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 of, power and/or appointment:
“The power of generalizing ideas, of drawing comprehensive conclusions from individual observations, is the only acquirement, for an immortal being, that really deserves the name of knowledge.”
—Mary Wollstonecraft (1759–1797)
“Generally speaking, the political news, whether domestic or foreign, might be written today for the next ten years with sufficient accuracy. Most revolutions in society have not power to interest, still less alarm us; but tell me that our rivers are drying up, or the genus pine dying out in the country, and I might attend.”
—Henry David Thoreau (1817–1862)
“In not having an appointment at Harvard, I’m in the company of a great many people whose work I admire tremendously, in particular women of color.”
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