Power of appointment,
Definition of Power of appointment:
In general, authority given by one person (donee) to another to decide who will be the beneficiary of an estate or trust assets upon the death of the donee. A power of appointment may be created by a will, a trust instrument, or as a part of a power of attorney, and is of two types: (1) General power of appointment is exercisable in favor of anyone, including the donee and his or her estate or its creditors, and (2) Special or limited power of appointment is exercisable only in favor the entities designated in the instrument creating the power.
Power to decide the disposal of property, in exercise of a right conferred by the owner.
Power to select the holder of a particular job or position.
Synonyms of Power of appointment
Power of appointment, Right of appointment, Favouritism, Nepotism, Partisanship, Partiality, Preferential treatment
How to use Power of appointment in a sentence?
- There was an ‘exercise of a power of appointment under a settlement’ and they did two things: one, they gave some assets to a person absolutely and there was no issue that that created a capital gains tax problem.
- There is a balancing of local and national interests that must be served here, and the very least we might expect is for the Minister to give some power of appointment of at least a minority of the positions to local government in the region.
Meaning of Power of appointment & Power of appointment Definition