In General:
a) If there is only one appointor, unless their will says otherwise, the powers of appointment will pass to their legal personal representatives.
b) If there are two or more joint appointors, as each one dies, the powers of appointment will pass to the remaining joint appointors until there is only one left. Then, the powers will pass to that person’s LPRs.
c) If any of the appointors are considered independent (e.g., an accountant or solicitor), then that person will never have the sole power of appointment. In other words, once there is only one family member appointor and the independent appointor remaining, the powers of appointment will pass to the family member’s LPRs upon their death. However, we require specific instructions in this regard to be specified in the schedule to the deed.
d) The appointors may choose not to be joint in the context of survivorship, meaning that upon their death, their own power of appointment will pass to
their own LPRs, rather than to any surviving joint appointors. When a husband and wife are joint appointors, the deed is set up as described in point 2 above.
Finally, an appointor may be automatically removed if they become bankrupt or mentally ill, or if the appointor is acting in the capacity of, or on behalf of, a trustee in bankruptcy, liquidator or administrator, or the Family Court Registrar, but they can resume their position if the condition that caused the Appointor to be removed ends, is reversed or otherwise ceases.
General Advice Warning
The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
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