Section 556.115a – Second Trust.
556.115a Second trust. Sec. 5a. (1) A trustee with a presently exercisable discretionary power to make distributions of income or principal of an irrevocable trust to or for the benefit of 1 or more beneficiaries of the trust may, unless the terms of the first trust expressly provide otherwise, exercise the power by appointing all […]
Section 556.116 – Interests Appointable by General Powers; Part of Donee’s Estate.
556.116 Interests appointable by general powers; part of donee’s estate. Sec. 6. (1) If the will of a donee of a general power exercisable by will either effectively exercises the power or manifests an intent to exercise the power and satisfies the requirements of sections 4 and 5, all interests which the donee could by […]
Section 556.117 – Naming Appointees by Donees of Powers.
556.117 Naming appointees by donees of powers. Sec. 7. The donee of any power may appoint the whole or any part of the appointive assets to any 1 or more of the permissible appointees and exclude others, except as otherwise provided in the creating instrument. History: 1967, Act 224, Eff. Nov. 2, 1967
Section 556.118 – Release of Powers; Method; Delivery.
556.118 Release of powers; method; delivery. Sec. 8. (1) Unless the creating instrument expressly provides that a power cannot be released or expressly restricts the time, manner or scope of release, all powers may be released except as provided in subsection (2). (2) Unless the creating instrument expressly provides otherwise, a special power may not […]