72-7-301. Requisites for exercise of power of appointment. (1) A power of appointment is exercised only:
(a) if the instrument exercising the power is valid under applicable law;
(b) if the terms of the instrument exercising the power:
(i) manifest the powerholder's intent to exercise the power; and
(ii) subject to 72-7-304, satisfy the requirements of exercise, if any, imposed by the donor; and
(c) to the extent the appointment is a permissible exercise of the power.
(2) Notwithstanding any other provision of this act, the property subject to a power of appointment may not pass to and may not be administered as a part of the powerholder's probate estate unless:
(a) the power of appointment is a general one that expressly authorizes the powerholder to appoint the appointive property to his or her own estate; and
(b) the powerholder utilizes clear and unequivocal language demonstrating a specific intent to exercise the power in favor of his or her own estate.
History: En. Sec. 11, Ch. 293, L. 2015.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.