power of appointment

noun Law.
the authority granted by a donor to a donee to select the person or persons who are to enjoy property rights or income upon the death of the donor or of the donee or after the termination of existing rights or interests.

Origin:
1930–35

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World English Dictionary
power of appointment
 
n
property law authority to appoint persons either from a particular class (special power) or selected by the donee of the power (general power) to take an estate or interest in property

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
The exercise or release of a general power of appointment may be a gift by the individual possessing the power.
Property under a special limited power of appointment is not taxable.
The decedent is not treated as owning any property by reason of holding a power of appointment with respect to such property.
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