11.95.160 - Lapse of a power -- Intent not to exercise a power -- Treatment.

Lapse of a power — Intent not to exercise a power — Treatment.

A person shall not be treated as having made a disposition in trust for the use of that individual by reason of a lapse of a power of withdrawal over the income or corpus of a trust created by another person. For this purpose, notification to the trustee of the trust of an intent not to exercise the power of withdrawal shall not be treated as a release of the power of withdrawal, but shall be treated as a lapse of the power.

[2006 c 360 § 12.]

Notes: Clarification of laws -- Enforceability of act -- Severability -- 2006 c 360: See notes following RCW 11.108.070.