(a) A power of appointment is âtestamentaryâ if it is exercisable only by a will. (b) A power of appointment is âpresently exercisableâ at the time in question to the extent that an irrevocable appointment can be made. (c) A power of appointment is ânot presently exercisableâ if it is âpostponed.â A power of appointment is âpostponedâ in either of the following circumstances: (1) The creating instrument provides that the power of appointment may be exercised only after a specified act or event occurs or a specified condition is met, and the act or event has not occurred or the condition has not been met. (2) The creating instrument provides that an exercise of the power of appointment is revocable until a specified act or event occurs or a specified condition is met, and the act or event has not occurred or the condition has not been met.
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