New Mexico § 46-11-302 Intent to exercise; determining intent from residuary

New Mexico Statutes

§ 46-11-302 — Intent to exercise; determining intent from residuary

New Mexico·Ch. 46 Fiduciaries and Trusts·Art. 3 EXERCISE OF POWER OF APPOINTMENT

clause. A. As used in this section:

(1)"residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and (2) "will" includes a codicil and a testamentary instrument that revises another will. B. 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:

(1)the terms of the instrument containing the residuary clause do not manifest a contrary intent;

(2)the power is a general power exercisable in favor of the powerholder's estate;

(3)there is no gift-in-default clause or the gift-in-default clause is ineffective; and (4) the powerholder did not release the power.

Free access — add to your briefcase to read the full text and ask questions with AI

clause. A. As used in this section: (1) "residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and (2) "will" includes a codicil and a testamentary instrument that revises another will. B. 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: (1) the terms of the instrument containing the residuary clause do not manifest a contrary intent; (2) the power is a general power exercisable in favor of the powerholder's estate; (3) there is no gift-in-default clause or the gift-in-default clause is ineffective; and (4) the powerholder did not release the power.

New Mexico § 46-11-302 (Intent to exercise; determining intent from residuary) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.