A powerholder of a presently exercisable power of appointment may contract:
1. Not to exercise the power; or
2. To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
Power to contract; presently exercisable power of appointment
Va. Code Ann. § 64.2-2732, under Chapter 27. Uniform Powers of Appointment Act..
Va. Code Ann. § 64.2-2732