California Probate Code 672 – (a) Except as provided in subdivision (b), if the powerholder of …
(a) Except as provided in subdivision (b), if the powerholder of a discretionary power of appointment fails to appoint the property, releases the entire power, or makes an ineffective appointment, in whole or in part, the appointive property not effectively appointed passes to the person named by the donor as taker in default or, if there is none, reverts to the donor.
(b) If the powerholder of a general power of appointment makes an ineffective appointment, an implied alternative appointment to the powerholder’s estate may be found if the powerholder has manifested an intent that the appointive property be disposed of as property of the powerholder rather than as in default of appointment.
Terms Used In California Probate Code 672
- Appointive property: means the property or interest in property that is the subject of the power of appointment. See California Probate Code 610
- Donor: The person who makes a gift.
- Donor: means the person who creates or reserves a power of appointment. See California Probate Code 610
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See California Probate Code 610
- Powerholder: means the person to whom a power of appointment is given or in whose favor a power of appointment is reserved. See California Probate Code 610
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
(Amended by Stats. 2016, Ch. 81, Sec. 18. (AB 2846) Effective January 1, 2017.)