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

117 words·~1 min read·/va/title-64-2/chapter-27/64-2-2714

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.

2016, c. 266 .