Power of Appointment

What is a power of appointment?

A power of appointment is given by a testator (person writing the will) to second person, allowing the second person the power to determine how assets are distributed to third parties after the testator dies. The testator usually grants this power to the second person in the testator's will.

There are two types of powers of appointment: (1) general and (2) special (or limited). A general power of appointment allows a person to give a trusts assets to anyone, even her- or himself.  In a limited power of appointment, the person has to decide between a restricted number or a  class of beneficiaries and cannot choose him- or herself as a beneficiary.

Can you give me some examples?

Sure.

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General power of appointment: "I leave my art collection to be distributed as my brother Paul chooses."

Special power of appointment: "I leave my art collection to my three children, my friend Susuan Smith to determine which piece goes to whom."

Can I name myself as a beneficiary if a testator grants me a general power of appointment?

Yes. And for that reason, a general power of appointment can have adverse estate tax consequences.  The person with a general power will have the assets subject to the power included in his or her estate even if she does not name her- or himself as a beneficiary.