Question

Which of the following powers given to anyone would cause the power to be deemed a general power of appointment? a. The power to use your money to pay your creditors b. The power to sell and buy property on your behalf. c. The power to use your money to pay the power holders creditors. d. The power to make gifts to your heirs and charities.
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Answer #1

Question:

Solution: The correct answer is option b. The power to sell and buy property on your behalf.

Since, the general power of appointment give the holder ( the donee) a special power to sale or buy (i.e. dispose) the property, of the person who is making such agreement with holder, on his behalf.

Question:

Solution: If the decedent is a resident of one state and owns real property in another state then decedent's property would be subject to ancillary probate.

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