A power of appointment is exercised only if:

(1) The instrument exercising the power is valid under applicable law;

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(2) The terms of the instrument exercising the power:

(a) Manifest the powerholder’s intent to exercise the power; and

(b) Subject to section 456.1030, satisfy the requirements of exercise, if any, imposed by the donor; and

(3) To the extent the appointment is a permissible exercise of the power.