RCW 11.98B.030
239 words·~1 min read·
/wa/title-11/chapter-11-98b/11-98b-030·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
(2)This chapter does not apply to a:
(a)Power of appointment;
(b)Power to appoint or remove a trustee or trust director;
(c)Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(d)Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(i)The beneficiary; or
(ii)Another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or
(e)Power over a trust if:
(i)The terms of the trust provide that the power is held in a nonfiduciary capacity; and
(ii)The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the federal internal revenue code of 1986, as amended, as of January 1, 2021.
(3)Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
[ 2020 c 303 s 5 .]