§ 64.2-2729. Method of release
A powerholder of a releasable power of appointment may release the power in whole or in part: 1. By substantial compliance with a method provided in the terms of the instrument creating the power; or 2. If the terms of the instrument creating the power do not provide a method or the method provided in […]
§ 64.2-2730. Notice of release; recordation; fee
A. A fiduciary or other person, association, or corporation having possession or control of any appointive property, other than the powerholder, shall not be deemed to have notice of a release of the power of appointment until the original or a copy of the release is delivered to such fiduciary or other person, association, or […]
§ 64.2-2731. Revocation or amendment of release
A powerholder may revoke or amend a release of a power of appointment only to the extent that: 1. The instrument of release is revocable by the powerholder; or 2. The powerholder reserves a power of revocation or amendment in the instrument of release. 2016, c. 266.
§ 64.2-2728. Authority to release
A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. 2016, c. 266.
§ 64.2-2726. Powerholder’s authority to revoke or amend exercise
A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: 1. The powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment, and if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit […]
§ 64.2-2727. Disclaimer
As provided by Chapter 26 (§ 64.2-2600 et seq.): 1. A powerholder may disclaim all or part of a power of appointment. 2. A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest in appointive property. 2016, c. 266.
§ 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power
To the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: 1. The gift-in-default clause controls the disposition of the unappointed property; or 2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: a. Passes to the permissible appointees […]
§ 64.2-2724. Disposition of unappointed property if partial appointment to taker in default
Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property. 2016, c. 266.
§ 64.2-2725. Appointment to taker in default
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the clause. 2016, c. 266.
§ 64.2-2721. Capture doctrine; disposition of ineffectively appointed property under general power
To the extent that a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: 1. The gift-in-default clause controls the disposition of the ineffectively appointed property; or 2. If there is no gift-in-default clause or to the extent that the […]