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§ 7604. Manner of appointment

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: January 1, 2017

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 76. Powers of Appointment
Effective: January 1, 2017
20 Pa.C.S.A. § 7604
§ 7604. Manner of appointment
Currentness
(a) Outright or in trust.--Subject to section 7602(e) (relating to exercise of powers of appointment), unless expressly prohibited by the instrument creating a power of appointment, a donee may exercise a power by appointing in any manner, including, but not limited to:
(1) Appointing outright to one or more objects of the power.
(2) Appointing to one or more trustees to hold the appointive property in trust for the benefit of one or more objects of the power and specifying the terms and administrative provisions of the trust and the powers and duties of the trustees, even if the trustees themselves are not objects of the power.
(3) Creating a broad or limited power of appointment exercisable by any one or more objects of the original power to whom the donee could have appointed outright, even if some of the objects of the new power are not among the objects of the original power, provided that if the original power is a limited power, other than a power to appoint to the donee's creditors or the creditors of the donee's estate:
(i) All the objects of the original power are among the objects of the new power.
(ii) All the takers in default of exercise of the new power are among the objects of the original power.
(b) Exclusive and nonexclusive powers.--Unless the instrument creating a power of appointment expressly specifies a minimum share of, a minimum pecuniary amount of or a particular item of appointive property to be appointed to an object of the power, the donee may exclude any object of the power as the donee deems appropriate.

Credits

2016, July 8, P.L. 497, No. 79, § 13, effective Jan. 1, 2017.
20 Pa.C.S.A. § 7604, PA ST 20 Pa.C.S.A. § 7604
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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