Page 22 THE MALDEN ADVOCATE – Friday, June 14, 2019 EXERCISE OF POWERS OF APPOINTMENT O ften times, an individual may wish to have the right to control the ultimate distribution of a Trust. This is called a power of appointment. Powers of appointment are often included in Trust documents in order to create greater flexibility in a multigenerational estate plan. As an example, a husband may die leaving property in Trust for the benefit of his spouse. The terms of the Trust may provide that, upon the death of the surviving spouse, the remaining Trust principal will be distributed to the husband’s children. The terms of the Trust may also contain a power of appointment provision wherein the surviving spouse has the right to exercise this power of appointment via her Last Will and Testament thereby allowing her to redirect the ultimate distribution to only one child of the husband as opposed to all of his children and/ or the right to determine whether or not the Trust principal will be received outright or in further Trust. Another example would be if a daughter was named a lifetime income beneficiary of her parent’s living Trust. This Trust might contain a power of appointment provision allowing the daughter to exercise it via her Last Will and Testament. A specific provision must be included in her Will in order to exercise the power of appointment thereby appointing (distributing) the Trust principal to her spouse, her children, or even a charity. As part of the estate planning process, it is important to ascertain whether someone holds any such power of appointment as contained in a living trust (revocable or irrevocable) and, if so, to make sure that the power of appointment is exercised via the Last Will and Testament, if that person’s wish is to indeed exercise the power, or to at least confirm with the holder of the power that he or she does not wish to exercise the power. A power that may be exercised via one’s Last Will and Testament is referred to as a testamentary power of appointment. The holder of the power is also called the donee of the power or the power holder. The exercise of the power of appointment would occur once the Will is submitted to a probate court and allowed. REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 Deleon, Mario BUYER2 SELLER1 Urias, Elmer D Luis, Antonio Medeiros, Steve Murphy, Chrisanne M Farias, Rodrigo A Arico, Caroly Murray, Kenneth G Gillis Carmel Est Alves-Campos, Elias Ungaro, Linda R Teramene, Jean E Bulka, Ben A Turley, Jason Porfil, Danise T Bank New York Mellon Tr Didomenico, Fabrizio Lucky 87 LLC 70 Glen Street RT Conti RT SELLER2 Rossetti, Christine ADDRESS CITY 15 Lynde St 88-90 Rockwell St 220 Lebanon St DATE Malden 28.05.2019 Malden 28.05.2019 Malden 28.05.2019 Abruzzese, Madonna M 1474-1476 Eastern Ave Malden 24.05.2019 39 Broadway #311 10 Linwood St #311 26 Bishop Rd Sapochetti, Elaine Conti, Philip B 70 Glen St 635 Salem St Malden 24.05.2019 Malden 23.05.2019 Malden 23.05.2019 Malden 22.05.2019 Malden 22.05.2019 PRICE $549 900,00 $811 000,00 $625 000,00 $650 000,00 $348 100,00 $335 000,00 $480 000,00 $500 000,00 $500 000,00 Happy Father’s Day! SAUGUS - Gorgeous Single Desirable Ranch Style home offers 6 rooms, 3 bedrooms, full bath, bright and sunny living rm with wood burning fireplace, spacious eat- in kitchen with plenty of cabinets and hutch area, three bdrms with lots of closet space.................$370,000 OPEN HOUSE - 4 Briggs Court, Saugus, Sat. & Sun. June 15-16. 10:00 am-12:00 pm - Esquisite Grand Foyer makes 4-5 Bdrm Colonial a home with loads of sunlight beaming throughout. Kitchen opens up to lge. family rm. along with pellet stove overlooking backyard..........................................................$499,000 Darlene Minincleri & Sue Palomba REVERE - 2 FAMILY, 4&7 w/2nd floor unit excellent space for a large family with 4 bdrms, liv/dining combo & Eat in Kit located on two levels. All bedrooms are decent size. w/ample closet space. both units have living/dining room combination............$580,000 53 Jackson St. Saugus (781) 813-3325 Call for a FREE Market Analysis WINTHROP - Beautiful Single fam. antique home w/ amazing water views & many period details still remaining. Three bdrms, each with wd. flrs.; 2nd and 3rd flrs could be used as 4th bdrm and den/study............................................$475,000 NEW LEASE - Prime Commercial space on Route 1, South, Saugus. Incredible Exposure 1000 Square Feet Including all utilities. Call Darlene for Details! OPEN HOUSE - 9 Broadway, Saugus, Sat., June 15 & Sun., June 16, 12 - 2:00 pm - A hidden gem just miles away from Boston. Sunlight streams into impressive condo in a well-established Suntaug Estates. Featuring Lvng. Rm. & 1 generous bdrm. Brand new open concept kitchen, features granite countertops, s/s steel appls. and new flooring. Washer/Dryer hookups, storage, parking, Pool and more..................$249,900 PEABODY - 4 finished levels along with each bath welcomes new owner. The lvng rm with granite floors incl. inviting fireplace, cath. ceiling, and dbl. doors leading to an ext. deck. 3rd level has 2 lge. bdrms with full bath incl. jacuzzi. Roof 10 yrs. old, new windows, 2 sep. driveways, fenced level yard, & more. Mins. to Malls, Major Rtes. & Trans. Just move in........$599,0000 SOLD SOLD SOLD
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