Va. Code § 64.2-2707

Current with changes from the 2024 legislative session through ch. 845

Section 64.2-2707 - Creation of power of appointment

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.

Va. Code § 64.2-2707

2016, c. 266.

Added by Acts 2016 c. 266, § 1, eff. 7/1/2016.