3 Classification of powers of appointment as to time of exercise; presently exercisable, testamentary and postponed (a) A power of appointment, as to the time of its exercise, is either presently exercisable, testamentary or postponed. (b) A power of appointment is presently exercisable if it may be exercised by the donee, during his lifetime or by his written will, at any time after its creation, and does not include a postponed power as described in paragraph (d). (c) A power of appointment is testamentary if it is exercisable only by a written will of the donee. (d) A power of appointment is postponed if it is exercisable by the donee only after the expiration of a stated time or after the occurrence or non-occurrence of a specified event.
New York Legal Code