Kentucky Statutes 390.120 – Intent to exercise — Determining intent from residuary clause
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90.120 Intent to exercise — Determining intent from residuary clause.
(1) As used in this section:
(a) “Residuary clause” does not include a residuary clause containing a blanket- exercise clause or a specific-exercise clause; and
(b) “Will” includes a codicil and a testamentary instrument that revises another will.
(2) A residuary clause in a powerholder‘s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent;
(b) The power is a general power exercisable in favor of the powerholder’s estate; (c) There is no gift-in-default clause or it is ineffective; and
(d) The powerholder did not release the power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 11, effective July 15, 2020.
(1) As used in this section:
Terms Used In Kentucky Statutes 390.120
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Instrument: means a writing. See Kentucky Statutes 390.020
- 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 Kentucky Statutes 390.020
- Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
- Specific-exercise clause: means a clause in an instrument which specifically refers to and exercises a particular power of appointment. See Kentucky Statutes 390.020
- Terms of the instrument: means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. See Kentucky Statutes 390.020
(a) “Residuary clause” does not include a residuary clause containing a blanket- exercise clause or a specific-exercise clause; and
(b) “Will” includes a codicil and a testamentary instrument that revises another will.
(2) A residuary clause in a powerholder‘s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent;
(b) The power is a general power exercisable in favor of the powerholder’s estate; (c) There is no gift-in-default clause or it is ineffective; and
(d) The powerholder did not release the power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 11, effective July 15, 2020.