Loading...
HomeMy WebLinkAbout976463I, LESLIE J. REES, of Davis County, Utah, willfully and voluntarily designate the persons named below to make the decisions and take the actions described in this document on my behalf in order to supplement the power and authority I have granted to the trustees of the revocable living trust I have executed in addition to this document. The formal name of my revocable living trust is as follows: LESLIE J. REES or PAUL J. REES, Trustees, or their successors in trust, under the LESLIE J. REES LIVING TRUST, dated August 31, 2011, and any amendments thereto. 03 I 1 0 (hereafter "my Trust z o n a I hereby revoke all financial powers of attorney previously granted by me as principal m o and terminate all agency relationships created thereunder except that powers granted by D LI o w me on forms provided by financial institutions granting the right to write checks on, z -a z deposit funds to and withdraw funds from accounts to which I am a signatory or those rn -n granting access to a safe deposit box shall not be revoked, but shall continue in full force z A rn ul and effect. o N IQ -..r._==._ r 'v to N o --z O 0 —n 0 rn N ARTICLE ONE o Appointment of My Agent n r Ts m 73 0 A. My Original Agents s m m I hereby appoint the following individuals as my true and lawful attorneys -in -fact or 0 Agents (hereafter "my original Agents PAUL J. REES AND BRIAN P. REES Special Durable Power of Attorney of LESLIE J. REES My original Agents are also the same individuals that I have named as the disability Trustees of my Trust. B. My Successor Agents In the event of the death, disappearance, disability, or resignation of my first named Agents, I appoint the then acting Trustees of my Living Trust as my successor Agents. For purposes of this Article, it is my intent that at all times during my disability or incapacity the then acting Trustees of my Living Trust (regardless of whether the original or successor) shall also be my Agents under this Power of Attorney. However, when serving as my Agents under this Document, my Agents shall serve in their individual capacities, and not as Trustees on behalf of my Trust. The appointment of my successor Agents shall become absolute, as if the first named Agents had not been appointed. The identity of my successor Agents may be established by an affidavit by the then acting Trustees of my Living Trust. The disappearance of any first named Agent may be established by the affidavit of my successor Agents. The disability of any first named Agent may be established by the certificate of a qualified physician stating that the first named Agent is unable to manage his or her own affairs. Any person dealing with my successor Agents shall be fully protected and free from liability for any payment, application, or accumulation made or other action taken in reliance upon such an affidavit of disappearance, affidavit of Trustees, or such a certificate of disability. The authority of my successor Agents shall continue and be exclusive even if the first named Agents shall reappear after a disappearance or recover after a disability. Any successor Agent shall have all the rights, powers and privileges, and be subject to all the obligations and duties, both discretionary and ministerial, as given to my original Agents. Any successor Agent shall be subject to any restrictions imposed on my original Agents. No successor Agent shall be required to examine the accounts, records and acts of any previous Agent. No successor Agent shall in any way be responsible for any act or omission to act on the part of any previous Agent. C. Control Requirements When more than two Agents are acting, the concurrence and joinder of a majority of my Agents shall control in all matters pertaining to the powers which may be exercised under this Power of Attorney other than the power to make gifts on my behalf described in Article Five, Section B below, which may be exercised only with the unanimous consent of my Agents. If only two Agents are acting, the concurrence and joinder of both shall be required. Despite these general rules, if at any time any person shall serve with my spouse as Agent under this Power of Attorney, the opinion of my spouse shall control in the event of disagreement. Any such person may be absolved from personal liability by complying with the procedure set out in the following paragraph. When more than two Agents are acting, any dissenting or abstaining Agent may be absolved from personal liability by registering a written dissent or abstention with the trustees of my revocable living trust. The dissenting Agent shall thereafter act with the other Agent(s) in any manner necessary or appropriate to effectuate the decision of the majority. D. Use of the Word "Agent" 2 As used throughout this Document, the word "Agent" shall refer to my original Agents, as well as any single, additional, or successor Agent. ARTICLE TWO Effectiveness of Agent Appointment The power to fund my Trust granted in Article Three shall be immediately effective. All other authority granted my Agent shall be effective only when I am disabled, as determined pursuant to the terms of Article 4, Section 2a, of my Trust. Presentation of an Affidavit of Trust by the trustees of my Trust describing the terms and conditions which establish my disability, and that such terms and conditions have been satisfied, shall