trusts and estates

General Power of Appointment

Unlike a special power of appointment, a general power of appointment gives the holder very broad power to give away the decedent’s property. For example, if a holder of the power (the donee) can give the property to anyone in the world, that is a general power of appointment.

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Discretionary Power of Appointment

A discretionary power of appointment is distinguished from a mandatory power of appointment in that its exercise is optional. The power is valid so long as there is at least one person who reasonably fits the description of the class whose favor in which the power can be exercised (the objects of the power). If the person with power of appointment (the donee) chooses to exerci

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Mandatory Power of Appointment

If a power is mandatory, then there is a duty to exercise it. A mandatory power of appointment can be contrasted with a discretionary power of appointment. If the power holder fails to exercise the mandatory power of appointment, the court must step in and execute the power by distributing all of the property in favor of the persons in whose favor the power may have been exercised.

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Precatory Trust

A precatory trust is an express trust that is created with language that expresses a future intent or a wish, but in which the court nevertheless finds legally enforceable duties. Normally trust language must express a present intent to create legally enforceable duties on the trustee in order to have trust intent. If there is no trust intent, the trust fails. Sometimes the court will non

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