Definitions for "power of appointment"
Related Terms:
Successor trustee, Distributee, Trust, Heirs, Heir, Donee, Revocable living trust, Succession, Revocable trust, Living trust, Revocable living trust, Executor, Personal representative, Settlor, Ancillary probate, Irrevocable trust, Pour-over will, Testamentary trustee, Intestate succession, Intestate, Remainderman, Intestacy, Trusts, Spendthrift trust, Inter-vivos trust, Fiduciary, Probate estate, Residuary beneficiary, Decedent, Testamentary, Bequest, Protector , Testamentary trust, Trustees, Administration, Inter vivos trust, Probate, Trustee, Ancillary administration, Blind trust, Legatee, Residuary, Administratrix, Resulting trust, Administrator, Revocable, Spendthrift provision, Irrevocable living trust, Inter vivos, Successor
A right given in a written instrument such as a will or trust, allowing an individual...
The ability under certain trusts to be able to change, or appoint new, beneficiaries.
A right you get from a Will or trust to decide who gets certain assets. A general power of appointment lets you choose anyone, including yourself, to get something. A special power of appointment doesn't let you give the property to yourself, your estate or your creditors. It can also have other rules.
A power to decide who will receive property. A power can be a "lifetime power" which is exercisable while the power holder is living, or a " testamentary power" that is exercisable only by will. A power can also be "general," meaning that the property can be appointed to anyone (including the power holder) or "special," meaning that the property can only be appointed to a limited group of people.
authority given (in a will or deed) by a donor to a donee to appoint the beneficiaries of the donor's property
a desirable ingredient in most trusts because it adds flexibility, and permits the trust to be modified in order to deal with changes in the law or family circumstances
A right given to another in a written instrument, such as a will or trust that allows the other to decide how to distribute your property. The power of appointment is "general" if it places no restrictions on who the distributees may be. A power is "limited" or "special" if it limits the eventual distributee.
Having the legal authority to decide who shall receive someone elseâ€(tm)s property - usually property held in a trust. The power given to a person, by appointment in a will or a trust, to distribute the property that passes through the will or trust at the discretion of the person appointed. Other than to give the appointed person the authority to make the distribution, the will or trust doesn't make distribution of the property.
A right given to another in a written instrument that allows the other to decide how to distribute your property. A "general" power of appointment places no restrictions on the other. A "limited" or "special" power of appointment places restrictions on who may receive distributions.
The right given to a donee to dispose of property that the donee does not fully own within the limits set forth by the donor, which can cause the value of the asset to be included in the estate of a donee who holds the power of appointment.
The right and authority to transfer or dispose of property that you do not own. Depending on the nature of the power, this can cause the value of the asset to be included in your estate.
A right given to a person (a donee) to dispose of property that he or she does not fully own, within the limits set forth by the donor.
A part of an individual's will, deed or trust document that gives someone the right to decide who will receive property or how the property will be used.
The right to direct the disposition of property one does not own, such as the right of a trust-income beneficiary to designate the person to receive the trust principal upon the beneficiary's death: General Power: A power exercisable in favor of the holder of the power, or of his or her estate, creditors, or the creditors of the estate. Limited or Nongeneral Power: A power that is not a general power.
The authority given by one person to another under a trust agreement of Will to decide who will receive and enjoy an interest in property.
A person's power to control the disposition of property the person does not own; it may be either a general or a limited power of appointment.
The right to transfer or dispose of property that you do not own, such as assets in a trust created by someone else. If estate-tax planning is involved, care must be taken that the power is not a general power, in which case the assets subject to the power may unintentionally be included in the estate of the person who has the power. A special power limits the authority of the person holding the power to transfer assets, perhaps restricting transfers to a particular class of persons, such as to the descendants of the original donor, to charities, or for ascertainable standards. In a general-power-of-appointment marital trust (as opposed to a Q-Tip marital trust), the surviving spouse can withdraw as much of the principal trust as she desires whenever she desires.
The power given by an individual to another in a will or trust document to determine which persons will receive an interest in his or her estate.
Allows an estate owner to transfer to another person the power to decide at some future time the ultimate beneficiary of his or her estate. There are both "special" powers and "general" powers, with differing legal significance.
A legal right given to a person in order to allow him or her to decide how to distribute a deceased person's property. A "general" Power of Appointment places no restrictions on the named person, while a "limited" or "special" Power of Appointment places restrictions on who may receive distributions. Normally, the exercise of a Power of Appointment is accomplished by referencing same in a Will.
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (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: general powers of appointment and Special powers of appointment.
Keywords:
attorney
Power Of Attorney