Code of Virginia § 64.2-779.28. Exclusions.
223 words·~1 min read·
/va/title-64-2/chapter-7/64-2-779-28A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. This article does not apply to a:
1. Power of appointment;
2. Power to appoint or remove a trustee or trust director;
3. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
a. The beneficiary; or
b. Another beneficiary represented by the beneficiary under Article 3 (§ 64.2-714 et seq.) with respect to the exercise or nonexercise of the power;
5. Power over a trust if:
a. The terms of the trust provide that the power is held in a nonfiduciary capacity; and
b. The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code; or
6. Power over a trust if the terms of the trust provide that the Uniform Directed Trust Act does not apply to the trust.
B. Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
2020, c. 768 .