A special power of appointment gives the testator of a Long Island will more control over the disposition of the testator’s assets after the testator’s death. Basically, it gives the executor much broader powers to distribute the decedent’s assets to a certain beneficiary or group of beneficiaries. A general power of appointment can also be made.The appointment is made at the time the testator makes a New York will. After the testator passes away, the executor can use the special power of appointment to make decisions regarding the distribution of decedent’s assets to certain beneficiaries.
Benefits of Special Power of Appointment
Having a special power of appointment helps prevent disputes among family members because the executor has the power to make decisions. An example of how a special power of appointment may work might be when a beneficiary decides that that they want to relinquish their inheritance and give it back to the estate. The executor can make a decision using the executor’s special power of appointment to give the asset to another beneficiary that the executor feels would benefit more from the asset. The special power of appointment is limited to making decisions on behalf of the other beneficiaries only. So if an executor is also a beneficiary, the special power of appointment cannot be used to benefit the executor.
An Executor of a Long Island estate will typically seek the assistance of a Long Island probate and estate attorney to help the executor make decisions regarding the management and disposition of estate assets. Managing an estate is time consuming and requires certain expertise that many executors may not have. An attorney can help the executor with more complicated tasks and legal matters such as the purchase and sale of real estate or estate tax matters.
If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (212) 233-1233.
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