C.R.S. § 15-2.5-201

(1) A power of appointment is created only if: (a) The instrument creating the power: (I) Is valid under applicable law; and (II) Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and (b) The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee. (2) Subparagraph (II) of paragraph (a) of subsection (1) of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment. (3) A power of appointment may not be created in a deceased individual. (4) Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.