§ 31D-3-302 – Intent to exercise; determining intent from residuary clause.
31D-3-302. Intent to exercise; determining intent from residuary clause. A residuary clause that does not contain a blanket-exercisable clause or specific-exercise clause manifests the power holder’s intent to exercise a power of appointment only if all of the following apply: (1) The terms of the instrument containing the residuary clause (including any valid codicil or […]
§ 31D-3-303 – Intent to exercise after-acquired power.
31D-3-303. Intent to exercise after-acquired power. Unless the terms of an instrument exercising a power of appointment manifest a contrary intent: (1) If the power holder is not also the donor of the power, a blanket-exercise clause in the instrument extends to a power acquired by the power holder after executing the instrument containing the […]
§ 31D-3-304 – Substantial compliance with donor-imposed formal requirement.
31D-3-304. Substantial compliance with donor-imposed formal requirement. A power holder’s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if both of the following apply: (1) The power holder knows of […]
§ 31D-3-305 – Permissible appointment.
31D-3-305. Permissible appointment. (a) If a power holder of a general power of appointment permits appointment to the power holder or the power holder’s estate, the power holder may make any appointment, including an appointment in trust or an appointment that creates a new power of appointment that the power holder could make in disposing […]
§ 31D-3-306 – Appointment to deceased appointee.
31D-3-306. Appointment to deceased appointee. An appointment to a deceased appointee is ineffective. (2015-205, s. 3(a).)
§ 31D-3-307 – Impermissible appointment.
31D-3-307. Impermissible appointment. (a) An exercise of a power of appointment in favor of an impermissible appointee is ineffective. (b) An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent that the appointment is a fraud on the power. (2015-205, s. 3(a).)
§ 31D-3-308 – Selective allocation doctrine.
31D-3-308. Selective allocation doctrine. If a power holder exercises a power of appointment in a disposition that also disposes of property the power holder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the power holder’s intent. (2015-205, s. 3(a).)
§ 31D-3-309 – Capture doctrine; disposition of ineffectively appointed property under general power.
31D-3-309. Capture doctrine; disposition of ineffectively appointed property under general power. To the extent a power holder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: (1) The gift-in-default clause controls the disposition of the ineffectively appointed property. (2) If there […]
§ 31D-3-310 – Disposition of unappointed property under released or unexercised general power.
31D-3-310. Disposition of unappointed property under released or unexercised general power. (a) To the extent that a power holder releases a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, the gift-in-default clause controls the disposition of the unappointed property. If there is no gift-in-default clause or […]
§ 31D-3-301 – Requisites for exercise of power of appointment.
31D-3-301. Requisites for exercise of power of appointment. A power of appointment is exercised only to the extent that the appointment is a permissible exercise of the power, and only if all of the following apply: (1) The instrument exercising the power is valid under applicable law. (2) The terms of the instrument exercising the […]