§ 64.2-2722. Disposition of unappointed property under released or unexercised general power
To the extent that a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust: 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 […]
§ 64.2-2718. Appointment to deceased appointee
An appointment to a deceased appointee is ineffective. 2016, c. 266.
§ 64.2-2719. Impermissible appointment
A. An exercise of a power of appointment in favor of an impermissible appointee is ineffective. B. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent that the appointment is a fraud on the power. 2016, c. 266.
§ 64.2-2720. Selective allocation doctrine
If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property shall be allocated in the permissible manner that best carries out the powerholder’s intent. 2016, c. 266.
§ 64.2-2715. Intent to exercise; after-acquired power
Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: 1. Except as otherwise provided in subdivision 2, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and 2. If the powerholder is also the donor of the power, the clause […]
§ 64.2-2716. Substantial compliance with donor-imposed formal requirement
A powerholder’s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: 1. The powerholder knows of and intends to exercise the power; and 2. The powerholder’s manner of attempted exercise […]
§ 64.2-2717. Permissible appointment
A. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder’s own property. B. A powerholder of a general power of […]
§ 64.2-2714. Intent to exercise; determining intent from residuary clause
A. As used in this section: “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. “Will” includes a codicil and a testamentary instrument that revises another will. B. A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent […]
§ 64.2-2712. Power to revoke or amend
A donor may revoke or amend a power of appointment only to the extent that: 1. The instrument creating the power is revocable by the donor; or 2. The donor reserves a power of revocation or amendment in the instrument creating the power of appointment. 2016, c. 266.
§ 64.2-2713. Requisites for exercise of power of appointment
A power of appointment is exercised only: 1. If the instrument exercising the power is valid under applicable law; 2. If the terms of the instrument exercising the power: a. Manifest the powerholder’s intent to exercise the power; and b. Subject to § 64.2-2716, satisfy the requirements of exercise, if any, imposed by the donor; […]