;
new text end

new text begin (8) make, assign, draw, endorse, discount, guarantee, and negotiate promissory
notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or
payable to the principal or the principal's order, transfer money, receive the cash or other
proceeds of those transactions, and accept a draft drawn by a person upon the principal
and pay it when due;
new text end

new text begin (9) receive for the principal and act upon a sight draft, warehouse receipt, or other
negotiable or nonnegotiable instrument;
new text end

new text begin (10) apply for, receive, and use letters of credit, credit and debit cards, electronic
transaction authorizations, and traveler's checks from a financial institution and give an
indemnity or other agreement in connection with letters of credit; and
new text end

new text begin (11) consent to an extension of the time of payment with respect to commercial
paper or a financial transaction with a financial institution.
new text end

Sec. 30.

new text begin [523A.209] OPERATION OF AN ENTITY OR BUSINESS.
new text end

new text begin Subject to the terms of a document or an agreement governing an entity or an
entity ownership interest, language in a power of attorney granting power with respect to
operation of an entity or business authorizes the agent to:
new text end

new text begin (1) operate, buy, sell, enlarge, reduce, and terminate an ownership interest;
new text end

new text begin (2) perform a duty or discharge a liability and exercise in person or by proxy a right,
power, privilege, or option that the principal has, may have, or claims to have;
new text end

new text begin (3) enforce the terms of an ownership agreement;
new text end

new text begin (4) defend, submit to alternative dispute resolution, settle, or compromise litigation
to which the principal is a party because of an ownership interest;
new text end

new text begin (5) exercise in person or by proxy, or enforce by litigation or otherwise, a right,
power, privilege, or option the principal has or claims to have as the holder of a bond,
share, or other instrument of similar character; and
new text end

new text begin (6) defend, submit to alternative dispute resolution, settle, or compromise litigation
to which the principal is a party because of a bond, share, or similar instrument;
new text end

new text begin (7) with respect to an entity or business controlled by the principal:
new text end

new text begin (i) continue, modify, renegotiate, extend, and terminate a contract made by or on
behalf of the principal with respect to the entity or business before execution of the
power of attorney;
new text end

new text begin (ii) determine:
new text end

new text begin (A) the location of its operation;
new text end

new text begin (B) the nature and extent of its business;
new text end

new text begin (C) the methods of manufacturing, selling, merchandising, financing, accounting,
and advertising employed in its operation;
new text end

new text begin (D) the amount and types of insurance carried; and
new text end

new text begin (E) the mode of engaging, compensating, and dealing with its employees and
accountants, attorneys, or other agents;
new text end

new text begin (iii) change the name or form of organization under which the entity or business is
operated and enter into an ownership agreement with other persons to take over all or part
of the operation of the entity or business; and
new text end

new text begin (iv) demand and receive money due or claimed by the principal or on the principal's
behalf in the operation of the entity or business and control and disburse the money in the
operation of the entity or business;
new text end

new text begin (8) put additional capital into an entity or business in which the principal has interest;
new text end

new text begin (9) join in a plan of reorganization, consolidation, conversion, domestication, or
merger of the entity or business;
new text end

new text begin (10) sell or liquidate an entity or business or part of it;
new text end

new text begin (11) establish the value of an entity or business under a buy-out agreement to which
the principal is a party;
new text end

new text begin (12) prepare, sign, file, and deliver reports, compilations of information, returns, or
other papers with respect to an entity or business and make related payments; and
new text end

new text begin (13) pay, compromise, or contest taxes or assessments and perform any other act to
protect the principal from illegal or unnecessary taxation, fines, penalties, or assessments
with respect to an entity or business, including attempts to recover, in any manner
permitted by law, money paid before or after the execution of the power of attorney.
new text end

Sec. 31.

