diff --git a/include/boost/asio/experimental/co_spawn.hpp b/include/boost/asio/experimental/co_spawn.hpp
index 8c633234..a587e653 100644
--- a/include/boost/asio/experimental/co_spawn.hpp
+++ b/include/boost/asio/experimental/co_spawn.hpp
@@ -149,20 +149,20 @@ public:
   // Support for co_await keyword.
   bool await_ready() const noexcept
   {
-    return false;
+    return awaitee_->ready();
   }
 
   // Support for co_await keyword.
   void await_suspend(detail::coroutine_handle<detail::awaiter<Executor>> h)
   {
-    awaitee_->start(&h.promise(), h);
+    awaitee_->attach_caller(&h.promise(), h);
   }
 
   // Support for co_await keyword.
   template <class U>
   void await_suspend(detail::coroutine_handle<detail::awaitee<U, Executor>> h)
   {
-    awaitee_->start(h.promise().top(), h);
+    awaitee_->attach_caller(h.promise().top(), h);
   }
 
   // Support for co_await keyword.
diff --git a/include/boost/asio/experimental/impl/co_spawn.hpp b/include/boost/asio/experimental/impl/co_spawn.hpp
index f8285f85..6c9c34e1 100644
--- a/include/boost/asio/experimental/impl/co_spawn.hpp
+++ b/include/boost/asio/experimental/impl/co_spawn.hpp
@@ -36,36 +36,6 @@ namespace asio {
 namespace experimental {
 namespace detail {
 
-// Helper for returning an awaitable "always ready" value.
-template <typename T>
-class await_ready_value
-{
-public:
-  template <typename... Args>
-  explicit await_ready_value(Args&&... args)
-    : value_(std::forward<Args>(args)...)
-  {
-  }
-
-  bool await_ready() const noexcept
-  {
-    return true;
-  }
-
-  template <typename U, typename Ex>
-  void await_suspend(coroutine_handle<detail::awaitee<U, Ex>>) const noexcept
-  {
-  }
-
-  T await_resume()
-  {
-    return std::move(value_);
-  }
-
-private:
-  T value_;
-};
-
 // Promise object for coroutine at top of thread-of-execution "stack".
 template <typename Executor>
 class awaiter
@@ -132,7 +102,12 @@ public:
       coroutine_handle<awaiter>::from_promise(*this).destroy();
   }
 
-  void rethrow_exception()
+  void unhandled_exception()
+  {
+    pending_exception_ = std::current_exception();
+  }
+
+  void rethrow_unhandled_exception()
   {
     if (pending_exception_)
     {
@@ -141,19 +116,9 @@ public:
     }
   }
 
-  void unhandled_exception()
-  {
-    pending_exception_ = std::current_exception();
-  }
-
-  void set_except(std::exception_ptr e)
-  {
-    pending_exception_ = e;
-  }
-
 private:
   std::size_t ref_count_ = 0;
-  std::exception_ptr pending_exception_;
+  std::exception_ptr pending_exception_ = nullptr;
   alignas(Executor) unsigned char executor_[sizeof(Executor)];
   bool has_executor_ = false;
 };
@@ -183,7 +148,7 @@ public:
 
   auto initial_suspend()
   {
-    return std::experimental::suspend_always();
+    return std::experimental::suspend_never();
   }
 
   struct final_suspender
@@ -212,7 +177,7 @@ public:
 
   void set_except(std::exception_ptr e)
   {
-    awaiter_->set_except(e);
+    pending_exception_ = e;
   }
 
   void unhandled_exception()
@@ -220,6 +185,15 @@ public:
     set_except(std::current_exception());
   }
 
+  void rethrow_exception()
+  {
+    if (pending_exception_)
+    {
+      std::exception_ptr ex = std::exchange(pending_exception_, nullptr);
+      std::rethrow_exception(ex);
+    }
+  }
+
   awaiter<Executor>* top()
   {
     return awaiter_;
@@ -230,34 +204,94 @@ public:
     return caller_;
   }
 
+  bool ready() const
+  {
+    return ready_;
+  }
+
   void wake_caller()
   {
     if (caller_)
       caller_.resume();
+    else
+      ready_ = true;
   }
 
