exercisable for the holder's (i) support, (ii) support in reasonable comfort, (iii) maintenance in health and reasonable comfort, (iv) support in his accustomed manner of living, (v) education, including college and professional education, (vi) health, or (vii) medical, dental, hospital and nursing expenses. (d) However, a power to use property for the "comfort, welfare, or happiness" of the holder of the power does not meet the required standard of invasion. (e) In determining the existence of an ascertainable standard, which will prevent taxation of the property subject to the power, it is immaterial that the trust agreement may or may not require the beneficiary first to exhaust his other income. f.
Exercise within Three Years of Death.
If a general power of appointment was created after 1976, its exercise or release within the three-year period ending on the date of the decedent's death will cause the value of the property to be included in the decedent's gross estate under sec. 2035. C.
Amending Trusts. 1.
Ability to Revoke.
a. Under the prior law, unless the right to revoke the trust is expressly reserved in the trust instrument, the trust will be presumed to be irrevocable. See Ingels’ Estate, 372 Pa. 171, 92 A.2d 881 (1953). b. For Trusts established after November 5, 2006, UTA Sec. 7752 provides the opposite; i.e., unless the trust instrument expressly provides otherwise the trust is revocable. c. Under prior law, the Court, upon a showing of fraud, mistake, undue influence or duress, may modify the trust terms. See Potter v. Fidelity Insurance, Trust & Safe Deposit Co., 199 Pa. 360, 49 A. 85 (1901). d. Under the UTA, a trust may be modified by substantial compliance with a method provided in the trust instrument; or if the trust instrument does not provide a method by a later writing, other than a will or codicil, signed by the settler. 10