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Powers of Appointment
(redirected from General Power Of Appointment)

   Also found in: Acronyms 0.03 sec.
Powers of Appointment
A grant of the ability to dispose of property, especially of an estate. The person who receives the powers of appointment may be the executor of an estate or the trustee of a trust. The person with the powers of appointment must dispose of the property according to the wishes of the grantor, unless the grantor gives unlimited powers of appointment, which transfers discretion to the executor or trustee.


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Generation-Skipping Transfer Tax In Gerson, (18) the Tax Court held that the exercise of a testamentary general power of appointment by a decedent in favor of her grandchildren was subject to generation-skipping transfer tax (GSTT).
3) Property passing under a general power of appointment exercised by the will.
A general power of appointment trust is an alternative to a qualified terminable interest property (QTIP) trust for obtaining the estate tax marital deduction.
 
 
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