A. Except as otherwise provided in subsection C, appointive property subject to a presently exercisable general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of the powerholder to the extent that the powerholder’s property is insufficient.

B. Appointive property subject to a general power of appointment exercisable at the powerholder’s death is not subject to a claim of a creditor of the powerholder or the powerholder’s estate except to the extent that the power is exercised in favor of the powerholder’s estate.

C. Subject to subsection C of § 64.2-2738, a power of appointment created by a person other than the powerholder, which is subject to an ascertainable standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 U.S.C. § 2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as amended, is treated for purposes of this article as a nongeneral power.

History

2016, c. 266.