72-7-301. Requisites for exercise of power of appointment. (1) A power of appointment is exercised only:

(a) if the instrument exercising the power is valid under applicable law;

(b) if the terms of the instrument exercising the power:

(i) manifest the powerholder's intent to exercise the power; and

(ii) subject to 72-7-304, satisfy the requirements of exercise, if any, imposed by the donor; and

(c) to the extent the appointment is a permissible exercise of the power.

(2) Notwithstanding any other provision of this act, the property subject to a power of appointment may not pass to and may not be administered as a part of the powerholder's probate estate unless:

(a) the power of appointment is a general one that expressly authorizes the powerholder to appoint the appointive property to his or her own estate; and

(b) the powerholder utilizes clear and unequivocal language demonstrating a specific intent to exercise the power in favor of his or her own estate.