CODE OF VIRGINIA

CREATION OF POWER OF APPOINTMENT (§ 64.2-2707)

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.

HISTORY: 2016, c. 266.