§ 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 […]
§ 64.2-2723. 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 […]
§ 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 […]