A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. Although any person can exercise this power at any time during their life, its use is rare outside of a will. The power is divided into two broad categories: general powers of appointment and special powers of appointment. The holder of a power of appointment differs from the trustee of a trust in that the former has no obligation to manage the property for the generation of income, but need only distribute it.
Read more about Power Of Appointment: General Power of Appointment, Special Power of Appointment, Testamentary Power and Power Presently Exercisable
Famous quotes containing the words power and/or appointment:
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—E.M. (Edward Morgan)
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