Intent to exercise - determining intent from residuary clause.

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(1) In this section:

  1. "Residuary clause" does not include a residuary clause containing a blanket-exerciseclause or a specific-exercise clause.

  2. "Will" includes a codicil and a testamentary instrument that revises another will.

(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:

  1. The terms of the instrument containing the residuary clause do not manifest a contrary intent;

  2. 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.

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 776, § 1, effective July 1, 2015.


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