§ 55.1-125 When nonvested property interest or power of appointment created
A. Except as provided in this section and in subsection B of § 55.1-128, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
B. For the purposes of §§ 55.1-124 through 55.1-129, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in subsection B or C of § 55.1-124, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
C. For the purposes of §§ 55.1-124 through 55.1-129, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.
D. For the purposes of §§ 55.1-124 through 55.1-129, except as provided in subsection B of § 55.1-128, if a nongeneral or testamentary power of appointment is exercised to create another nongeneral or testamentary power of appointment, every nonvested property interest or power of appointment created through the exercise of such other nongeneral or testamentary power is considered to have been created at the time of the creation of the first nongeneral or testamentary power of appointment.
History
This law was first created in 2000. The record of its establishment is cataloged in chapter 714 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. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2019, chapter 712; in 2024, chapters 52 and 123.
2000, c. 714, § 55-12.2; 2019, c. 712; 2024, cc. 52, 123.