§ 64.2-2717 Permissible appointment
A. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder’s own property.
B. A powerholder of a general power of appointment that permits appointment only to the creditors of the powerholder or of the powerholder’s estate may appoint only to those creditors.
C. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the powerholder of a nongeneral power may:
1. Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;
2. Create a general power or a nongeneral power in a permissible appointee; or
3. Create a nongeneral power in an impermissible appointee to appoint to one or more of the permissible appointees of the original nongeneral power.
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.