A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:
1. Is also the donor of the power; and
2. Has reserved the power in a revocable trust.
Power to contract; power of appointment not presently exercisable
Va. Code Ann. § 64.2-2733, under Chapter 27. Uniform Powers of Appointment Act..
Va. Code Ann. § 64.2-2733