Effective – 28 Aug 2016 456.1000. Presumption of unlimited authority — exception to presumption of unlimited authority. — 1. Subject to section 456.1005, the power is: (1) Presently exercisable; (2) Exclusionary; and (3) Except as otherwise provided in subsection 2 of this section, general. 2. The power is nongeneral if: (1) The power is exercisable […]
Effective – 28 Aug 2016 456.1005. Rules of classification. — 1. As used in this section, “adverse party” means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of […]
Effective – 28 Aug 2016 456.1010. Power to revoke or amend. — A donor may revoke or amend a power of appointment only to the extent that the instrument creating the power is revocable by the donor, or the donor reserves a power of revocation or amendment in the instrument creating the power of appointment. […]
Effective – 28 Aug 2016 456.1015. Requisites for exercise of power of appointment. — A power of appointment is exercised only if: (1) The instrument exercising the power is valid under applicable law; (2) The terms of the instrument exercising the power: (a) Manifest the powerholder’s intent to exercise the power; and (b) Subject to […]
Effective – 28 Aug 2016 456.1020. Intent to exercise — determining intent from residuary clause. — 1. As used in this section: (1) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and (2) “Will” includes a codicil and a testamentary instrument that revises another will. 2. A […]
Effective – 28 Aug 2016 456.1025. Intent to exercise — after-acquired power. — 1. Except as otherwise provided in subsection 2 of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause. 2. If the powerholder is also the donor of the power, the clause […]
Effective – 28 Aug 2016 456.1030. Substantial compliance with donor-imposed formal requirement. — A powerholder’s substantial compliance with a formal requirement of appointment imposed by the donor is sufficient if the powerholder knows of and intends to exercise the power, and the powerholder’s manner of attempted exercise of the power does not impair a material […]
Effective – 28 Aug 2018, 2 histories 456.1035. Permissible appointment. — 1. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the […]
Effective – 28 Aug 2016 456.1040. Appointment to deceased appointee or permissible appointee’s descendant. — 1. An appointment to a deceased appointee is ineffective. 2. A powerholder of a nongeneral power may exercise the power in favor of, or create a new power of appointment in, a descendant of a deceased permissible appointee whether or […]
Effective – 28 Aug 2016 456.1045. Impermissible appointment. — 1. Except as otherwise provided in section 456.1040, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. 2. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is a […]
Effective – 28 Aug 2016 456.1050. Selective allocation doctrine. — If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property shall be allocated in the permissible manner that best carries out the powerholder’s intent. ——– (L. 2016 H.B. 1765)
Effective – 28 Aug 2016 456.1055. Capture doctrine — disposition of ineffectively appointed property under general power. — To the extent a powerholder 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 […]
Effective – 28 Aug 2016 456.1060. Disposition of unappointed property under released or unexercised general power. — To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, and except as provided in subsection 3 of section 456.995: […]
Effective – 28 Aug 2016 456.1065. Disposition of unappointed property under released or unexercised nongeneral power. — To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) The gift-in-default clause controls the disposition of the unappointed property; or (2) If there is no gift-in-default clause or to […]
Effective – 28 Aug 2016 456.1070. Disposition of unappointed property if partial appointment to taker in default — appointment to taker in default. — 1. If the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property. 2. If a […]
Effective – 28 Aug 2016 456.1075. Powerholder’s authority to revoke or amend exercise. — A powerholder may revoke or amend an exercise of a power of appointment at any time before the exercise becomes effective to transfer property to the appointee. ——– (L. 2016 H.B. 1765)
Effective – 28 Aug 2018, 2 histories 456.1080. Disclaimer. — As provided by sections 469.010 to 469.120, a powerholder may disclaim all or part of a power of appointment, and a permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest in appointive property. ——– (L. 2016 H.B. […]
Effective – 28 Aug 2016 456.1085. Authority to release — method of release — revocation or amendment of release. — 1. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. 2. A powerholder of a releasable […]
Effective – 28 Aug 2016 456.1090. Power to contract — presently exercisable power of appointment — power of appointment not presently exercisable. — 1. A powerholder of a presently exercisable power of appointment may contract: (1) Not to exercise the power; or (2) To exercise the power if the contract when made does not confer […]
Effective – 28 Aug 2016 456.1095. Remedy for breach of contract to appoint or not to appoint. — The remedy for a powerholder’s breach of contract to appoint or not to appoint property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. ——– (L. 2016 H.B. […]
