Page 24 THE REVERE ADVOCATE – FRIDAY, OCTOBER 29, 2021 Discount Services -Raccoons -Squirrels 781-269-0914 Removal Part-Time Handyman 4 to 5 days a week Must have own transportation Must speak English $20 per hour Call 617-549-7475 WASTE REMOVAL & BUILDING MAINTENANCE • Landscaping, Lawn Care, Mulching • Yard Waste & Rubbish Removal • Interior & Exterior Demolition (Old Decks, Fences, Pools, Sheds, etc.) • Appliance and Metal Pick-up • Construction and Estate Cleanouts • Pick-up Truck Load of Trash starting at $169 • Carpentry LICENSED & INSURED Call for FREE ESTIMATES! ~ Home of the Week ~ SAUGUS...Perfectly maintained and updated 6 rm. Cape Cod style home featuring 6 rms., 3 bdrms., 1½ updated baths, kit. offers peninsula w/ seating, newer disposal & faucet, outdoor sink, storage shed, nice side street location. Great View the interior of this home right on your smartphone. POWER OF APPOINTMENT PROVISION IN TRUSTS A power of appointment provision in a Trust, in simple terms, gives someone the ability to redirect whom the assets held in Trust will be distributed to in the event of the Settlor’s death, a surviving spouse’s death, or even a child’s death. Typically, a power of appointment is exercised upon the probating and allowance of the power holder’s Last Will and Testament that includes a provision actually exercising the power given to the power holder in the Trust document itself. A common provision found in a Trust is that the Trustee must be notifi ed by the Personal Representative of the power holder’s estate within six months of the power holder’s death that the power of appointment had indeed been exercised upon the allowance of the Last Will and Testament that included the exercise of a power of appointment provision. The Trust instrument might also limit the class of individuals that could benefi t from the exercise of the power such as the children or grandchildren of the Settlor of the Trust, the spouse of the Settlor, or even charitable organizations. The power of appointment may provide for a distribution of Trust assets directly to the appointee or may provide for the Trust assets to be set aside in further Trust for the benefi t of the appointee. A surviving spouse or child may be given a power of appointment pursuant to the terms of the Trust instrument in order to give them the power to dictate the ultimate distribution of Trust assets based upon information and circumstances that might exist at a later point in time. It may be that the Settlor of the Trust does not wish to give a surviving spouse or child an outright Trust distribution for many reasons but might wish to grant them a power of appointment. A surviving spouse or child might have creditor issues or estate tax issues of their own. Power of appointment provisions may also provide for generation skipping transfer estate tax savings by bypassing an outright distribution to a child by retaining assets in Trust for the benefi t of grandchildren. If the power of appointment is never exercised, the original dispositive terms of the Trust will apply. By granting a power of appointment within the terms of a Trust, the Settlor is allowing the power holder to change the dispositive terms based upon information, facts and circumstances in existence possibly many years down the road. A Trust off ers tremendous flexibility in many ways. A power of appointment provision within a Trust instrument is just one way to provide for that fl exibility. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. 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 REAL ESTATE TRANSACTIONS SELLER1 BUYER2 Georgeon, Derrick Padaki, Geetha Cruz, Jessica Pula, Mahaakshmi Mcghee, Judith C 262 Endico Ave LLC Makhnovetskiy, Dmitriy Makhnovetskiy, Melissa Argueta Proper es LLC Regalado, Mirian FNMA SELLER2 Connolly, Christopher J 59 Levere Ave 60 Beach Rd ADDRESS DATE PRICE Revere 07.10.2021 $ 360 000,00 262 Endico Ave 06.10.2021 $ 1 435 000,00 06.10.2021 $ 705 000,00 7 Harrington Ave 04.10.2021 $ 710 000,00
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