390.200 Disposition of unappointed property under released or unexercised

148 words·~1 min read·/ky/390-200

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to revoke, amend, or withdraw property from a trust:

(1)The gift-in-default clause controls the disposition of the unappointed property; or

(2)If there is no gift-in-default clause or to the extent the clause is ineffective:

(a)Except as otherwise provided in paragraph

(b)of this subsection, the

unappointed property passes to:

1. The powerholder if the powerholder is a permissible appointee and

living; or

2. If the powerholder is an impermissible appointee or not living, the

powerholder's estate if the estate is a permissible appointee; or

(b)To the extent the powerholder released the power, or if there is no taker under

paragraph

(a)of this subsection, the unappointed property passes under a

reversionary interest to the donor or the donor's transferee or successor in

interest.