Section 13692.2 - Definition of "General Power of Appointment."(a) The term "general power of appointment" as defined in Revenue and Taxation Code Section 13692 means any power of appointment exercisable in favor of the donee, his estate, his creditors or the creditors of his estate, except (1) a power limited to an ascertainable standard as described in Section 13692.3 and Revenue and Taxation Code Section 13692(a),(2) a power exercisable by the donee only in conjunction with the creator of the power (see Section 13692.4 and Revenue and Taxation Code Section 13692(b)), and(3) a power exercisable by the donee only in conjunction with a person having a substantial interest in the property subject to the power, which is adverse to the exercise thereof in favor of the donee (see Section 13692.5 and Revenue and Taxation Code Section 13692(c)).(b) A power of appointment exercisable to meet taxes, debts, charges which are enforceable against the donee's estate, for the discharging of legal obligations of the donee or for his pecuniary benefit, is considered a general power of appointment. However, a power of appointment not otherwise considered to be a general power of appointment is not treated as a general power merely because an appointee may, in fact, be a creditor of the donee or his estate. A power of appointment is not a "general" power if by its terms it is either: (1) exercisable only in favor of one or more designated persons or classes other than the donee or his creditors or the donee's estate or the creditors of his estate, or(2) expressly not exercisable in favor of the donee or his creditors or the donee's estate or creditors thereof. NOTE: Reference: Section 13692, Revenue and Taxation Code.
Cal. Code Regs. Tit. 18, § 13692.2