serve as conclusive evidence of my disability. A. Transfer to Trust ARTICLE THREE Powers to Fund My Trust I grant my Agent full power and authority to do everything necessary to transfer, assign, convey, and deliver any interest I may have in property owned by me to my trust. B. Enumeration of Specific Transfer Powers In order for my Agent to transfer my property under this document, the following powers are set forth, by way of illustration and not limitation, to provide guidance as to some of the powers granted by me to my Agent: My Agent may convey real or personal property, whether tangible or intangible, or any interest therein. My Agent may receive and endorse checks and drafts, deposit and withdraw funds, and acquire and redeem certificates of deposit in banks, savings and loans, and all other financial institutions. My Agent may execute or release mortgages, deeds of trust, or other security agreements as may be necessary to accomplish the purpose of this document. My Agent may execute papers necessary to change the ownership and/or beneficiary designation of any life insurance policy, or to change the beneficiary designation of any annuity, individual retirement account, Keogh plan, 403(b) plan, 401(k) plan, or other qualified retirement plan. 3 My Agent may apply for, endorse, and transfer certificates of title for any motor vehicle. My Agent may endorse, convey, and otherwise transfer all business interests that I may now own or hereafter acquire. C. No Power to Remove No power or authority contained in this Power of Attorney shall be construed to give my Agent the power to withdraw or the power to compel my Trustee to withdraw property from my Living Trust, or the power to remove my Trustee. ARTICLE FOUR Powers Specifically Not Granted to My Agent A. Life Insurance On The Life of My Agent My Agent shall have no power or authority whatsoever with respect to any interest in or incidents of ownership in any policy of insurance I may own on the life of my Agent. B. Property Held By Me In A Fiduciary Capacity My Agent shall have no power under this Funding Power with regard to any act, power, duty, right, or obligation that I may have relating to any person, matter, transaction, or property held by me or in my custody as a trustee, custodian, personal representative, or other fiduciary capacity. ARTICLE FIVE Powers Specifically Granted to Supplement My Trust A. IRA and Employee Benefit Plans My Agent shall have the following powers with regard to IRA and Employee Benefit Plans: to create and contribute to an employee benefit plan, including a plan for a self employed individual, for my benefit; elect retirement on my behalf; select payment options, or change any payment options I have previously selected under any IRA or employee benefit plan in which I am a participant (including a plan for a self employed individual); and may make voluntary contributions to such plans; 4 to make "roll overs" of plan benefits into other retirement plans; apply for and receive payments and benefits; and waive rights given to nonemployee spouses under state or federal law; to invest and reinvest the assets of any IRA or employee benefit plan in which I am a participant (including a plan for a self employed individual); and borrow money and purchase assets therefrom and sell assets thereto, if authorized by any such plans; to establish an irrevocable trust (my "Irrevocable Trust with the same (or substantially similar) terms of my Trust as of the date of my disability; to make revocable or irrevocable beneficiary designations and change revocable beneficiary designations. However, the beneficiary or beneficiaries designated must be any one, or a combination of, the following: my spouse, my Trust, my Irrevocable Trust, or any trust share of my Trust or my Irrevocable Trust that will be created for an individual after my death; to consent and/or waive consent in connection with the designation of beneficiaries, the selection of joint and survivor annuities under any employee benefit plan; and to make elections regarding required minimum distributions from any IRA or employee benefit plan in which I am a participant (including a plan for a self employed individual). B. Long Term Care Insurance My Agent may make and change beneficiary designations for any long -term care insurance in favor of my living trust, whether revocable or irrevocable. My Agent may collect proceeds from any long -term care insurance to which I may be entitled, and shall use those proceeds to provide for my care, including paying for in -home care, nursing home care, convalescent hospital care, skilled nursing care, or any other expense necessary for my long -term care. My Agent shall make every reasonable effort to collect all sums made payable to me or for my benefit under any long -term care insurance policy. In collecting the benefit proceeds, my Agent may, in its sole and absolute discretion, exercise any of the settlement options available under the terms of the policy. My Agent shall not be liable to any beneficiary of my revocable living trust for settlement of any option ultimately selected. No provision in this Power of Attorney shall be construed to impose any obligation on either me or my Agent to maintain long -term care insurance for my benefit. C. Gifting Powers 5 My Agent may make gifts to any charitable organization and may satisfy pledges I have