In exercising a power, a donee may make an appointment:

1. (1) of present, future, or present and future interests;
2. (2) with conditions and limitations;
3. (3) with restraints on alienation;
4. (4) of interests to a trustee for the benefit of one or more objects of the power; and
5. (5) that creates any right existing under common law.

Added by Acts 2003, 78th Leg., ch. 551, Sec. 2, eff. Sept. 1, 2003.