Don’t Be Shy About Using a Naked Power of AppointmentDon’t Be Shy About Using a Naked Power of Appointment
Portions of the UPAA perpetuate confusion
Few, if any, of us in the estate-planning profession would question the value and flexibility of the power of appointment (POA). The late professor W. Barton Leach called it, “the most efficient dispositive device that the ingenuity of Anglo-American lawyers has ever worked out.”1 Thus, we all eagerly awaited the result when the Committee appointed by the Uniform Law Commission undertook to review and restate the law to produce the Uniform Power of Appointment Act (UPAA).
As one would hope, such an important undertaking would not only consider the settled and basic principles and practices of the law, but also the need to set aside antiquated rules that hinder, rather than help, the application and objectives of the law. A perfect example...
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