75A-4-302. Intent to exercise -- Determining intent from residuary clause.
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Effective 5/7/2025
75A-4-302. Intent to exercise -- Determining intent from residuary clause.
(1)As used in this section,"residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.
(2)A residuary clause in a powerholder's will, or a comparable clause in the powerholder's revocable trust, manifests the powerholder's intent to exercise a power of appointment only if:
(a)the terms of the instrument containing the residuary clause do not manifest a contrary intent;
(b)the power is a general power exercisable in favor of the powerholder's estate;
(c)there is no gift-in-default clause or the clause is ineffective; and
(d)the powerholder did not release the power.
Amended by Chapter 310 , 2025 General Session