Testamentary Power and Power Presently Exercisable
In addition to general and special powers, donors may limit when the power may be exercised by the donees. Testamentary powers are usually indicated by the inclusion of limiting language in the granting instrument such as "to B for life, remainder to persons as B shall 'by will' appoint". General powers presently exercisable do not contain such limitations on power. Wording such as "to B for life, and upon B's death to those that B shall appoint" indicates a power presently exercisable, not a testamentary power.
In some jurisdictions, the donee's creditors cannot reach the appointive property when the donee has a presently exercisable power of appointment as long as the power is unexercised.
Read more about this topic: Power Of Appointment
Famous quotes containing the words power and/or presently:
“Great is Truth, and mighty above all things.”
—Apocrypha. 1 Esdras, 4:41.
Acclamation following the speech of the bodyguard of King Darius, who proclaimed the power of truth, “the strength, kingdom, power, and majesty of all ages.”
“A great man quotes bravely, and will not draw on his invention when his memory serves him with a word as good. What he quotes, he fills with his own voice and humour, and the whole cyclopedia of his table-talk is presently believed to be his own.”
—Ralph Waldo Emerson (1803–1882)