The lifetime power of appointment, automatically granted to the Grantor in the iPug, allows the Grantor to make certain changes to the iPug while the Grantor is competent and alive. Note, in a joint trust, each Grantor retains the lifetime power to appoint all assets, unless limited further in your drafting.The language of the power of appointment allows the Grantor to do the following:Appoint the entire principal and any accrued, undistributed net income of the Lifetime Trust;Change the members serving on his or her disability panel; andChange the specific bequests, the residuary beneficiaries, and the amount, timing, manner or method of any distribution under said Trust.
