§ 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.
§ 64.2-2710. Exception to presumption of unlimited authority
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: 1. The power is exercisable only at the powerholder’s death; and 2. The permissible appointees of the power do not include the powerholder’s estate, the powerholder’s creditors, or the creditors of the powerholder’s estate. 2016, […]
§ 64.2-2711. Rules of classification
A. As used in this section, “adverse party” means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate. B. […]
§ 64.2-2708. Nontransferability
A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. 2016, c. 266.
§ 64.2-2709. Presumption of unlimited authority
Subject to § 64.2-2711, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: 1. Presently exercisable; 2. Exclusionary; and 3. Except as otherwise provided in § 64.2-2710, general. 2016, c. 266.
§ 64.2-2707. Creation of power of appointment
A. A power of appointment is created only if: 1. The instrument creating the power: a. Is valid under applicable law; and b. Except as otherwise provided in subsection B, transfers the appointive property; and 2. The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power […]