To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(1) The gift-in-default clause controls the disposition of the unappointed property; or

Terms Used In Kentucky Statutes 390.210


(2) If there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:
(a) Passes to the permissible appointees if:
1. The permissible appointees are defined and limited; and
2. The terms of the instrument creating the power do not manifest a contrary intent; or
(b) If there is no taker under paragraph (a) of this subsection, passes under a reversionary interest to the donor or the donor‘s transferee or successor in interest.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 20, effective July 15, 2020.