390.120 Intent to exercise -- Determining intent from residuary clause. (1) As used in this section: (a) 'Residuary clause' does not include a residuary clause containing a blanket - exercise clause or a specific -exercise clause; and (b) 'Will' includes a codicil and a testamentary instrument that revises another will. (2) A residua ry 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 it is ineffective; and (d) The powerholder did not release the power. Effective: July 15, 2020 History: Created 2 020 Ky. Acts ch. 41, sec. 11, effective July 15, 2020.
Kentucky Legal Code