A power of appointment is the power given by the owner of property (donor) to another
person (the donee) to appoint the taker of the property (the appointees). Exercise of the
power is not mandatory, and the terms under which it may be exercised may be
circumscribed in particular ways.
If the donee dies without having exercised the power, the power expires. It cannot be
passed to the donee’s successors in interest.