§ 64.2-2707 — Creation of power of appointment

Virginia § 64.2-2707

• Jurisdiction: Virginia
• Title 64.2: WILLS, TRUSTS, AND FIDUCIARIES
• Subtitle V: PROVISIONS APPLICABLE TO PROBATE AND NONPROBATE TRANSFERS
• Ch. 27: UNIFORM POWERS OF APPOINTMENT ACT
• Art. 2: CREATION, REVOCATION, AND AMENDMENT OF POWER OF APPOINTMENT

Text

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 intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.

B. Subdivision A 1 b does not apply to the creation of a power of appointment by the exercise of a power of appointment.

C. A power of appointment may not be created in a deceased individual.

D. Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.

Legislative History

2016, c. 266.