new text begin [523A.210] INSURANCE AND ANNUITIES.
new text end

new text begin Language in a power of attorney granting power with respect to insurance and
annuities authorizes the agent to:
new text end

new text begin (1) continue, pay the premium or assessment on, modify, exchange, rescind, release,
or terminate a contract procured by or on behalf of the principal which insures or provides
an annuity to either the principal or another person, whether or not the principal is a
beneficiary under the contract;
new text end

new text begin (2) procure new, different, and additional contracts of insurance and annuities for the
principal and the principal's spouse, children, and other dependents, and select the amount,
type of insurance or annuity, and mode of payment;
new text end

new text begin (3) pay the premium or assessment on, modify, exchange, rescind, release, or
terminate a contract of insurance or annuity procured by the agent;
new text end

new text begin (4) apply for and receive a loan secured by a contract of insurance or annuity;
new text end

new text begin (5) surrender and receive the cash surrender value on a contract of insurance or
annuity;
new text end

new text begin (6) exercise an election;
new text end

new text begin (7) change the manner of paying premiums on a contract of insurance or annuity;
new text end

new text begin (8) change or convert the type of insurance or annuity with respect to which the
principal has or claims to have a power described in this section;
new text end

new text begin (9) apply for and procure a benefit or assistance under a statute or governmental
regulation to guarantee or pay premiums of a contract of insurance on the life of the
principal;
new text end

new text begin (10) collect, sell, assign, hypothecate, borrow against, or pledge the interest of the
principal in a contract of insurance or annuity;
new text end

new text begin (11) select the form and timing of the payment of proceeds from a contract of
insurance or annuity; and
new text end

new text begin (12) pay from proceeds or otherwise, compromise or contest, and apply for refunds
in connection with, a tax or assessment levied by a taxing authority with respect to a
contract of insurance or annuity or its proceeds or liability accruing by reason of the
tax or assessment.
new text end

Sec. 32.

new text begin [523A.211] ESTATES, TRUSTS, AND OTHER BENEFICIAL
INTERESTS.
new text end

new text begin Language in a power of attorney granting power with respect to estates, trusts, and
other beneficial interests authorizes the agent to act for the principal in all matters that
affect 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, including the power to:
new text end

new text begin (1) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or
payment from the fund;
new text end

new text begin (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 the fund, by litigation or otherwise;
new text end

new text begin (3) exercise for the benefit of the principal a presently exercisable general power of
appointment held by the principal;
new text end

new text begin (4) initiate, participate in, and oppose 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;
new text end

new text begin (5) initiate, participate in, and oppose litigation to remove, substitute, or surcharge a
fiduciary;
new text end

new text begin (6) conserve, invest, disburse, and use anything received for an authorized purpose;
new text end

new text begin (7) transfer an interest of the principal in real property, stocks, 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
new text end

new text begin (8) reject, renounce, disclaim, release, or consent to a reduction in or modification
of a share in or payment from the fund.
new text end

Sec. 33.

new text begin [523A.212] CLAIMS AND LITIGATION.
new text end

new text begin Language in a power of attorney granting power with respect to claims and litigation
authorizes the agent to perform any lawful act on behalf of the principal in connection
with claims and litigation, including:
new text end

new text begin (1) assert and maintain before a court or administrative agency a claim, claim for
relief, cause of action, counterclaim, offset, or defense, including an action to recover
property or other thing of value, recover damages sustained by the principal, eliminate or
modify tax liability, or seek an injunction, specific performance, or other relief;
new text end

new text begin (2) bring an action to determine adverse claims, intervene in litigation, and act as
amicus curiae;
new text end

new text begin (3) seek an attachment, garnishment, order of arrest, or other preliminary,
provisional, or intermediate relief and use an available procedure to effect or satisfy a
judgment, order, or decree;
new text end

new text begin (4) perform any lawful act, including make or accept a tender, offer of judgment, or
admission of facts, submit a controversy on an agreed statement of facts, and consent to
examination before trial;
new text end

new text begin (5) submit to alternative dispute resolution, settle, and propose or accept a
compromise;
new text end

