power of appointment

Legal Definition of power of appointment 

: a power granted under a deed or will authorizing the donee to dispose of an estate in a specified manner for the benefit of the donee or of others

general power of appointment

: a power of appointment which the donee may exercise in favor of anyone including himself or herself specifically : a power of appointment defined by the Internal Revenue Code as one exercisable in favor of the individual possessing the power, his or her estate, his or her creditors, or the creditors of his or her estate

limited power of appointment

: special power of appointment in this entry also : a power of appointment which the donee may exercise in favor of anyone but himself or herself

special power of appointment

: a power of appointment which the donee may exercise in favor of only a designated person or class of persons not including himself or herself or his or her estate

testamentary power of appointment

: a power of appointment that the donee may exercise only in his or her will

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