(1) In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (2) This chapter does not apply to a: (a) Power of appointment; (b) Power to appoint or remove a trustee or trust director; (c) Power of a settlor over a trust to the extent the settlor has a power to revoke the trust; (d) Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: (i) The beneficiary; or (ii) Another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or (e) Power over a trust if: (i) The terms of the trust provide that the power is held in a nonfiduciary capacity; and (ii) The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the federal internal revenue code of 1986, as amended, as of January 1, 2021. (3) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
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