Powers of Appointment Flashcards
1
Q
What is the purpose of a power of appointment?
A
To allow facts in existence for a future distribution of property.
2
Q
What is a general power of appointment?
A
Donee appoints themselves. Creditors can reach appointed assets if presently exercisable.
3
Q
What is a special power of appointment?
A
Donee cannot appoint to themselves. Creditors cannot access because donee cannot appoint themselves if presently exercisable.
4
Q
What is a power of appointment if it is presently exercisable?
A
The donee can exercise in her lifetime
5
Q
What is a testamentary power of appointment?
A
Donee can appoint only by will. Creditors can’t reach estate except where donor and donee of power anon appoint is the same person or it is exercised in favour of the estate.
