If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: (1) if the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable; (2) if the holder has exercised the power, the disclaimer takes effect immediately after the last exercise of the power; and (3) the instrument creating the power is construed as if the power expired when the disclaimer became effective.
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