new text begin (6) waive the issuance and service of process upon the principal, accept service of
process, appear for the principal, designate persons upon which process directed to the
principal may be served, execute and file or deliver stipulations on the principal's behalf,
verify pleadings, seek appellate review, procure and give surety and indemnity bonds,
contract and pay for the preparation and printing of records and briefs, receive, execute,
and file or deliver a consent, waiver, release, confession of judgment, satisfaction of
judgment, notice, agreement, or other instrument in connection with the prosecution,
settlement, or defense of a claim or litigation;
new text end

new text begin (7) act for the principal with respect to bankruptcy or insolvency, whether voluntary
or involuntary, concerning the principal or some other person, or with respect to a
reorganization, receivership, or application for the appointment of a receiver or trustee
which affects an interest of the principal in property or other thing of value;
new text end

new text begin (8) pay a judgment, award, or order against the principal or a settlement made in
connection with litigation or alternative dispute resolution; and
new text end

new text begin (9) receive money or another thing of value paid in settlement of or as proceeds
of a claim or litigation.
new text end

Sec. 34.

new text begin [523A.213] PERSONAL AND FAMILY MAINTENANCE.
new text end

new text begin (a) Language in a power of attorney granting power with respect to personal and
family maintenance authorizes the agent to:
new text end

new text begin (1) perform the acts necessary to maintain the customary standard of living of the
principal, the principal's spouse, and the following individuals, whether living when the
power of attorney is executed or later born:
new text end

new text begin (i) the principal's children;
new text end

new text begin (ii) other individuals legally entitled to be supported by the principal; and
new text end

new text begin (iii) those individuals whom the principal has customarily supported or indicated
the intent to support;
new text end

new text begin (2) provide living quarters for those individuals described in clause (1) by purchase,
lease, or other contract or pay the operating costs, including interest, amortization
payments, repairs, and taxes, on premises owned by the principal or occupied by those
individuals;
new text end

new text begin (3) provide normal domestic help, usual vacations and travel expenses, and funds
for shelter, clothing, food, appropriate education, including postsecondary and vocational
education, and other current living costs for those individuals described in clause (1);
new text end

new text begin (4) pay expenses for necessary health care and custodial care on behalf of the
individuals described in clause (1);
new text end

new text begin (5) act as the principal's personal representative pursuant to the Health Insurance
Portability and Accountability Act, Sections 1171 through 1179 of the Social Security
Act, United States Code, title 42, section 1320d, as amended, and applicable regulations,
in making decisions related to the past, present, or future payment for the provision of
health care consented to by the principal or anyone authorized under the law of this state
to consent to health care on behalf of the principal;
new text end

new text begin (6) continue any provision made by the principal for automobiles or other means
of transportation, including registering, licensing, insuring, and replacing them for the
individuals described in clause (1);
new text end

new text begin (7) maintain credit and debit accounts for the convenience of the individuals
described in clause (1) and open new accounts to accomplish a lawful purpose; and
new text end

new text begin (8) continue payments incidental to the membership or affiliation of the principal in a
religious institution, club, society, order, or other organization or to continue contributions
to those organizations.
new text end

new text begin (b) Authority with respect to personal and family maintenance is neither dependent
upon nor limited by authority that an agent may or may not have with respect to gifts
under this chapter.
new text end

Sec. 35.

new text begin [523A.214] BENEFITS FROM GOVERNMENTAL PROGRAMS OR
CIVIL OR MILITARY SERVICE.
new text end

new text begin (a) In this section, "benefits from governmental programs or civil or military service"
means any benefit, program, or assistance provided under a statute or governmental
regulation including Social Security, Medicare, and Medicaid.
new text end

new text begin (b) Language in a power of attorney granting power with respect to benefits from
governmental programs or civil or military service authorizes the agent to:
new text end