previously made to any charitable organization. My Agent may also make gifts in order to assure the continuation of any gifting program I have initiated prior to my disability. My Agent may make gifts on my behalf to or for the benefit of any contingent beneficiary named in my Trust for purposes my Agent considers to be in my best interest, including, without limitation, the minimization of income, estate, inheritance or gift taxes. Gifts may be made either outright or through other funding vehicles, including, without limitation, irrevocable trusts, charitable lead or charitable remainder trusts, corporations, family limited partnerships, limited liability partnerships and limited liability companies. My Agent is specifically authorized to establish any such funding vehicle. My Agent may not make gifts to satisfy my Agent's creditors, my Agent's estate or creditors of my Agent's estate. My Agent may make gifts for my Agent's own benefit, so long as such gifts are not made to any person to whom my Agent owes a legal support obligation, and so long as such gifts are not in excess of the amount excluded from gifts under §2503(b) of the Internal Revenue Code of 1986, as amended, or any successor provisions. If my Agent determines it is necessary or advisable to make gifts that are larger than the §2503(b) amounts, as described above, to my Agent or to any person whom my Agent owes a support obligation, a Special Independent Agent must be appointed by unanimous vote of my Agent. The Special Independent Agent shall review the facts and circumstances surrounding the proposed gifts and decide whether such gifts should be made. The Special Independent Agent must not be related by blood or marriage to any of my Agents. I prefer, but do not require, that my Agent select a Certified Public Accountant to serve as my Special Independent Agent under such circumstances. In making gifts on my behalf, I direct that my Agent, to the extent reasonably possible, avoid disrupting the dispositive provisions of my Trust. If it is necessary to disrupt my plan, then my Agent is directed to use my Agent's best efforts to restore my plan as and when the opportunity to do so is available to my Agent. My Agent may establish and maintain financial accounts of all types, may execute, acknowledge, seal and deliver deeds, assignments, agreements, authorizations, checks or other instruments my Agent considers useful to accomplish any purpose permitted as described in this Article. My Agent may also prosecute, defend, submit to arbitration, settle and propose or accept a compromise with respect to a claim existing in favor of or against me based on or involving a gift transaction on my behalf, or may intervene in a related action or proceeding. My Agent may perform any other acts my Agent considers necessary or desirable to complete a gift on my behalf in accordance with the terms of this Article. ARTICLE SIX Miscellaneous Powers 6 A. Safe Deposit Boxes My Agent may contract with any institution for the maintenance or termination of a safe deposit box in my name. My Agent shall have access to all safe deposit boxes in my name or for which I am an authorized signatory, whether or not the contract for such safe deposit box was executed by me (either alone or jointly with others) or by my Agent in my name. My Agent may add to and remove from the contents of any such safe deposit box. B. Legal and Other Actions My Agent may institute, supervise, prosecute, defend, intervene in, abandon, compromise, arbitrate, settle, dismiss, and appeal from any and all legal, equitable, judicial or administrative hearings, actions, suits, proceedings, attachments, arrests or distresses, involving me in any way. Such matters shall include, without limitation, claims by or against me arising out of property damages or personal injuries suffered or allegedly caused by me or under such circumstances that the loss resulting therefrom will or may be imposed on me and otherwise engage in litigation involving me, my property or any interest of mine, including any property, interest or person for which or whom I have or may have any responsibility. C. Renounce and Resign From Fiduciary Positions My Agent may renounce any fiduciary position to which I have been or may be appointed or elected. Such positions include, without limitation, personal representative, trustee, guardian, conservator, attorney -in -fact, health care representative, proxy or surrogate, officer or director of a corporation, and any governmental or political office or position. My Agent may cause me to resign from any such positions, if necessary or advisable in my Agent's opinion, and may file an accounting with a court of competent jurisdiction or settle on a receipt and release or such other informal method as my Agent shall deem appropriate. D. Disclaim Property 7 My Agent may renounce and disclaim any property or interest in property to which I may become entitled, whether by gift, testate or intestate succession. My Agent may also release or abandon any property or interest in property which I may now or hereafter own. In exercising such discretion, my Agent may take into account such matters as any reduction in estate or inheritance taxes on my estate, and the effect of such renunciation or disclaimer upon persons interested in my estate and persons who would receive the renounced or disclaimed property. My