In the course of the past fifty years, during which estate planning has become a specialty rather than one of many jobs handled by the general practitioner, the power of appointment has become an increasingly popular form of gift. The two great advantages which have been claimed for the power are the introduction of great flexibility into the estate plan and the reduction of the tax burden on the property as it passes from one generation to another. It was presumably with both of these objectives in mind that Professor William J. Bowe made a suggestion last year as to a form of power which, if widely accepted by estate planners, may make the following provision a familiar sight in wills in the near future:
"I give the rest and residue of my estate, real and personal, to the X Trust Co., to hold in trust and to pay the income to my son, Doe, for his life and on his death to distribute the principal to such person or persons, other than Doe, his estate, his creditors or the creditors of his estate, in such interests or estates as Doe shall create by will or deed attested by two witnesses, and in default of appointment to Doe's issue who survive him per stirpes, and if Doe die without issue him surviving to Vanderbilt University."
The Non-General Power of Appointment -- A Creature of the Powers of Appointment Act of 1951,
7 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol7/iss1/3