new text begin (1) execute vouchers in the name of the principal for allowances and reimbursements
payable by the United States or a foreign government or by a state or subdivision of a
state to the principal, including allowances and reimbursements for transportation of the
individuals described in section 523A.213, paragraph (a), clause (1), and for shipment of
their household effects;
new text end

new text begin (2) take possession and order the removal and shipment of property of the principal
from a post, warehouse, depot, dock, or other place of storage or sakekeeping, either
governmental or private, and execute and deliver a release, voucher, receipt, bill of lading,
shipping ticket, certificate, or other instrument for that purpose;
new text end

new text begin (3) enroll in, apply for, select, reject, change, amend, or discontinue, on the
principal's behalf, a benefit or program;
new text end

new text begin (4) prepare, file, and maintain a claim of the principal for a benefit or assistance,
financial or otherwise, to which the principal claims to be entitled under a statute or
governmental regulation;
new text end

new text begin (5) prosecute, defend, submit to alternative dispute resolution, settle, and propose or
accept a compromise with respect to any benefit or assistance the principal may be entitled
to receive under a statute or governmental regulation; and
new text end

new text begin (6) receive the financial proceeds of a claim of the type described in clause (4) and
conserve, invest, disburse, or use anything so received for a lawful purpose.
new text end

Sec. 36.

new text begin [523A.215] RETIREMENT PLANS.
new text end

new text begin (a) In this section, "retirement plan" means any plan or account created by an
employer, the principal, or another individual for the purpose of providing retirement
benefits or deferred compensation of which the principal is a participant, beneficiary, or
owner, including a plan or account under the following sections of the Internal Revenue
Code:
new text end

new text begin (1) an individual retirement account under Internal Revenue Code, section 408,
United States Code, title 26, section 408, as amended;
new text end

new text begin (2) a Roth individual retirement account under Internal Revenue Code, section
408A, Unites States Code, title 26, section 408A, as amended;
new text end

new text begin (3) a deemed individual retirement account under Internal Revenue Code, section
408(q), United States Code, title 26, section 408(q), as amended;
new text end

new text begin (4) an annuity or mutual fund custodial account under Internal Revenue Code,
section 403(b), United States Code, title 26, section 403(b), as amended;
new text end

new text begin (5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under
Internal Revenue Code, section 401(a), United States Code, title 26, section 401(a), as
amended;
new text end

new text begin (6) a plan under Internal Revenue Code, section 457(b), United States Code, title 26,
section 457(b), as amended; and
new text end

new text begin (7) a nonqualified deferred compensation plan under Internal Revenue Code, section
409A, United States Code, title 26, section 409A, as amended.
new text end

new text begin (b) Language in a power of attorney granting power with respect to retirement plans
authorizes the agent to:
new text end

new text begin (1) select the form and timing of payments under a retirement plan and withdraw
benefits from a plan;
new text end

new text begin (2) make a rollover, including a direct trustee-to-trustee rollover, of benefits from
one retirement plan to another;
new text end

new text begin (3) establish a retirement plan in the principal's name;
new text end

new text begin (4) make contributions to a retirement plan;
new text end

new text begin (5) exercise investment powers available under a retirement plan; and
new text end

new text begin (6) borrow from, sell assets to, or purchase assets from a retirement plan.
new text end

Sec. 37.

new text begin [523A.216] TAXES.
new text end

new text begin Language in a power of attorney granting power with respect to tax matters
authorizes the agent to:
new text end

new text begin (1) prepare, sign, and file federal, state, local, and foreign income, gift, payroll,
property, Federal Insurance Contributions Act, and other tax returns, claims for refunds,
requests for extension of time, petitions regarding tax matters, and any other tax-related
documents, including receipts, offers, waivers, consents, including consents and
agreements under Internal Revenue Code, section 2032A, United States Code, title 26,
section 2032A, as amended, closing agreements, and any power of attorney required by
the Internal Revenue Service or other taxing authority with respect to a tax year upon
which the statute of limitations has not run and the following 25 tax years;
new text end

new text begin (2) pay taxes due, collect refunds, post bonds, receive confidential information, and
contest deficiencies determined by the Internal Revenue Service or other taxing authority;
new text end

new text begin (3) exercise any election available to the principal under federal, state, local, or
foreign tax law; and
new text end

new text begin (4) act for the principal in all tax matters for all periods before the Internal Revenue
Service and any other taxing authority.
new text end

