A Power of Appointment May Be Exercised by the Donee

question 1

True/False

A power of appointment may be exercised by the donee and a trust must be executed by the trustee.

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Definitions:

Legislation

Laws or statutes enacted by a government's legislative body.

Limited Partnership Agreement

A contract among partners in which some are liable only up to the amount of their investments while others are fully liable.

Limited Partners

Investors in a limited partnership who contribute capital but do not participate in management and whose liability for the partnership's debts is limited to their investment.

General Partners

Individuals in a partnership who share unlimited personal liability for the debts and obligations of the business, and who typically take part in managing the operations of the partnership.