If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised, and the appointee takes under the clause.
Effective: July 15, 2020

Terms Used In Kentucky Statutes 390.230

  • Appointee: means a person to whom a powerholder makes an appointment of appointive property. 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
  • Taker in default of appointment: means a person who takes part or all of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Kentucky Statutes 390.020

History: Created 2020 Ky. Acts ch. 41, sec. 22, effective July 15, 2020.

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