Current through the 2023 Regular Session
Section 72-7-302 - Intent to exercise - determining intent from residuary clause(1) In this section: (a) "Residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.(b) "Will" includes a codicil and a testamentary instrument that revises another will.(2) A residuary clause in a powerholder's will or a comparable clause in the powerholder's revocable trust manifests the powerholder's intent to exercise a power of appointment only if: (a) the terms of the instrument containing the residuary clause do not manifest a contrary intent;(b) the power is a general power exercisable in favor of the powerholder's estate;(c) there is no gift-in-default clause or the clause is ineffective; and(d) the powerholder did not release the power.Added by Laws 2015, Ch. 293, Sec. 12, eff. 10/1/2015.