Power in gross refers to a specific type of power of appointment that allows an individual, known as the donee, to allocate property or interests in property. This power is typically granted to someone who holds an estate in the property. The estate created through this power will only take effect and be accessible after the donee's current estate has ended.
This term is primarily used in estate planning and property law. It is relevant in situations where individuals wish to designate how their property will be managed or distributed after certain conditions are met. Power in gross can be crucial in wills, trusts, and other legal documents where property rights are established. Users can manage these documents themselves using legal templates provided by services like US Legal Forms, ensuring that their intentions regarding property distribution are clearly articulated.
Here are a couple of examples of abatement:
For instance, if a parent grants their child the power in gross over a family property, the child can decide how to distribute that property once the parent's ownership ends (hypothetical example).
| State | Variation |
|---|---|
| California | Power in gross is commonly used in estate planning documents. |
| New York | Power of appointment laws are well-defined and often referenced in trusts. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Power of Appointment | The authority to designate who will receive property. | Power in gross is a specific type of power of appointment. |
| Life Estate | A property interest that lasts for the life of a specified individual. | Power in gross allows for future interests to be created after the donee's estate ends. |
If you believe that power in gross may apply to your situation, consider the following steps:
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Power in gross is a specific type of power that applies after the donee's estate ends, while a general power of appointment allows broader control over property during the donee's lifetime.