75-5-503 - Power of attorney -- Prohibitions and restrictions.
75-5-503. Power of attorney -- Prohibitions and restrictions.
A power of attorney may not be construed to grant authority to an attorney-in-fact oragent to perform any of the following, unless expressly authorized in the power of attorney:
(1) create, modify, or revoke an inter vivos revocable trust created by the principal;
(2) fund, with the principal's property, a trust not created by the principal or by a personauthorized to create a trust on behalf of the principal;
(3) make or revoke a gift of the principal's property, in trust or otherwise; or
(4) designate or change the designation of beneficiaries to receive any property, benefit,or contract right on the principal's death.
Enacted by Chapter 241, 2003 General Session