Powers of Appointment and Future Interests

Question 1

Power of appointment

Answer 1

1. Donor
2. Donee
3. Objects
4. No ascertainble Bs
5. No fiducary duty
6. No court oversight
7. Precatory = gift
8. Resulting trust if no exercise

DDOAFCOPER

Question 2

General power of appointment

Answer 2

1. Donee can exercise in favor of themselves
2. Owner equivalent for tax
3. Presently exercisable, C may attach

DETOTEPAC

Question 3

Non-general power of appointment

Answer 3

1. Donee may not exercise in favor of themselves
2. Not owner equivalent for tax or creditor attachment

DENNOTAC

Question 4

Rule of convenience

Answer 4

1. A class will be deemed to close
2. when the first member within the class can take
3. preference for early vesting
4. (certainty and marketability of title)

Question 5

Future interest essay

Answer 5

1. when does a right vest?
2. what is the effect of that right?
3. if you have a class gift and there are present members of the class, when does it vest, and what happens if new members come into the class?