Section 302 – Intent to exercise — Determining intent from residuary clause.

• (1) As used in this section:
  • (a) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.
  • (b) “Will” includes a codicil and a testamentary instrument that revises another will.

• (2) A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
  • (a) the terms of the instrument containing the residuary clause do not manifest a contrary intent;
  • (b) the power is a general power exercisable in favor of the powerholder’s estate;
  • (c) there is no gift-in-default clause or the clause is ineffective; and
  • (d) the powerholder did not release the power.

Enacted by Chapter 125, 2017 General Session