FEBRUARY 2017 Flashcards
1
Q
A
A retained power to revoke a trust includes the power to modify or amend the trust instrument.
Settlor’s written direction effectively amended the terms of the trust as initially created. Thus, no improper accumulation of income occurred.
2
Q
A
A power of appointment can only be exercised in favor of a permissible object of the power; any property impermissibly appointed passes to the taker in default of appointment.
3
Q
A
The power to appoint trust assets includes the power to appoint in further trust.
