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Simple English definitions for legal terms
appointive property
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A quick definition of appointive property:
Property refers to the right to possess, use, and enjoy something, whether it's land or an object. It's like having a bundle of rights that come with ownership. There are different types of property, such as corporeal property (things you can touch) and incorporeal property (rights that you can't touch). Appointive property is a type of property that can be given to someone through a power of appointment.
A more thorough explanation:
Appointive property is a type of property interest that is subject to a power of appointment. This means that the owner of the property has the power to decide who will receive the property after their death. For example, a person may have a trust that gives them the power to appoint the trust property to their children or grandchildren.
One example of appointive property is a trust that gives the trustee the power to distribute the trust assets to the beneficiaries in any way they see fit. The trustee may have the power to appoint the assets to one beneficiary or divide them among several beneficiaries. This type of trust is often used to provide flexibility in estate planning.