                                 CODE OF VIRGINIA

EXCLUSIONS (§ 64.2-779.28)

A. This article does not apply to a:

   1. Power of appointment;

   2. Power to appoint or remove a trustee or trust director;

   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
   (&#xA7; 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&#8217;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: 2020, c. 768.