Utah Code 75A-4-302. Intent to exercise — Determining intent from residuary clause
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(1) As used in this section:
Terms Used In Utah Code 75A-4-302
- Blanket-exercise clause: includes a clause that:(3)(b)(i) expressly uses the words "any power" in exercising any power of appointment the powerholder has;(3)(b)(ii) expressly uses the words "any property" in appointing any property over which the powerholder has a power of appointment; or(3)(b)(iii) disposes of all property subject to disposition by the powerholder. See Utah Code 75A-4-102
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Estate: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-4-102- Gift-in-default clause: means a clause identifying a taker in default of appointment. See Utah Code 75A-4-102
- Instrument: means a record. See Utah Code 75A-4-102
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an interest in, or another power of appointment over, the appointive property. See Utah Code 75A-4-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75A-4-102
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Specific-exercise clause: means a clause in an instrument that specifically refers to and exercises a particular power of appointment. See Utah Code 75A-4-102
- 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 Utah Code 75A-4-102
(1)(a) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.(1)(b) “Will” includes a codicil and a testamentary instrument that revises another will.
(2) 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:
(2)(a) the terms of the instrument containing the residuary clause do not manifest a contrary intent;
(2)(b) the power is a general power exercisable in favor of the powerholder’s estate;
(2)(c) there is no gift-in-default clause or the clause is ineffective; and
(2)(d) the powerholder did not release the power.