§ 702.302

702.302 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 all of the following apply:(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent.(b) The power of appointment is a general power of appointment exercisable in favor of the powerholder’s estate.(c) There is no gift-in-default clause in the instrument creating the power of appointment or the gift-in-default clause in the instrument creating the power of appointment is ineffective.(d) The powerholder did not release the power of appointment.History: 2023 a. 127.