§ 64.2-2722 Disposition of unappointed property under released or unexercised general power
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-default clause or to the extent that the clause is ineffective: a. Except as otherwise provided in subdivision 2 b, the unappointed property passes to:
1. The powerholder if the powerholder is a permissible appointee and living; or
2. If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or b. To the extent that the powerholder released the power, or if there is no taker under subdivision 2 a, the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
History
This law was first created in 2016. The record of its establishment is cataloged in chapter 266 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2016, c. 266.