Virginia Code 64.2-2733: Power to contract; power of appointment not presently exercisable.
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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:
Terms Used In Virginia Code 64.2-2733
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
1. Is also the donor of the power; and
2. Has reserved the power in a revocable trust.
2016, c. 266.