Do you know what a power of appointment is under Florida trust law? This, like a lot of probate law is an area where if you don’t “use it” you will certainly “lose it.” Want to learn more? Check out this recent case from the Supreme Court of Georgia.
What is a Power of Appointment?
- Florida estate attorneys know a power of appointment is actually one of the more simple terms in probate law.
- Do you know why?
- Many people have powers of appointment in their own daily life or they work for someone that does.
- A power to appoint is a lot like any power to manage.
- So what does it have to do with Florida trust law?
- A power of appointment usually deals with appointing a successor trustee.
- What happens if you do not exercise your power of appointment in Florida?
- This could lead to Florida probate litigation.
- Florida probate lawyers should be there to help you utilize your powers of appointment.
- Like I said before, if you do not use it, you may lose it.
- Want to learn more?
- Check out this recent trust dispute – how would this have ended up in Florida probate court?
Smith v. Ashford
- This was an appeal by the testator’s widow in her capacity as a personal representative of the estate.
- She was seeking a declaratory judgment and a construction of the will.
- Florida probate lawyers know that a “construction of a will” means you want the probate court to interpret the will and say what it means.
- One of the rights the testator had at the time was a power of appointment with regard to a trust.
- Turns out he failed to use it.
- So what happens to the power of appointment?
- What happens to a trust that lacks a trustee?
- Florida trust lawyers know that a trust will not fail just because it does not have a trustee.
- So what happens next?
Want to learn more?
Check out the entire case by clicking here.
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