Powers of Appointment Flashcards
What does this language establish: Distribute the trust principal to such persons as D appoints in her last will.
General Power of Appointment
Who is the Donor?
The party that created the power of appointment
Who is Donee of general testamentary power of appointment?
The party receiving the power - not limited in the class of beneficiaries it can appoint. Generally can appoint anyone even themselves.
Does a blanket residuary clause exercise the power of appointment in FL?
No - there must be an express mention of the power of appointment.
To B for life and on B’s death to distribute to B’s descendant as B appoints in the will that specifically refer to this power of appointment; default to B’s children. What type of appointment is this?
Special testamentary power of appointment.
Is it enough to state “I give my property including my property that I have via power of appointment to my daughter” in order to exercise power of appointment?
No this is too generic and not specific enough - must call the trust out by name.
Is any deviation from the terms of the power of appointment allowed?
No any deviation is a fraud on the power and is void.
