55-25.1 - Exercise of special powers of appointment. - Virginia Statutes

§ 55-25.1. Exercise of special powers of appointment.

If, but only if, the instrument creating a special power of appointment doesnot manifest a contrary intent of the donor, the donee of such a power, inaddition to exercising the power in any other manner permitted by law and theinstrument creating the power, may effectively appoint to a trustee ortrustees for the benefit of one or more objects of the power and, in the caseof any power created by an instrument executed on or after July 1, 1978, may,in addition, create in an object of the power a general power of appointment,exercisable during life or at death, over assets subject to the originalpower or a special power of appointment, exercisable during life or at death,to appoint such assets among objects all of whom are objects of the originalpower.

(1978, c. 315.)