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

Property in which the slayer holds a reversion or vested remainder and would have obtained the right of present possession upon the death of the decedent shall pass to the estate of the decedent, if the decedent held the particular estate, during the period of the life expectancy…

Any interest in property, whether vested or not, held by the slayer subject to be divested, diminished in any way, or extinguished if the decedent survives him or lives to a certain age shall be held by the slayer during his lifetime or until the decedent would have reached such …

A. As to any contingent remainder or executory or other future interest held by the slayer subject to become vested in him or increased in any way for him upon the death of the decedent, the slayer shall be deemed to have predeceased the decedent if the interest would not have be…

A. The slayer shall be deemed to have predeceased the decedent as to any exercise in the decedent's will of a power of appointment in favor of the slayer and the appointment shall be deemed to have lapsed. B. Property held either presently or in remainder by the slayer subject to…

A. Insurance proceeds payable to the slayer as the beneficiary or assignee of any policy or certificate of insurance or bond or other contractual agreement on the life of the decedent or as the survivor of a joint life policy shall be paid to the estate of the decedent, unless th…

The provisions of this chapter shall not affect the right of any person who, before the interests of the slayer have been adjudicated, acquires from the slayer for adequate consideration property or an interest therein that the slayer would have received except for the terms of t…

The record of the judicial proceeding in which a person is determined to be a slayer shall be admissible in evidence for or against a claimant of property in any civil action arising under this chapter. A conviction shall be conclusive evidence of the guilt of the slayer.

A. This chapter shall not be considered penal in nature, but shall be construed broadly in order to effect the policy of the Commonwealth that no person shall be allowed to profit by his own wrong, wherever committed. In furtherance of this policy, the provisions of this chapter …

As used in this chapter: "Disclaimant" means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. "Disclaimed interest" means the interest that would have passed to the disclaimant had the disclaimer not been made. "Disclaimer" mea…

This chapter applies to disclaimers of any interest in or power over property, whenever created.

A. Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. B. This chapter does not limit any right of a person to waive, release, disclaim, or renounce an interest in or power over property under a law other than this chapter.

A. A person may disclaim in whole or in part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitatio…

A. In this section: "Future interest" means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation. "Time of distribution" means the time when a disclaimed interest would have taken effect in possession or enjoyment. B. Except for…

A. Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or in part, the greater of (i) a fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holde…

If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.

If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: 1. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. 2. If the holde…

A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. B. A disclaimer of an interest in property by an object or taker in default of an exercise …

A. If a fiduciary disclaims a power held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. B. If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised…

A. In this section, "beneficiary designation" means an instrument, other than an instrument creating a trust, naming the beneficiary of (i) an annuity or insurance policy; (ii) an account with a designation for payment on death; (iii) a security registered in beneficiary form; (i…

A. A disclaimer is barred by a written waiver of the right to disclaim. B. A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: (i) the disclaimant accepts the interest sought to be disclaimed; (ii) the di…

Notwithstanding any other provision of this chapter, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to the provisions of Title 26 of the United States Code, as now or hereafter amended, or any successor statute thereto, and t…

If an instrument transferring title to real property is disclaimed, a copy of the disclaimer shall be recorded in the office of the clerk of the circuit court for the jurisdiction where the real property is located. If any other interest in or power over property subject to a dis…

Except as otherwise provided in § 64.2-2611, an interest in or power over property existing on July 1, 2003, as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after the effective date of this chapter.

As used in this chapter, unless the context requires a different meaning: "Appointee" means a person to which a powerholder makes an appointment of appointive property. "Appointive property" means the property or property interest subject to a power of appointment. "Blanket-exerc…

Unless the terms of the instrument creating a power of appointment manifest a contrary intent: 1. The creating, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and 2. The exercise, release, or disclaimer of the power, or …

The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or other law of the Commonwealth.

A. A power of appointment is created only if: 1. The instrument creating the power: a. Is valid under applicable law; and b. Except as otherwise provided in subsection B, transfers the appointive property; and 2. The terms of the instrument creating the power manifest the donor's…

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…