Title 64.2, Title 64.2. Wills, Trusts, and Fiduciaries

A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.

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.

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 powe…

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 o…

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.

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 requir…

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,…

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.…

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 a…

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 power…

An appointment to a deceased appointee is ineffective.

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.

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.

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 t…

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-d…

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 cl…

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.

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 und…

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 creat…

As provided by Chapter 26 (§ 64.2-2600 et seq.): 1. A powerholder may disclaim all or part of a power of appointment. 2. A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest in appointive property.

A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release.

A powerholder of a releasable power of appointment may release the power in whole or in part: 1. By substantial compliance with a method provided in the terms of the instrument creating the power; or 2. If the terms of the instrument creating the power do not provide a method or …

A. A fiduciary or other person, association, or corporation having possession or control of any appointive property, other than the powerholder, shall not be deemed to have notice of a release of the power of appointment until the original or a copy of the release is delivered to…

A powerholder may revoke or amend a release of a power of appointment only to the extent that: 1. The instrument of release is revocable by the powerholder; or 2. The powerholder reserves a power of revocation or amendment in the instrument of release.

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.

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.

The remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract.

A. As used in this section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent that the powerholder contributed value to the transfer. B. Appointive property subject to a general power of appoint…

A. Except as otherwise provided in subsection C, appointive property subject to a presently exercisable general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of the powerholder to the extent that the powerholder's property…

A. For purposes of this article, and except as otherwise provided in subsection B, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to th…

A. Except as otherwise provided in subsections B and C, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate. B. Appointive property subject to a nongeneral power of appointment is sub…

In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices describ…

A. Except as otherwise provided in this chapter, on and after July 1, 2016: 1. This chapter applies to a power of appointment created before, on, or after July 1, 2016; 2. This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after July 1…