(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.

  (2) For purposes of this section, both of the following apply:

  (a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.

  (b) A trust is a “special appointee trust” to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:

  (i) The assets have continuously been held in trust since September 25, 1985.

  (ii) The assets have not become subject to a general power of appointment since September 25, 1985.