Kentucky Statutes 390.150 – Permissible appointment
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(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 appointment that permits appointment only to the creditors of the powerholder or of the powerholder’s estate is restricted to appointing to those creditors.
(3) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the powerholder of a nongeneral power may:
(a) Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;
(b) Create a general power in a permissible appointee; or
(c) Create a nongeneral power in any permissible appointee to appoint to such persons as the powerholder chooses, including persons who are not permissible appointees of the original nongeneral power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 14, effective July 15, 2020.
(2) A powerholder of a general power of appointment that permits appointment only to the creditors of the powerholder or of the powerholder’s estate is restricted to appointing to those creditors.
Terms Used In Kentucky Statutes 390.150
- Appointee: means a person to whom a powerholder makes an appointment of appointive property. See Kentucky Statutes 390.020
- General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Kentucky Statutes 390.020
- Instrument: means a writing. See Kentucky Statutes 390.020
- Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. 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
(3) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the powerholder of a nongeneral power may:
(a) Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;
(b) Create a general power in a permissible appointee; or
(c) Create a nongeneral power in any permissible appointee to appoint to such persons as the powerholder chooses, including persons who are not permissible appointees of the original nongeneral power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 14, effective July 15, 2020.