(a) If any power of attorney or other writing either authorizes an attorney in fact or other agent to do, execute, or perform any act that the principal might or could do, or evidences the principal’s intent to give the attorney in fact or agent full power to handle the principal’s affairs or deal with the principal’s property, the attorney in fact or agent shall have the power and authority to make gifts of any of the principal’s property to any individuals, including the attorney in fact or agent, within the limits of the annual exclusion as provided by Section 2503(b) of Title 26 of the United States Code, and taking into account the availability of Section 2513 of Title 26 of the United States Code, as the same may from time to time be amended, or to organizations described in Sections 170(c) and 2522(a) of Title 26 of the United States Code, or corresponding future provisions of federal tax law, or both, as the attorney in fact or agent shall determine:

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Terms Used In Alabama Code 26-1-2.1

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(1) to be in the principal’s best interest;
(2) to be in the best interest of the principal’s estate; or
(3) that will reduce the estate tax payable on the principal’s death; and is in accordance with the principal’s personal history of making or joining in the making of lifetime gifts.
(b) Subsection (a) shall not in any way impair the right or power of any principal, by express words in the power of attorney or other writing, to further authorize, expand, or limit the authority of any attorney in fact or other agent to make gifts of the principal’s property.
(c) This section is declaratory of Section guardian, etc., subsequent to execution of durable power of attorney; effect of death of principal upon agency relationship; affidavit by person exercising power of attorney as to lack of knowledge of rev” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”26″>26-1-2 and shall not be construed to nullify any actions taken by any attorney in fact prior to May 6, 1994.
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