612
Effective Jan 1, 1993Added by Stats. 1992, Ch. 30, Sec. 2. Effective January 1, 1993.
- (a) A power of appointment is “testamentary” if it is exercisable only by a will.
- (b) A power of appointment is “presently exercisable” at the time in question to the extent that an irrevocable appointment can be made.
(c) A power of appointment is “not presently exercisable” if it is “postponed.” A power of appointment is “postponed” in either of the following circumstances:
- (1) The creating instrument provides that the power of appointment may be exercised only after a specified act or event occurs or a specified condition is met, and the act or event has not occurred or the condition has not been met.
- (2) The creating instrument provides that an exercise of the power of appointment is revocable until a specified act or event occurs or a specified condition is met, and the act or event has not occurred or the condition has not been met.