(1) A power of appointment is created only if:
(a) The instrument creating the power:
(I) Is valid under applicable law; and
(II) Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and
(b) The terms of the instrument creating the power manifest the donor's intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
(2) Subparagraph (II) of paragraph (a) of subsection (1) of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment.
(3) A power of appointment may not be created in a deceased individual.
(4) Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.
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