Powers of Appointment

(redirected from General Power Of Appointment)
Also found in: Acronyms.

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.
References in periodicals archive ?
Where a beneficiary is given a limited power of appointment in Trust B that did not exist in Trust A or where a beneficiary implicitly consents to the release of a future general power of appointment, Cottage Savings could be implicated.
126) Section 2514(b) provides that the execution or lapse of a general power of appointment is deemed a transfer of property by gift.
3(a), essentially rely on the main tax definition for a general power of appointment.
Otherwise, the grantor's spouse will possess a general power of appointment over the trust property, causing it to be included in the spouse's estate.
It was inserted out of an abundance of caution so that a marital deduction would not be denied for a life estate, general power of appointment arrangement.
Giving the spouse the unrestricted right to withdraw the retirement benefits is similar to a general power of appointment trust in that it can allow the spouse to possibly circumvent the reasons the benefits may have been left to a trust in the first place.
A general power of appointment is defined as any power to consume, invade, or appropriate someone else's property which is exercisable in favor of power holder, his estate, his creditors, or the creditors of his or her estate.
Section 2503(c) provides that the beneficiary should be provided with what amounts to a general power of appointment over the property upon reaching age 21.
1 of the EPTL delineate that a general power of appointment "exercisable solely for the support, maintenance, health and education of the donee" is excluded from the reach of the donee's creditors.
The nondonor spouse also had a general power of appointment over Fund A.
Under Internal Revenue Code section 2041(a)(2), property over which the decedent has a general power of appointment usually must be included in the gross estate, even if the power is never exercised.

Full browser ?