Sec. 38.

new text begin [523A.217] GIFTS.
new text end

new text begin (a) Language in a power of attorney granting power with respect to gifts authorizes
the agent to:
new text end

new text begin (1) make a gift to a person of any of the principal's property, including by the
exercise of a presently exercisable general power of appointment held by the principal, in
an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion
under Internal Revenue Code, section 2503(b), United States Code, title 26, section
2503(b), as amended, without regard to whether the federal gift tax exclusion applies to
the gift, and if the principal's spouse agrees to consent to a split gift pursuant to Internal
Revenue Code, section 2513, United States Code, title 26, section 2513, as amended, in an
amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
new text end

new text begin (2) consent, pursuant to Internal Revenue Code, section 2513, United States Code,
title 26, section 2513, as amended, to the splitting of a gift made by the principal's spouse
in an amount per donee not to exceed the aggregate annual gift tax exclusions for both
spouses.
new text end

new text begin (b) Unless a power of attorney otherwise provides, an agent shall make a gift of the
principal's property only as the agent determines to be consistent with the principal's
objectives if actually known by the agent and, if unknown, as the agent determines to be
consistent with the principal's best interest based on all relevant factors, including:
new text end

new text begin (1) the value and nature of the principal's property;
new text end

new text begin (2) the principal's foreseeable obligations and need for maintenance;
new text end

new text begin (3) minimization of taxes, including income, estate, inheritance, generation-skipping
transfers, or gift taxes;
new text end

new text begin (4) eligibility for a benefit, program, or assistance under a statute or governmental
regulation; and
new text end

new text begin (5) the principal's personal history of making or joining in making gifts.
new text end

new text begin (c) A gift under this section may be made outright or for the benefit of a donee,
including to a trust, an account under the Uniform Transfers to Minors Act, or a tuition
savings account or prepaid tuition plan as defined under Internal Revenue Code, section
529, United States Code, title 26, section 529, as amended.
new text end

ARTICLE 3

STATUTORY FORM POWER OF ATTORNEY

Sec. 39.

new text begin [523A.301] OPTIONAL FORM.
new text end

new text begin The following form may be used to create a power of attorney that has the meaning
and effect prescribed by this chapter.
new text end

new text begin STATUTORY FORM POWER OF ATTORNEY
new text end

new text begin IMPORTANT INFORMATION
new text end

new text begin This power of attorney authorizes another person (your agent) to make decisions
concerning your property for you (the principal). Your agent can make decisions and act
with respect to your property (including your money) whether or not you are able to
act for yourself. The meaning of powers listed in this form is explained in the Uniform
Power of Attorney Act.
new text end

new text begin This power of attorney does not authorize the agent to make health care decisions for you.
new text end

new text begin You should select someone you trust to serve as your agent. The agent's authority will
continue until your death unless you revoke the power of attorney or the agent resigns. If
your agent is unable or unwilling to act for you, your power of attorney will end unless
you have named a successor agent. You may also name a second successor agent.
new text end

new text begin This power of attorney becomes effective immediately unless you state otherwise in
the Special Instructions.
new text end

new text begin BEFORE SIGNING THIS FORM, YOU SHOULD SEEK LEGAL ADVICE IF YOU
HAVE QUESTIONS ABOUT THE POWER OF ATTORNEY OR THE AUTHORITY
YOU ARE GRANTING TO YOUR AGENT.
new text end

new text begin DESIGNATION OF AGENT
new text end

new text begin Name of Principal: . new text end

new text begin I name the following person as my agent: new text end

new text begin Name of Agent: . new text end

new text begin Agent's Address: . new text end

new text begin Agent's Phone Number: . new text end

new text begin DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)
new text end

