(a) A power of appointment, as to the time of its exercise, is either
presently exercisable, testamentary or postponed.
(b) A power of appointment is presently exercisable if it may be
exercised by the donee, during his lifetime or by his written will, at
any time after its creation, and does not include a postponed power as
described in paragraph (d).
(c) A power of appointment is testamentary if it is exercisable only
by a written will of the donee.
(d) A power of appointment is postponed if it is exercisable by the
donee only after the expiration of a stated time or after the occurrence
or non-occurrence of a specified event.
Structure New York Laws