16:22
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Simple English definitions for legal terms
testamentary power
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A quick definition of testamentary power:
Testamentary power refers to the ability of a person to make decisions about how their property and assets will be distributed after they pass away. This power is often associated with the power of appointment, which allows the person to choose who will receive their property. Essentially, testamentary power gives someone the ability to control what happens to their belongings after they die.
A more thorough explanation:
Testamentary power refers to the power of appointment that is granted to an individual through a will or testament. This power allows the individual to determine how their assets will be distributed after their death.
For example, if a person creates a will and includes a testamentary power of appointment, they can specify that a certain portion of their estate be given to a specific individual or organization. This power allows the individual to have control over their assets even after they have passed away.
Another example of testamentary power is when a person designates a trustee to manage their assets for the benefit of their children or other beneficiaries. The trustee has the power to make decisions about how the assets are invested and distributed, according to the wishes of the person who created the will.
Overall, testamentary power is an important tool for individuals who want to ensure that their assets are distributed according to their wishes after they have passed away.