NRS 162B.345
Disposition of unappointed property under released or unexercised general power.

To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust:

1.

The gift-in-default clause controls the disposition of the unappointed property; or

2.

If there is no gift-in-default clause or to the extent the clause is ineffective:

(a)

Except as otherwise provided in paragraph (b), the unappointed property passes to:

(1)

The powerholder if the powerholder is a permissible appointee and living; or

(2)

If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or

(b)

To the extent the powerholder released the power, or if there is no taker under paragraph (a), the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.

Source: Section 162B.345 — Disposition of unappointed property under released or unexercised general power., https://www.­leg.­state.­nv.­us/NRS/NRS-162B.­html#NRS162BSec345.

Last Updated

Jun. 24, 2021

§ 162B.345’s source at nv​.us