                                 CODE OF VIRGINIA

POWER TO DISCLAIM; GENERAL REQUIREMENTS; WHEN IRREVOCABLE (§ 64.2-2603)

A. A person may disclaim in whole or in part, any interest in or power over
property, including a power of appointment. A person may disclaim the interest
or power even if its creator imposed a spendthrift provision or similar
restriction on transfer or a restriction or limitation on the right to disclaim.

B. Except to the extent a fiduciary&#8217;s right to disclaim is expressly
restricted or limited by another statute of the Commonwealth or by the
instrument creating the fiduciary relationship, a fiduciary may disclaim, in
whole or in part, any interest in or power over property, including a power of
appointment, whether acting in a personal or representative capacity. A
fiduciary may disclaim the interest or power even if its creator imposed a
spendthrift provision or similar restriction on transfer or a restriction or
limitation on the right to disclaim, or an instrument other than the instrument
that created the fiduciary relationship imposed a restriction or limitation on
the right to disclaim.

C. A custodial parent of a minor for whom no guardian of the property has been
appointed may disclaim, in whole or in part, an interest in or power over
property, including a power of appointment, that, but for the custodial
parent&#8217;s disclaimer, would have passed to the minor as the result of
another disclaimer. The custodial parent may disclaim the interest or power even
if its creator imposed a spendthrift provision or similar restriction on
transfer or a restriction or limitation on the right to disclaim.

D. To be effective, a disclaimer shall be in writing or other record, declare
the disclaimer, describe the interest or power disclaimed, be signed by the
person making the disclaimer, and be delivered or filed in the manner provided
in &#xA7; 64.2-2610. In this subsection, &#8220;record&#8221; means information
that is inscribed on a tangible medium or that is stored in an electronic or
other medium and is retrievable in perceivable form.

E. A partial disclaimer may be expressed as a fraction, percentage, monetary
amount, term of years, limitation of power, or any other interest or estate in
the property.

F. A disclaimer becomes irrevocable when it is delivered or filed pursuant to
&#xA7; 64.2-2610 or when it becomes effective as provided in &#xA7;&#xA7;
64.2-2604 through 64.2-2609, whichever occurs later.

G. A disclaimer made under this chapter is not a transfer, assignment, or
release.

HISTORY: 2003, c. 253, § 64.1-196.4; 2012, c. 614.