Arizona Laws 14-2608. Exercise of power of appointment
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In the absence of a requirement that a power of appointment be exercised by a reference or by an express or specific reference to that power, a general residuary clause in a will or a will making general disposition of all of the testator‘s property expresses an intention to exercise a power of appointment held by the testator only if the power is a general power and the creating instrument does not contain a gift if the power is not exercised or the testator’s will manifests an intention to include the property subject to the power.
Terms Used In Arizona Laws 14-2608
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Testator: A male person who leaves a will at death.
- Testator: includes a person of either sex. See Arizona Laws 14-1201
- Will: includes a codicil and any testamentary instrument that merely appoints an executor, revokes or revises another will, nominates a guardian or expressly excludes or limits the right of an individual or class to succeed to property of the decedent passing by intestate succession. See Arizona Laws 14-1201