72-7-301. Requisites for exercise of power of appointment.

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72-7-301 . Requisites for exercise of power of appointment.

(1)A power of appointment is exercised only:

(a)if the instrument exercising the power is valid under applicable law;

(b)if the terms of the instrument exercising the power:

(i)manifest the powerholder's intent to exercise the power; and

(ii)subject to 72-7-304 , satisfy the requirements of exercise, if any, imposed by the donor; and

(c)to the extent the appointment is a permissible exercise of the power.

(2)Notwithstanding any other provision of this act, the property subject to a power of appointment may not pass to and may not be administered as a part of the powerholder's probate estate unless:

(a)the power of appointment is a general one that expressly authorizes the powerholder to appoint the appointive property to his or her own estate; and

(b)the powerholder utilizes clear and unequivocal language demonstrating a specific intent to exercise the power in favor of his or her own estate.