What is the name of your state (only U.S. law)? Massachusetts
My father's irrevocable trust contains a provision that grants him the power to name remainder beneficiaries. Under Massachusetts' law, does the Grantor (living) need to obtain the Trustee's permission before he exercises this Special Power of Appointment? The Trustee is opposed to the Grantor's wish to exercise this power of appointment.
Article VI. Special Power of Appointment. The Grantor reserves the power, exercisable at any time or from time to time by written instrument delivered to the Trustee during the Grantor’s lifetime or by Grantor’s Will or any codicil so thereto specifically referencing this power, to appoint any part or all of the principal or income of the trust fund outright or upon trusts, conditions or limitations, to any one or more of the issue of the Grantor,...
My father's irrevocable trust contains a provision that grants him the power to name remainder beneficiaries. Under Massachusetts' law, does the Grantor (living) need to obtain the Trustee's permission before he exercises this Special Power of Appointment? The Trustee is opposed to the Grantor's wish to exercise this power of appointment.
Article VI. Special Power of Appointment. The Grantor reserves the power, exercisable at any time or from time to time by written instrument delivered to the Trustee during the Grantor’s lifetime or by Grantor’s Will or any codicil so thereto specifically referencing this power, to appoint any part or all of the principal or income of the trust fund outright or upon trusts, conditions or limitations, to any one or more of the issue of the Grantor,...
