§ 64.2-2714 Intent to exercise; determining intent from residuary clause
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
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.