Code of Virginia § 64.2-2722. Disposition of unappointed property under released or unexercised general power.

148 words·~1 min read·/va/title-64-2/chapter-27/64-2-2722

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

To the extent that a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust:

1. The gift-in-default clause controls the disposition of the unappointed property; or

2. If there is no gift-in-default clause or to the extent that the clause is ineffective:

a. Except as otherwise provided in subdivision 2 b, the unappointed property passes to:

(1)The powerholder if the powerholder is a permissible appointee and living; or

(2)If the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or

b. To the extent that the powerholder released the power, or if there is no taker under subdivision 2 a, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

2016, c. 266 .