                                 CODE OF VIRGINIA

CERTAIN POWERS OF APPOINTMENT CONSTRUED TO REFER TO FEDERAL GIFT TAX EXCLUSION
IN EFFECT ON DATE OF EXECUTION (§ 64.2-431)

If an instrument executed before September 12, 1981, provides for a power of
appointment that may be exercised during any period after December 31, 1981, and
such power of appointment is defined in terms of, or by reference to, the
maximum amount of property qualifying for the gift tax exclusion under federal
law, then such instrument shall be construed as referring to the maximum amount
of property eligible for the annual gift tax exclusion as was allowable under
the Internal Revenue Code in effect on the date of execution of such instrument
provided that the instrument described has not been amended after September 12,
1981, to refer specifically to the federal gift tax exclusion available after
December 31, 1981, or the amount qualifying for such exclusion.

HISTORY: 1982, c. 622, § 64.1-62.2; 2012, c. 614.