Appointive assets refer to assets that are held in trust and can be appointed or distributed to beneficiaries at the discretion of the trustee. These assets are typically not specified in the trust document and can include cash, securities, and other types of property. The trustee has the power to determine who receives these assets and when they are distributed. Appointive assets can provide flexibility in estate planning and allow for changes to be made as circumstances change over time.
Appointive assets are assets that are subject to the power of appointment, which means that the owner of the assets has the power to direct who will receive them after their death.
The owner of the appointive assets has the power of appointment, which means they can direct who will receive the assets after their death.
Appointive assets are assets that are subject to the power of appointment, while non-appointive assets are assets that are distributed according to the terms of a will or trust.
Yes, appointive assets can be included in a will or trust, but the owner of the assets must have the power of appointment over them.
If the owner of appointive assets does not exercise their power of appointment, the assets will be distributed according to the terms of the will or trust.
Yes, the power of appointment over appointive assets can be revoked by the owner of the assets.
Yes, appointive assets can be used to pay off debts or taxes, but only if the owner of the assets has given the power of appointment to the executor or trustee.
Yes, appointive assets can be gifted during the owner’s lifetime, but only if the owner has the power of appointment over them.
Yes, appointive assets can be used to fund a charitable trust, but only if the owner of the assets has given the power of appointment to the trustee of the charitable trust.
If there is a dispute over the distribution of appointive assets, the matter may need to be resolved in court.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 12th April 2024.
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