737:§2041. A general power of appointment is one that allows the holder of the power to appoint to himself, his estate, his creditors, or the creditors of his or her estate the right to have the beneficial use and enjoyment of certain property covered by the power of appointment. The holder of a general power of appointment is treated for estate tax purposes as if he or she is the owner of the property subject to the power, regardless of whether or not the power is exercised. Thus, the property that is subject to the power is includable in the power holder's estate for estate tax purposes.
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distribute property among the testator's three children. The brother would then have the authority to choose which of the testator's children gets which property. Unlike a general power of appointment, the refusal of the appointed party to exercise a specific power of appointment causes the designated property to revert as a gift to the members of a group or a class.
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A special power of appointment may be exclusive or nonexclusive. If exclusive, the donee can appoint all the property to one or more members of the class of permissible appointees to the exclusion of the other members of the class. If nonexclusive, the donee must appoint some property to each object.
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In addition to general and special powers, donors may limit when the power may be exercised by the donees. Testamentary powers are usually indicated by the inclusion of limiting language in the granting instrument such as "to B for life, remainder to persons as B shall 'by will' appoint". General
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A special power of appointment allows the recipient to distribute the designated property among a specified group or class of people, not including donee, donee's estate, creditors of donee, or creditors of donee's estate. For example, a testator might grant his brother the special power to
704:(the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. Although any person can exercise this power at any time during their life, its use is rare outside of a will. The power is divided into two broad categories:
751:§2056(b)(5). It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust property remaining at his death.
758:. The holder of the power refers to the document creating the power in his or her will and designates who among the permissible objects of the power should receive the property. The power could be exercised by creating further trusts.
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powers presently exercisable do not contain such limitations on power. Wording such as "to B for life, and upon B's death to those that B shall appoint" indicates a power presently exercisable, not a testamentary power.
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In some jurisdictions, the donee's creditors cannot reach the appointive property when the donee has a presently exercisable power of appointment as long as the power is unexercised.
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of a trust in that the former has no obligation to manage the property for the generation of income, but need only distribute it.
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If the power of appointment is not exercised, the default provision of the document that created the power takes over.
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Special powers of appointment also appear in the context of a trust and are primarily used to reduce liability for
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Example: "I leave my cactus collection to my children, my wife Pat to choose who receives which cactus."
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Example: "I leave my video game collection to be distributed as my son Andrew sees fit."
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In the United States of
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liability. In the United States, such trusts are referred to as
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A general power of appointment is a key element of a type of
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See, e.g., New York
Estates Powers and Trusts Law § 10-3.2.
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Most general powers of appointment are exercisable under a
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804:Testamentary power and power presently exercisable
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855:Wills, Trusts, and Estates, Eighth Edition.
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857:Aspen Publishers, New York: 2009, p. 822.
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868:Irwin Union Bank & Trust Co. v. Long
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692:is a term most frequently used in the
44:adding citations to reliable sources
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870:, 312 N.E.2d 908 (Indiana 1974)
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492:Hague Convention (conflict law)
31:needs additional citations for
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710:special powers of appointment
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720:General power of appointment
370:Accumulation and maintenance
172:Joint wills and mutual wills
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223:Incorporation by reference
499:Application in civil law
296:Satisfaction of legacies
853:Dukeminier, J. et al.
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572:Disclaimer of interest
377:Interest in possession
165:Legal history of wills
55:"Power of appointment"
792:fraudulent conveyance
749:Internal Revenue Code
735:Internal Revenue Code
515:Estate administration
433:Reversionary interest
238:Testamentary capacity
690:power of appointment
541:Power of appointment
506:Dishonest assistance
277:Lapse and anti-lapse
271:Property disposition
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472:Governing doctrines
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463:Supplemental needs
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608:Totten trust
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146:Part of the
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38:Please help
33:verification
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598:Blind trust
565:Advancement
553:Slayer rule
412:Spendthrift
401:Other types
880:Categories
866:See e.g.,
816:References
797:SPA Trusts
731:estate tax
618:common law
407:Protective
384:Charitable
148:common law
66:newspapers
524:Intestacy
423:Remainder
394:Incentive
338:Resulting
289:Abatement
284:Ademption
196:Oral will
96:July 2009
702:testator
650:Evidence
638:Property
628:Contract
529:Testator
446:Honorary
203:Sections
745:tax law
714:trustee
534:Probate
389:Purpose
333:Express
231:Contest
184:Codicil
131:estates
80:scholar
616:Other
324:Trusts
150:series
126:trusts
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832:(PDF)
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