(a) A power of appointment is created only if all of the following are satisfied:

1. (1) There is a creating instrument.
2. (2) The creating instrument is valid under applicable law.
3. (3) Except as provided in subdivision (b), the creating instrument transfers the appointive property.
4. (4) The terms of the creating instrument manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.