Kentucky Statutes 390.130 – Intent to exercise — After-acquired power
Current as of: 2024 | Check for updates
|
Other versions
Unless the terms of the instrument exercising a power of appointment manifest a contrary intent:
(1) Except as otherwise provided in subsection (2) of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and
(2) If the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or it is ineffective.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 12, effective July 15, 2020.
(1) Except as otherwise provided in subsection (2) of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and
Terms Used In Kentucky Statutes 390.130
- Blanket-exercise clause: means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. See Kentucky Statutes 390.020
- 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
(2) If the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or it is ineffective.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 12, effective July 15, 2020.