new text begin If my agent is unable or unwilling to act for me, I name as my successor agent: new text end

new text begin Name of Successor Agent: . new text end

new text begin Successor Agent's Address: . new text end

new text begin Successor Agent's Phone Number: . new text end

new text begin If my successor agent is unable or unwilling to act for me, I name as my second successor agent: new text end

new text begin Name of Second Successor Agent: . new text end

new text begin Second Successor Agent's Address: . new text end

new text begin Second Successor Agent's Phone Number: . new text end

new text begin GRANT OF GENERAL AUTHORITY
new text end

new text begin I grant my agent and any successor agent general authority to act for me with respect to
the following subjects as defined in the Uniform Power of Attorney Act:
new text end

new text begin (INITIAL all of the subjects you want to include in the agent's general authority. If you
wish to grant all of the powers you may initial next to the phrase "All of Preceding
Powers" instead of initialing each subject.)
new text end

new text begin (....) new text end		new text begin Real Property new text end
new text begin (....) new text end		new text begin Tangible Personal Property new text end
new text begin (....) new text end		new text begin Stocks and Bonds new text end
new text begin (....) new text end		new text begin Commodities and Options new text end
new text begin (....) new text end		new text begin Banking and Other Financial Transactions new text end
new text begin (....) new text end		new text begin Operation of an Entity or Business new text end
new text begin (....) new text end		new text begin Insurance and Annuities new text end
new text begin (....) new text end		new text begin Estates, Trusts, and Other Beneficial Interests new text end
new text begin (....) new text end		new text begin Claims and Litigation new text end
new text begin (....) new text end		new text begin Personal and Family Maintenance new text end
new text begin (....) new text end		new text begin Benefits from Governmental Programs or Civil or Military Service new text end
new text begin (....) new text end		new text begin Retirement Plans new text end
new text begin (....) new text end		new text begin Taxes new text end
new text begin (....) new text end		new text begin All of Preceding Powers new text end

new text begin GRANT OF SPECIFIC AUTHORITY (OPTIONAL)
new text end

new text begin My agent MAY NOT do any of the following specific acts for me UNLESS I have also
INITIALED the blank space (....) in front of the specific power:
new text end

new text begin (CAUTION: Granting any of the following powers will give your agent the authority to
take actions that could significantly reduce your property or change how your property
is distributed at your death. INITIAL ONLY the specific powers you WANT to include
in the agent's authority.)
new text end

new text begin (....) new text end		new text begin Create, amend, or revoke an inter vivos trust new text end
new text begin (....) new text end		new text begin Make a gift, subject to the limitations of the Uniform Power of Attorney Act and any special instructions in this power of attorney new text end
new text begin (....) new text end		new text begin Create or change rights of survivorship new text end
new text begin (....) new text end		new text begin Create or change a beneficiary designation new text end
new text begin (....) new text end		new text begin Authorize another person to exercise the authority granted under this power of attorney new text end
new text begin (....) new text end		new text begin Waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan new text end
new text begin (....) new text end		new text begin Exercise fiduciary powers that the principal has authority to delegate new text end
new text begin [(....) new text end		new text begin Disclaim or refuse an interest in property, including a power of appointment] new text end

new text begin LIMITATION ON AGENT'S AUTHORITY
new text end

new text begin An agent that is not my ancestor, spouse, or descendant MAY NOT use my property to
benefit the agent or a person to whom the agent owes an obligation of support unless I
have included special instructions in this power of attorney to permit such an action.
new text end

new text begin SPECIAL INSTRUCTIONS (OPTIONAL)
new text end

new text begin (On the following lines you may give special instructions limiting or extending the
powers granted to your agent.)
new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin EFFECTIVE DATE
new text end

new text begin This power of attorney is effective immediately unless I have stated otherwise in the
Special Instructions.
new text end

new text begin NOMINATION OF CONSERVATOR OR GUARDIAN (OPTIONAL)
new text end

new text begin If it becomes necessary for a court to appoint a conservator or guardian of my estate or
person, I nominate the following person(s) for appointment:
new text end

new text begin Name of Nominee for conservator or guardian of my estate: new text end

new text begin . new text end

new text begin Nominee's Address: . new text end

new text begin Nominee's Phone Number: . new text end

.

