Simple English definitions for legal terms
Read a random definition: interspousal tort immunity
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.
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.
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.