Free Webinar on the Uniform Powers of Appointment Act
The American Bar Association Section of Real Property, Trust and Estate Law is holding a free webinar for RPTE members entitled, The Uniform Powers of Appointment Act: Straightforward Default Rules to Fill a Vacuum, on February 11th from 12:30-1:30 PM ET. Here is why you should attend:
Powers of appointment are among the most commonly-used techniques in estate planning. Despite this fact, little case law and virtually no statutory law governing powers of appointment exists in many United States jurisdictions. As a result, much uncertainty exists in the planning and administration of estates, often leading to costly litigation. Does the residuary clause of a powerholder’s will exercise a general power of appointment? If a power of appointment is ambiguously drafted, may the powerholder give the appointive property only to some of the appointees, omitting others entirely? May a power of appointment be exercised in a record that is not a writing? What is the difference between a power of appointment, a fiduciary power, and a power of attorney? When is a contract to exercise a power of appointment enforceable? What are the rights of a powerholder’s creditors in the appointive property?
In 2013, the Uniform Law Commission published the Uniform Powers of Appointment Act (“UPAA”) to provide a well-organized codification that eliminates much of the uncertainty surrounding the answers to these questions. Our panelists have played important roles in the preparation and dissemination of the UPAA: Mr. Kent, a former ULC Commissioner from Colorado, was a member of the drafting committee; Professor Hess was the ABA Advisor to the drafting committee, and Mr. Orzeske is the member of the ULC staff who advises state legislatures planning for the enactment of the UPAA.
The speakers will first briefly summarize the process by which the act was written. Then, they will discuss selected provisions dealing with the creation, exercise, and interpretation of powers of appointment. Finally, they will outline experiences with enactment to date.