A powerholder may revoke or amend an exercise of a power of appointment only to the extent that:
(1) The powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit the reservation; or

Terms Used In Kentucky Statutes 390.240

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • 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

(2) The terms of the instrument creating the power of appointment provide that the exercise is revocable or amendable.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 23, effective July 15, 2020.

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