Agent shall make no disclaimer that is expressly prohibited by other provisions of this Document. E. Exercise General and Limited Powers of Appointment My Agent may exercise any power of appointment, whether general or limited, which I hold pursuant to the terms and conditions of any will, trust, or other document so long as such powers of appointment are exercised in favor of the beneficiaries of my Trust. In no event may such powers of appointment be exercised in favor of my Agent's creditors, my Agent's estate or the creditor's of my Agent's estate, or in any other way in which my Agent would be deemed to hold a general power of appointment. My Agent is granted full authority to take all actions necessary to exercise such powers of appointment in accordance with the terms and conditions of the granting instrument. If any such actions by my Agent require the approval of any court, my Agent is authorized to seek such approval. F. Taxes My Agent may prepare, sign, and file federal, state, and /or local income, gift and other tax forms and returns of all kinds, including, where appropriate, joint returns, FICA returns, payroll tax returns, income tax and all other forms of tax returns concerning any business interest owned by me. My Agent shall have the power to represent me and act on my behalf in all matters before any taxing authority, including the power to appoint ancillary agents. By way of example, this power includes the right to make claims for refunds, request extensions of time to file returns and/or pay taxes, waive applicable periods of limitation, file protests and petitions to administrative agencies or courts regarding tax matters, enter into consents and agreements under Section 2032A of the Internal Revenue Code or any successor section thereto, consent to split gifts, execute closing agreements, and complete and file any power of attorney foim required by the Internal Revenue Service and /or any state or local taxing authority. My Agent may also collect refunds, post bonds, receive confidential information and contest deficiencies determined by the Internal Revenue Service and/or any state or local taxing authority. G. Other Miscellaneous Powers My Agent may also perform the following miscellaneous tasks on my behalf: 1. Mail 8 My Agent may open, read, respond to and redirect my mail, and may represent me before the U.S. Postal Service and all other mail and/or package carriers in all matters relating to mail service including, without limitation, receipt of certified mail. 2. Government Agencies My Agent is hereby appointed as my Representative Payee for the purposes of receiving Social Security benefits. My Agent shall have full power to represent me and deal in all ways necessary concerning any rights and /or benefits payable to me or for my benefit by any governmental agency or body including, without limitation, Supplemental Social Security Income (SSSI), Medicaid, Medicare and Social Security Disability Income (SSDI). 3. Memberships My Agent may establish, cancel, continue or initiate my membership in organizations and associations of all kinds. 4. Documents My Agent may sign, execute, endorse, seal, acknowledge, deliver and file or record instruments and documents, including, without limitation, contracts, agreements, and conveyances of real and personal property, instruments granting and perfecting security instruments and obligations, orders for the payment of money, receipts, releases, waivers, elections, vouchers, consents, satisfactions and certificates. My Agent may take and give or deny custody of all of my important documents, including, without limitation, my will, codicils, trust agreements, deeds, leases, life insurance policies, contracts and securities and may disclose or refuse to disclose such documents. Any action with respect to my Trust documents shall be taken only as directed by the trustees of my Trust. My Agent may obtain and release or deny information or records of all kinds relating to me. 5. Care of Animals My Agent may house or provide for housing, support and maintenance of any animals or other living creatures that I may own and may contract for and pay the expenses of their proper veterinary care and treatment. If the care and maintenance of such animals or other living creatures shall become unreasonably expensive or burdensome in my Agent's opinion, my Agent may irrevocably transfer such animals to persons willing to care for and maintain them. ARTICLE SEVEN General Provisions 9 A. Use of the "Agent" Nomenclature Whenever the word "Agent" or any modifying or equivalent word or substituted pronoun therefor is used in this Document, such word or words shall be held and taken to include both the singular and the plural, the masculine, feminine and neuter gender thereof. B. Effect of Duplicate Originals or Copies If this Document has been executed in multiple counterpart originals, each such counterpart original shall have equal force and effect. My Agent is authorized to make photocopies of this Document as frequently and in such quantity as my Agent shall deem appropriate. Each photocopy shall have the same force and effect as any original. This Document and actions taken by my Agent properly authorized hereunder shall be binding upon me, my estate, my heirs, successors and assigns. C. Release of Information All persons from whom my Agent may request information