A power of appointment is exercised only: 1. If the instrument exercising the power is valid under applicable law; 2. If the terms of the instrument exercising the power: (a) Manifest the powerholder’s intent to exercise the power; and (b) Subject to NRS 162B.315, satisfy the requirements of exercise, if any, imposed by the donor; […]
1. 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 […]
Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: 1. Except as otherwise provided in subsection 2, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and 2. If the powerholder is also the donor of the power, the clause […]
A powerholder’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: 1. The powerholder knows of and intends to exercise the power; and 2. The powerholder’s manner of attempted exercise […]
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 powerholder’s own property. 2. A powerholder of a general power of […]
1. Subject to NRS 133.200, an appointment to a deceased appointee is ineffective. 2. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, 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 […]
1. Except as otherwise provided in NRS 162B.325, 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 fraud on the power. (Added to NRS by 2017, […]
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 must be allocated in the permissible manner that best carries out the powerholder’s intent. (Added to NRS by 2017, 1376)
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 ineffectively appointed property; or 2. If there is no gift-in-default clause or to the extent the clause is […]
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: 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 the extent the clause is ineffective: […]
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 the extent the clause is ineffective, the unappointed property: (a) Passes to the permissible appointees if: (1) […]
Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, 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. (Added to NRS by 2017, 1377)
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the clause. (Added to NRS by 2017, 1377)
A powerholder may revoke or amend an exercise of a power of appointment unless: 1. The terms of the instrument exercising the power of appointment expressly state that the exercise is irrevocable or unamendable; 2. The terms of the instrument creating the power of appointment expressly state that the exercise is irrevocable or unamendable; or […]
