Section 456.1035

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 28 Aug 2018, 2 histories   

  456.1035.  Permissible appointment. — 1.  A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder's own property.

  2.  A powerholder of a general power of appointment that permits appointment only to the creditors of the powerholder or of the powerholder's estate may appoint only to those creditors.

  3.  The powerholder of a nongeneral power may:

  (1)  Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;

  (2)  Create a general power or nongeneral power in a permissible appointee; or

  (3)  Create a nongeneral power in any person to appoint to one or more of the permissible appointees of the original nongeneral power.

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(L. 2016 H.B. 1765, A.L. 2018 H.B. 1250)