§ 64.2-779.28 Exclusions
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.
History
This law was first created in 2020. The record of its establishment is cataloged in chapter 768 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2020, c. 768.