Estate Planning – Powers of Appointment
A power of appointment is the power given to someone to allow that person to designate who will receive property or an interest in property. The creator of the power is called the donor, the individual having the power is the powerholder, and the possible recipients of the property are permissible appointees. There are other potential ramifications for powers of appointment that should be taken into account. All in all, whether to use a power of appointment and, if so, with what characteristics, are questions best answered with the advice of a lawyer well versed in estate planning.
The durable power of attorney for asset management is a document which allows you to designate certain individuals to administer and manage your personal assets in the event that you become disabled or incapacitated.
Let’s say you have a college student or a young adult over 18 who is unmarried. They are no longer minors that you have the legal authority to make decisions for.