POWER OF APPOINTMENT Meaning and
Definition
-
The power of appointment is a legal term that refers to the authority granted to an individual, known as the appointee or donee, to designate or select who will receive property or assets upon their death or termination of an interest. This power can be bestowed upon someone through various means, such as a will, trust, or other legal instrument.
The person who grants this power is typically referred to as the donor or grantor. This power allows the donee to control and determine the disposition of the property, even after the donor's death. The appointee can choose to distribute the assets among a specific group of individuals, such as family members, friends, or charitable organizations. Alternatively, they may have the discretion to divide the property however they see fit.
It is important to note that the power of appointment does not involve ownership of the property itself but rather the ability to designate who will inherit it. The donee has a fiduciary duty to exercise this power responsibly and in accordance with the wishes and intent of the donor.
The power of appointment offers flexibility and control in estate planning, as it allows the donor to adapt their wishes to changing circumstances or unforeseen events. Additionally, it can help minimize taxes and ensure the efficient transfer of assets from one generation to another.
Common Misspellings for POWER OF APPOINTMENT
- oower of appointment
- lower of appointment
- -ower of appointment
- 0ower of appointment
- piwer of appointment
- pkwer of appointment
- plwer of appointment
- ppwer of appointment
- p0wer of appointment
- p9wer of appointment
- poqer of appointment
- poaer of appointment
- poser of appointment
- poeer of appointment
- po3er of appointment
- po2er of appointment
- powwr of appointment
- powsr of appointment
- powdr of appointment
Infographic
Add the infographic to your website:
