Power of Appointment
Definition - What does Power of Appointment mean?
Power of appointment is the authority to decide who will own an asset that forms part of an estate. This responsibility is conferred through the original asset owner's will.
Insuranceopedia explains Power of Appointment
When a testator writes a will and names someone as the individual responsible for deciding who will own the assets, they thereby grant them power of appointment. The testator can, of course, decide themselves who will receive the assets by naming a beneficiary.