Section 1-108
For the purpose of granting consent or approval with regard to the acts or accounts of a personal representative or trustee, including relief from liability or penalty for failure to post bond or to perform other duties, and for purposes of consenting to modification or termination of a trust or to deviation from its terms,
- (i) the sole holder or all co-holders of a presently exercisable general power of appointment, including one in the form of a power of amendment or revocation, or a presently exercisable power to appoint among a class of appointees which is broader than the class of those persons who would take in default of the exercise of such power,
- (ii) if the court so permits in its discretion, the sole holder or all co-holders of a testamentary general power of appointment, or a testamentary power to appoint among a class of appointees which is broader than the class of those persons who would take in default of the exercise of such power, are deemed to act for beneficiaries to the extent their interests (as objects, takers in default, or otherwise) are subject to the power.
Comment
The status of a holder of a general power in estate litigation is dealt with by § 1-403.
“General power”, as used in this section, is intended to refer to the common law concept, rather than to tax or other statutory meanings. A general power, as used herein, is one which enables the power holder to draw absolute ownership to the power holder.
Massachusetts comment
This section was modified to adopt the provisions of G.L. c. 206, § 24, which permits the court, in its discretion, to waive the appointment of a guardian ad litem in a proceeding for allowance of accounts where a person entitled to notice has a general power of appointment, or the power to appoint among a class of appointees which is broader than the class of persons who would take in default of the exercise of the power.