§ 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 […]
§ 64.2-2713. 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; […]