A. As used in this section:
(1) "residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and
(2) "will" includes a codicil and a testamentary instrument that revises another will.
B. 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;
(3) there is no gift-in-default clause or the gift-in-default clause is ineffective; and
(4) the powerholder did not release the power.
History: Laws 2016, ch. 69, § 302.
ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.