The Last Will and Testament of Theodore Roosevelt, written on December 13, 1912, is considered the first will in which the powers of appointment were granted and exercised. A power of appointment is the right to decide who will enjoy the property of another. Roosevelt's will contains a total of 8 powers of appointment and each is discussed in detail below. The first power of appointment mentioned in the will is in the second paragraph. In this case, Roosevelt (power holder/donee) orders that the $60,000 trust fund, which he received from his father (creator or donor), be given to his children in equal amounts. It cannot be determined whether Roosevelt exercised a general appointment power or a limited appointment power because the language of his father's will is unknown, and so there is no way to determine whether or not Roosevelt had any restrictions on the enjoyment of money. contained in the fund. The third paragraph contains three distinct powers of appointment. The first power of appointment is granted by Roosevelt when he directs his executors "to collect and receive rents, profits, interest and income, and to apply them for the use of my wife, Edith Kermit Roosevelt, during her life ". Roosevelt, the donor, gives a power of appointment to his executors (his wife and two sons – who are donees) who require them to use the income generated to support his wife. The second power of appointment granted by Roosevelt in the third paragraph appears in the second note, when he authorizes and empowers his wife to "dispose of the principal of this trust to and among one or more of my issues in such shares and portions …. as she will declare. In this case, Roosevelt (the donor)...... middle of paper...... ensured that his fortune would be allocated as he saw fit. Roosevelt wanted to ensure that his wife would do well financially until her death, after which the remaining capital would go to his children. Additionally, Roosevelt used a smart strategy in imposing restrictions on miners. Even today, there are stories of children who decide to live off their inheritance or spend their entire inheritance, which is likely due to their immaturity in handling money. By having executors handle money for minor children, Roosevelt ensured that they would not receive any money or property until they were mature enough to handle it, which in this case is age 21 years. As for taxes, Roosevelt probably did not consider the consequences of the estate tax when designing his estate plan, since the estate tax was not enacted until 1916.