Kentucky Statutes 390.300 – Power to contract — Power of appointment not presently exercisable
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A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:
(1) Is also the donor of the power; and
(2) Has reserved the power in a revocable trust.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 29, effective July 15, 2020.
(1) Is also the donor of the power; and
Terms Used In Kentucky Statutes 390.300
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(2) Has reserved the power in a revocable trust.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 29, effective July 15, 2020.