Powers of Appointment and RAP

Question 1

Process

Answer 1

1- identify the power
2- is the power valid (i.e., must be certain to be exercised within LIB + 21 years)?
3- Are the interests created by the power valid (special powers and general testamentary powers are judged from the date the instrument was created)?

Question 2

Second Look Doctrine

Answer 2

Applies to Powers of Appointment- to determine the validity of either a general testamentary power of appointment or a special power of appointment, we look at the time POA is exercised

Question 3

Age Contingency

Answer 3

reduce to 21

Question 4

Fill in the blanks

Answer 4

only with special powers and general testamentary powers

Question 5

Powers to Appoint and Income Interests

Answer 5

1-Identify power
2-Is the power valid?
-a general presently exercisable power of appointment must be certain to be acquired within LIB plus 21 years
2-Are the interests created by the power valid?
-separate income interests and principal interests and go through both with RAP and suspension rule