CODE OF VIRGINIA

INTENT TO EXERCISE; DETERMINING INTENT FROM RESIDUARY CLAUSE (§ 64.2-2714)

A. As used in this section:”Residuary clause” does not include a
residuary clause containing a blanket-exercise clause or a specific-exercise
clause.”Will” includes a codicil and a testamentary instrument that
revises another will.

B. A residuary clause in a powerholder’s will, or a comparable clause in
the powerholder’s revocable trust, manifests the powerholder’s
intent to exercise a power of appointment only if:

   1.  The terms of the instrument containing the residuary clause do not
   manifest a contrary intent;

   2.  The power is a general power exercisable in favor of the
   powerholder’s estate;

   3.  There is no gift-in-default clause or the clause is ineffective; and

   4.  The powerholder did not release the power.

HISTORY: 2016, c. 266.