new text begin Name of Nominee for guardian of my person: new text end

new text begin . new text end

new text begin Nominee's Address: . new text end

new text begin Nominee's Phone Number: . new text end

new text begin RELIANCE ON THIS POWER OF ATTORNEY
new text end

new text begin Any person, including my agent, may rely upon the validity of this power of attorney or a
copy of it unless that person knows it is terminated or invalid.
new text end

new text begin SIGNATURE AND ACKNOWLEDGMENT
new text end

new text begin . new text end	new text begin . new text end
new text begin Your signature new text end	new text begin Date new text end
new text begin . new text end
new text begin Your name printed new text end
new text begin . new text end
new text begin . new text end
new text begin Your address new text end
new text begin . new text end
new text begin Your phone number new text end
new text begin State of . new text end
new text begin [County] of . new text end
new text begin This document was acknowledged before me on . , new text end
	new text begin (date) new text end
new text begin by . . new text end
new text begin (name of Principal) new text end
new text begin . new text end	new text begin (Seal, if any) new text end
new text begin Signature of Notary new text end
new text begin My commission expires: . new text end
new text begin [This document prepared by: new text end
new text begin . new text end
new text begin . ] new text end

new text begin IMPORTANT INFORMATION FOR AGENT
new text end

new text begin When you accept the authority granted under this power of attorney, a special legal
relationship is created between you and the principal. This relationship imposes upon you
duties that continue until you resign or the power of attorney is terminated or revoked.
You must:
new text end

new text begin (1) new text end		new text begin do what you know the principal reasonably expects you to do with the principal's property; new text end
new text begin (2) new text end		new text begin act in good faith with care, competence, and diligence for the best interest of the principal; new text end
new text begin (3) new text end		new text begin avoid conflicts that would impair your ability to act in the principal's best interest; new text end
new text begin (4) new text end		new text begin keep a complete record of all receipts, disbursements, and transactions conducted for the principal; new text end
new text begin (5) new text end		new text begin do nothing beyond the authority granted in this power of attorney; new text end
new text begin (6) new text end		new text begin preserve the principal's estate plan to the extent you know the plan, unless preserving the estate plan is inconsistent with the principal's best interest; and new text end
new text begin (7) new text end		new text begin stop acting on behalf of the principal if you learn of any event that terminates this power of attorney or your authority under this power of attorney. new text end

new text begin You must disclose your identity as an agent whenever you act for the principal
by writing or printing the name of the principal and signing your own name as "agent"
in the following manner:
new text end

new text begin (Principal's name) by (Your signature) as Agent
new text end

new text begin The meaning of the powers granted to you is defined in the Uniform Power of
Attorney Act. If you violate the Uniform Power of Attorney Act or act outside the
authority granted, you may be liable for any damages, including reasonable attorney
fees and costs, caused by your violation.
new text end

new text begin YOU SHOULD SEEK LEGAL ADVICE IF THERE IS ANYTHING ABOUT
THIS DOCUMENT OR YOUR DUTIES THAT YOU DO NOT UNDERSTAND.
new text end

new text begin AGENT'S ACCEPTANCE
new text end

new text begin (This statement of acceptance may be signed any time after the principal signs the power
of attorney.)
new text end

new text begin I accept appointment as agent under this power of attorney. new text end
new text begin . new text end	new text begin . new text end
new text begin Agent's signature new text end	new text begin Date new text end
new text begin . new text end
new text begin Agent's name printed new text end

Sec. 40.