regarding me, my personal or financial affairs or any infoiination which I am entitled to receive are hereby authorized to provide such information to my Agent without limitation and are released from any legal liability whatsoever to me, my estate, my heirs, successors and assigns for complying with my Agent's requests. D. Reliance on this Document No person who acts in reliance on the representations of my Agent or the authority granted under this Document shall incur any liability to me, my estate, my heirs, successors and assigns as a result of permitting my Agent to exercise any power granted under this Document. Further, I agree to indemnify and hold harmless any person who, in good faith, acts under this Power of Attorney or transacts business with my Agent in reliance upon this Power, without actual knowledge of its revocation. E. Validity of this Document To the extent permitted by law, this Document shall be applicable to all property of mine, real, personal, intangible or mixed, wherever and in whatever state of the United States or foreign country the situs of such property is at any time located and whether such property is now owned by me or hereafter acquired by me or for me by my Agent. F. Appointment of Ancillary Agents 1 0 If at any time my Agent deems it necessary or desirable in my Agent's discretion to appoint one or more Ancillary Agents to act in another jurisdiction under this Document, my Agent may appoint such Ancillary Agent(s). In making such appointment, my Agent may sign, execute, deliver, acknowledge and make declarations in any documents as may be necessary, desirable, convenient or proper in order to effectuate any such ancillary appointment. My Agent may grant to any Ancillary Agent only the powers, duties and authorities granted my Agent in this Document. G. Fiduciary Eligibility of Agent My Agent shall be eligible to serve in all other fiduciary capacities, for me or my benefit, including but not limited to service as Trustee, Guardian, Conservator, Committee, Executor, Administrator, Personal Representative, Health Care Representative and /or Agent under other Powers of Attorney. H. Agent Compensation My Agent under this Document shall not be entitled to compensation for services performed under this Document, but shall be entitled to reimbursement for all reasonable expenses incurred as a result of carrying out any provision of this Document, as determined in the sole and absolute discretion of the trustees of my Trust. I. Liability of Agent My Agent and my Agent's estate, heirs, successors and assigns, acting in good faith, are hereby released and forever discharged from any and all liability (civil, criminal, administrative or disciplinary) and from all claims or demands of all kinds whatsoever by me, my estate, my heirs, successors and assigns arising out of the acts or omissions of my Agent, except for willful misconduct or gross negligence. These provisions shall apply with equal force to any Special Independent Agent appointed pursuant to Article Five, Section B. of this Document. J. Enforcement of Agent's Authority My Agent may seek on my behalf and at my expense: (1) a declaratory judgment from any court of competent jurisdiction interpreting the validity of this Document and any of the acts authorized by this Document, but such declaratory judgment shall not be necessary in order for my Agent to perform any act authorized by this Document; (2) a mandatory injunction requiring compliance with my Agent's instructions by any person, organization, corporation, or other entity obligated to comply with instructions given by me; and/or 11 (3) actual and punitive damages against any person, organization, corporation or other entity obligated to comply with instructions given by me who negligently or willfully fails or refuses to follow such instructions. K. Amendment and Revocation This Document may be amended or revoked by me, and my Agent may be removed by me at any time by the execution by me of a written instrument of revocation, amendment, or removal delivered to my Agent. L. Resignation My Agent may resign by execution of a written resignation delivered to me or, if I am mentally incapacitated, by delivery to any person with whom I am residing or who has care and custody of me. M. Durability I hereby reserve the right to amend or revoke this Document at any time. However, until revoked, THIS POWER OF ATTORNEY SHALL NOT BE AFFECTED BY MY SUBSEQUENT DISABILITY OR INCAPACITY OR BY THE LAPSE OF TIME. N. Severability If any provision of this Document is declared by a court of competent jurisdiction to be invalid for any reason, such invalidity shall not affect the remaining provisions of this Document. The remaining provisions shall be fully severable, and this Document shall be construed and enforced as if the invalid provision had never been included in this Document. I have consulted with legal counsel, am fully informed as to all the contents of this document, and understand the full import of the granting of these powers to the persons named herein. Dated November 7, 2013 LESLIE J. REES, Principal 12 STATE OF UTAH COUNTY OF DAVIS Witness my hand and official seal. The foregoing Durable Special Power of Attorney was acknowledged before me on November 7, 2013, by LESLIE J. REES, Principal. 13 ss. NANCY L. CHAVEZ Notary Public State of Utah Commission 661491 COMM. EXP. 01 -02-2017