Kentucky Statutes 390.050 – Creation of power of appointment
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90.050 Creation of power of appointment.
(1) A power of appointment is created only if: (a) The instrument creating the power:
1. Is valid under applicable law; and
2. Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and
(b) The terms of the instrument creating the power manifest the donor‘s intent to create, in a powerholder, a power of appointment over the appointive property exercisable in favor of a permissible appointee.
(2) Subsection (1)(a)2. of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment.
(3) A power of appointment may not be created in a deceased individual.
(4) Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 4, effective July 15, 2020.
(1) A power of appointment is created only if: (a) The instrument creating the power:
Terms Used In Kentucky Statutes 390.050
- Appointee: means a person to whom a powerholder makes an appointment of appointive property. See Kentucky Statutes 390.020
- Appointive property: means the property or property interest subject to a power of appointment. See Kentucky Statutes 390.020
- Instrument: means a writing. See Kentucky Statutes 390.020
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Kentucky Statutes 390.020
- Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
- Terms of the instrument: means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. See Kentucky Statutes 390.020
1. Is valid under applicable law; and
2. Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and
(b) The terms of the instrument creating the power manifest the donor‘s intent to create, in a powerholder, a power of appointment over the appointive property exercisable in favor of a permissible appointee.
(2) Subsection (1)(a)2. of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment.
(3) A power of appointment may not be created in a deceased individual.
(4) Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 4, effective July 15, 2020.