new text begin [523A.302] AGENT'S CERTIFICATION.
new text end

new text begin The following optional form may be used by an agent to certify facts concerning a
power of attorney.
new text end

new text begin AGENT'S CERTIFICATION AS TO THE VALIDITY OF POWER OF
ATTORNEY AND AGENT'S AUTHORITY
new text end

new text begin State of . new text end
new text begin County of . new text end

new text begin I, . (name of Agent), [certify] under penalty new text end

new text begin of perjury that . (name of Principal) signed a new text end

new text begin Power of Attorney (a copy of the Power of Attorney is attached to this certification) on new text end

new text begin .................... (date), naming the undersigned as an agent or successor agent. new text end

new text begin I further [certify] that to my knowledge:
new text end

new text begin (1) the Principal is alive and has not revoked the Power of Attorney or my authority to act under the Power of Attorney and the Power of Attorney remains in full force and effect; new text end

new text begin (2) if the Power of Attorney was drafted to become effective upon the happening of an event or contingency, the event or contingency has occurred; new text end

new text begin (3) if I was named as a successor agent, that the predecessor agent is no longer able or willing to serve; and new text end

new text begin (4) . new text end

new text begin . new text end

new text begin . new text end

new text begin . new text end

new text begin (Insert other relevant statements) new text end

new text begin SIGNATURE AND ACKNOWLEDGMENT
new text end

new text begin . new text end	new text begin . new text end
new text begin Agent's signature new text end	new text begin Date new text end
new text begin . new text end
new text begin Agent's name printed new text end
new text begin . new text end
new text begin . new text end
new text begin Agent's address new text end
new text begin This document was acknowledged before me on .........................., new text end
new text begin (date) new text end
new text begin by . . new text end
new text begin (name of Agent) new text end
new text begin . new text end	new text begin (Seal, if any) new text end
new text begin Signature of Notary new text end
new text begin My commission expires: . new text end
new text begin [This document prepared by: new text end
new text begin . new text end
new text begin . ] new text end

ARTICLE 4

MISCELLANEOUS PROVISIONS

Sec. 41.

new text begin [523A.402] RELATION TO ELECTRONIC SIGNATURES IN GLOBAL
AND NATIONAL COMMERCE ACT.
new text end

new text begin This chapter modifies, limits, and supersedes the federal Electronic Signatures in
Global and National Commerce Act (United States Code, title 15, section 7001 et seq.)
but does not modify, limit, or supersede section 101(c) of that act (United States Code,
title 15, section 7001(c)) or authorize electronic delivery of any of the notices described in
section 103(b) of that act (United States Code, title 15, section 7003(b)).
new text end

Sec. 42.

new text begin [523A.403] EFFECT ON EXISTING POWERS OF ATTORNEY.
new text end

new text begin Except as otherwise provided in this chapter, on the effective date of this chapter:
new text end

new text begin (1) this chapter applies to a power of attorney created before, on, or after the
effective date of this chapter;
new text end

new text begin (2) this chapter applies to a judicial proceeding concerning a power of attorney
commenced on or after the effective date of this chapter;
new text end

new text begin (3) this chapter applies to a judicial proceeding concerning a power of attorney
commenced before the effective date of this chapter unless the court finds that application
of a provision of this chapter would substantially interfere with the effective conduct of
the judicial proceeding or prejudice the rights of a party, in which case that provision does
not apply and the superseded law applies; and
new text end

new text begin (4) an act done before the effective date of this chapter is not affected by this chapter.
new text end

Sec. 43. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2006, sections 523.01; 523.02; 523.03; 523.04; 523.05; 523.06;
523.07; 523.075; 523.08; 523.09; 523.10; 523.11; 523.12; 523.13; 523.131; 523.14;
523.15; 523.16; 523.17; 523.18; 523.19; 523.20; 523.21; 523.22; 523.23; and 523.24, new text end new text begin are
repealed.
new text end

Sec. 44. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 43 are effective August 1, 2008.
new text end