Minnesota Statutes 502.83 – Rules for Creation of a Power of Appointment
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The donor of a power of appointment:
Terms Used In Minnesota Statutes 502.83
- Appointive property: means property which is the subject of a power of appointment. See Minnesota Statutes 502.81
- Donee: The recipient of a gift.
- Donee: means the person to whom a power is given or in whose favor a power is reserved. See Minnesota Statutes 502.81
- Donor: The person who makes a gift.
- Donor: means the person who creates or reserves a power. See Minnesota Statutes 502.81
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Power: means an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, that the donor of the power might do, except that the term, as used in this chapter, does not apply to a power of attorney to convey property in the name of the owner. See Minnesota Statutes 502.81
(1) must be a person capable of transferring the appointive property;
(2) must have created or reserved the power by a written instrument executed by the donor in the manner required by law;
(3) must manifest the donor’s intention to confer the power on a person capable of holding the appointive property; and
(4) must not nullify or alter the rights of creditors of the donee, as defined in this chapter, by any language in the instrument creating or reserving the power purporting to give the interest of the donee a spendthrift character.