Kentucky Statutes 390.210 – Disposition of unappointed property under released or unexercised nongeneral power
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To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(1) The gift-in-default clause controls the disposition of the unappointed property; or
(2) If there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:
(a) Passes to the permissible appointees if:
1. The permissible appointees are defined and limited; and
2. The terms of the instrument creating the power do not manifest a contrary intent; or
(b) If there is no taker under paragraph (a) of this subsection, passes under a reversionary interest to the donor or the donor‘s transferee or successor in interest.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 20, effective July 15, 2020.
(1) The gift-in-default clause controls the disposition of the unappointed property; or
Terms Used In Kentucky Statutes 390.210
- Donor: The person who makes a gift.
- Donor: means a person who creates a power of appointment. See Kentucky Statutes 390.020
- Instrument: means a writing. See Kentucky Statutes 390.020
- Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Kentucky Statutes 390.020
- Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
(2) If there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:
(a) Passes to the permissible appointees if:
1. The permissible appointees are defined and limited; and
2. The terms of the instrument creating the power do not manifest a contrary intent; or
(b) If there is no taker under paragraph (a) of this subsection, passes under a reversionary interest to the donor or the donor‘s transferee or successor in interest.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 20, effective July 15, 2020.