Powers of appointment – Why decide today when you can put it off until tomorrow?

Description

Abstract: One potential problem with wills, trusts and other traditional estate planning tools is that they force a person to make decisions about how his or her wealth will be distributed years or decades in advance. A power of appointment may solve that problem. It’s a document that authorizes another person, such as a family member or trusted advisor, to designate who will receive certain property. This article examines two types of powers: general and limited.