A reserved power of appointment is when the owner of the appointive assets gives the appointive assets away, but reserves to herself a power of appointment.
trusts and estates
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A revocable trust is a will substitute, meaning that title of assets in the trust is transferred during the lifetime of the donor even though the benefits of the assets are not enjoyed by the beneficiary until after the death of the donor. Like all...
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A person may revoke their will by act so that it is no longer valid. The person must intend to revoke the will and also act to revoke the will. Acceptable acts of revocation include burning, tearing, canceling, obliterating or destroying the will.
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Revocation of a will by instrument means that a will is made invalid by the valid execution of a new will that contains a clause that expressly revokes the former will.
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A self-declared trust is a situation in which an individual who has both legal and equitable ownership declares that she now owns the legal title for the benefit of another individual.
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In trusts and estates law, the slayer rule says that a murderer cannot retain a property interest in their victim’s estate. The slayer rule allows courts to presume the murderer disclaims their property interest, and therefore behave as though the...
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A special power of appointment gives the donee power to give the decedent’s assets to a select group of individuals. The objects of the power in a special power of appointment cannot be the donee herself, her estate, her creditors or creditors of her...
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A support trust is a trust that contains a provision directing the trustee to pay to the beneficiary as much of the income and principal as is necessary for the beneficiary’s education and support. The beneficiary's interest is unreachable by creditors...
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In the context of a power of appointment, the takers in default are the individuals who take if the power is not properly exercised. These individuals or class of individuals are usually named in the “takers in default clause.”
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A power of appointment that the donee can only exercise by will. This can be contrasted with a presently exercisable power of appointment.