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Simple English definitions for legal terms

appointive assets

Read a random definition: interspousal tort immunity

A quick definition of appointive assets:

Appointive assets are things that someone can choose to give to someone else. These things can be land, buildings, or other belongings. When the person who has the power to choose gives these things away, the new owner gets to keep them. This is called a power of appointment.

A more thorough explanation:

Appointive assets are properties that are subject to a power of appointment. This means that the owner of the assets has the power to decide who will receive them after their death. Once the power of appointment is exercised, the ownership of the assets will transfer to the appointees.

  • A wealthy individual creates a trust and designates their children as the beneficiaries. However, they also include a power of appointment that allows them to change the beneficiaries at any time. If the individual decides to exercise their power of appointment and appoints their grandchildren as the new beneficiaries, the assets in the trust become appointive assets.
  • A person creates a will and designates their spouse as the sole beneficiary. However, they also include a power of appointment that allows their spouse to appoint the assets to their children or other heirs after their death. In this case, the assets in the will become appointive assets.

These examples illustrate how appointive assets work. The owner of the assets has the power to decide who will receive them, even after their death. This allows for flexibility and the ability to change beneficiaries as circumstances change.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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