Appointed

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Possible Answers:

NAMED.

Last seen on: Universal Crossword – May 17 2022 s

Random information on the term “Appointed”:

Sections

Contest

Property disposition

Common types

Other types

Governing doctrines

A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. Although any person can exercise this power at any time during their life, its use is rare outside of a will. The power is divided into two broad categories: general powers of appointment and special powers of appointment. The holder of a power of appointment differs from the trustee of a trust in that the former has no obligation to manage the property for the generation of income, but need only distribute it.

Example: “I leave my video game collection to be distributed as my son Andrew sees fit.”

In the United States of America, a general power of appointment is defined for federal estate tax purposes in the Internal Revenue Code §2041. A general power of appointment is one that allows the holder of the power to appoint to himself, his estate, his creditors, or the creditors of his or her estate the right to have the beneficial use and enjoyment of certain property covered by the power of appointment. The holder of a general power of appointment is treated for estate tax purposes as if he or she is the owner of the property subject to the power, regardless of whether or not the power is exercised. Thus, the property that is subject to the power is includable in the power holder’s estate for estate tax purposes.

Appointed on Wikipedia