Nevada Revised Statutes 162B.305 – Intent to exercise: Determining intent from residuary clause
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1. 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:
Terms Used In Nevada Revised Statutes 162B.305
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent;
(b) The power is a general power exercisable in favor of the powerholder’s estate;
(c) There is no gift-in-default clause or the clause is ineffective; and
(d) The powerholder did not release the power.
2. As used in this section:
(a) ’Residuary clause’ does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.
(b) ’Will’ includes a codicil and a testamentary instrument that revises another will.