Virginia Code 64.2-2710: Exception to presumption of unlimited authority.
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Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:
Terms Used In Virginia Code 64.2-2710
- Instrument: means a record. See Virginia Code 64.2-2700
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Virginia Code 64.2-2700
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
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 powerholder’s creditors, or the creditors of the powerholder’s estate.
2016, c. 266.