-  await_ready_value<Executor> await_transform(
-      this_coro::executor_t) const noexcept
+  class awaitable_executor
   {
-    return await_ready_value<Executor>(awaiter_->get_executor());
+  public:
+    explicit awaitable_executor(const awaitee_base* a)
+      : this_(a)
+    {
+    }
+
+    bool await_ready() const noexcept
+    {
+      return this_->awaiter_ != nullptr;
+    }
+
+    template <typename U, typename Ex>
+    void await_suspend(coroutine_handle<detail::awaitee<U, Ex>>) const noexcept
+    {
+    }
+
+    Executor await_resume()
+    {
+      return this_->awaiter_->get_executor();
+    }
+
+  private:
+    const awaitee_base* this_;
+  };
+
+  awaitable_executor await_transform(this_coro::executor_t) const noexcept
+  {
+    return awaitable_executor(this);
   }
 
-  await_ready_value<await_token<Executor>> await_transform(
-      this_coro::token_t) const noexcept
+  class awaitable_token
   {
-    return await_ready_value<await_token<Executor>>(
-        await_token<Executor>(awaiter_));
+  public:
+    explicit awaitable_token(const awaitee_base* a)
+      : this_(a)
+    {
+    }
+
+    bool await_ready() const noexcept
+    {
+      return this_->awaiter_ != nullptr;
+    }
+
+    template <typename U, typename Ex>
+    void await_suspend(coroutine_handle<detail::awaitee<U, Ex>>) const noexcept
+    {
+    }
+
+    await_token<Executor> await_resume()
+    {
+      return await_token<Executor>(this_->awaiter_);
+    }
+
+  private:
+    const awaitee_base* this_;
+  };
+
+  awaitable_token await_transform(this_coro::token_t) const noexcept
+  {
+    return awaitable_token(this);
   }
 
   template <typename T>
-  T await_transform(T t) const
+  T await_transform(T&& t) const
   {
-    return t;
+    return std::forward<T>(t);
   }
 
 protected:
   awaiter<Executor>* awaiter_ = nullptr;
   coroutine_handle<void> caller_ = nullptr;
+  std::exception_ptr pending_exception_ = nullptr;
+  bool ready_ = false;
 };
 
 // Promise object for coroutines further down the thread-of-execution "stack".
@@ -296,11 +330,11 @@ public:
   T get()
   {
     this->caller_ = nullptr;
-    this->awaiter_->rethrow_exception();
+    this->rethrow_exception();
     return std::move(*static_cast<T*>(static_cast<void*>(result_)));
   }
 
-  void start(awaiter<Executor>* a, coroutine_handle<void> h)
+  void attach_caller(awaiter<Executor>* a, coroutine_handle<void> h)
   {
     this->awaiter_ = a;
     this->caller_ = h;
@@ -330,10 +364,10 @@ public:
   void get()
   {
     this->caller_ = nullptr;
-    this->awaiter_->rethrow_exception();
+    this->rethrow_exception();
   }
 
-  void start(awaiter<Executor>* a, coroutine_handle<void> h)
+  void attach_caller(awaiter<Executor>* a, coroutine_handle<void> h)
   {
     this->awaiter_ = a;
     this->caller_ = h;
@@ -434,7 +468,7 @@ public:
     typename awaiter<Executor>::ptr ptr(std::move(this->awaiter_));
     this->awaitee_->return_void();
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -455,7 +489,7 @@ public:
     else
       this->awaitee_->return_void();
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -474,7 +508,7 @@ public:
     else
       this->awaitee_->return_void();
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -491,7 +525,7 @@ public:
     typename awaiter<Executor>::ptr ptr(std::move(this->awaiter_));
     this->awaitee_->return_value(std::forward<Arg>(arg));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -511,7 +545,7 @@ public:
     else
       this->awaitee_->return_value(std::forward<Arg>(arg));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -531,7 +565,7 @@ public:
     else
       this->awaitee_->return_value(std::forward<Arg>(arg));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -549,7 +583,7 @@ public:
     this->awaitee_->return_value(
         std::forward_as_tuple(std::forward<Args>(args)...));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -570,7 +604,7 @@ public:
       this->awaitee_->return_value(
           std::forward_as_tuple(std::forward<Args>(args)...));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };
 
@@ -591,7 +625,7 @@ public:
       this->awaitee_->return_value(
           std::forward_as_tuple(std::forward<Args>(args)...));
     this->awaitee_->wake_caller();
-    ptr->rethrow_exception();
+    ptr->rethrow_unhandled_exception();
   }
 };