Section 554.94 - Applicability of act to certain personal property; scope of trust(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.(2) For purposes of this section, both of the following apply: (a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.(b) A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:(i) The assets have continuously been held in trust since September 25, 1985.(ii) The assets have not become subject to a general power of appointment since September 25, 1985.Amended by 2022, Act 154,s 3, eff. 7/19/2022.Amended by 2011, Act 12,s 1, eff. 3/24/2011.Added by 2008, Act 148,s 4, eff. 5/28/2008.