Chapter 502 — Common Law of Powers Retained, Except as Modified by This Chapter

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If this chapter conflicts with Chapter … 502.81 Definitions Defines key terms for powers of appointment, including who gives the power (donor), who holds it (donee), who benefits … 502.82 Varieties of Power Explains the different types of powers of appointment: general vs. special, exclusive vs. nonexclusive, and when they … 502.83 Rules for Creation of a Power of Appointment Sets the rules for creating a power of appointment. The donor must own the property, use a written document, and clearly … 502.84 Extent of Donee's Authority to Appoint or Contract to Appoint an Estate in Appointive Property Covers what a person who holds a power of appointment can do, including limits on contracts to appoint and when recorded … 502.85 Exercise of a Power of Appointment Explains how to properly use a power of appointment, including showing intent, following the donor's instructions, … 502.851 Trust Decanting Allows a trustee to move assets from one irrevocable trust to a new trust with different terms. This is called trust … 502.86 Rights of Creditors in Appointive Property Explains when creditors can reach property covered by a power of appointment. Special powers protect assets from … 502.87 Revocation and Release of a Power of Appointment Covers how powers of appointment can be taken back (revoked) or given up (released). Any power can be released in … 502.88 Rule Against Perpetuities and Accumulations as Affected by Powers of Appointment Sets rules for when the rule against perpetuities clock starts for property appointed under a power. The law in effect …