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prolly named veronica or sarah
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Simple English definitions for legal terms
general power of appointment
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A quick definition of general power of appointment:
A general power of appointment is a type of power that allows the person who has it to give away someone else's property to anyone they choose. This means that they have a lot of control over who gets the property. If the person with the power can only give the property to a specific group of people, then they have a special power of appointment instead.
A more thorough explanation:
A general power of appointment is a legal term that refers to the authority given to a person, known as the donee, to distribute the property of a deceased person to anyone they choose. This means that the donee has the power to give away the property to anyone in the world.
For example, if a person creates a trust and gives their child a general power of appointment, the child can distribute the property to anyone they want, including themselves. This means that the child has complete control over the property and can give it away to anyone they choose.
It is important to note that a general power of appointment is different from a special power of appointment. A special power of appointment only allows the donee to distribute the property to a specific list of beneficiaries.
For instance, if a person creates a trust and gives their child a special power of appointment, the child can only distribute the property to the beneficiaries listed in the trust. They cannot give the property to anyone else.
Overall, a general power of appointment gives the donee broad authority to distribute the property of a deceased person to anyone they choose, while a special power of appointment limits the donee's authority to a specific list of beneficiaries.