Define: Presently Exercisable Power Of Appointment

A presently exercisable power of appointment refers to a legal authority granted to an individual that allows them to determine the distribution of assets or property during their lifetime.

A presently exercisable power of appointment can be exercised during the individual’s lifetime, while a testamentary power of appointment can only be exercised through a will after the individual’s death.

Yes, a presently exercisable power of appointment can be revoked by the individual who granted the power, as long as they have the legal capacity to do so.

In some cases, a presently exercisable power of appointment can be transferred to another individual through a legal process known as assignment. However, this may depend on the specific terms and conditions outlined in the power of appointment document.

If the individual becomes incapacitated and is unable to exercise their power of appointment, it may be necessary for a court to appoint a guardian or conservator to handle their affairs.

The exercise of a presently exercisable power of appointment may be subject to certain limitations or restrictions outlined in the power of appointment document. It is important to carefully review the terms and conditions to understand any limitations that may apply.

Yes, a presently exercisable power of appointment can be used to benefit the person who holds the power, as long as it is within the scope of the authority granted.

Yes, a presently exercisable power of appointment can be used to disinherit certain individuals by directing the distribution of assets or property to other beneficiaries.

In certain circumstances, a presently exercisable power of appointment may be challenged in court if there are allegations of fraud, undue influence, or lack of capacity when the power was granted.

Yes, a presently exercisable power of appointment can be included in a trust document, allowing the individual to have control over the distribution of trust assets during their lifetime.