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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 64.2. Wills, Trusts, and Fiduciaries |
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SUBTITLE V. Provisions Applicable to Probate and Nonprobate Transfers |
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CHAPTER 26. Uniform Disclaimer of Property Interests Act |
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SECTION 64.2-2608. Disclaimer by appointee, object, or taker in default of exercise of power of appointment |
SECTION 64.2-2608. Disclaimer by appointee, object, or taker in default of exercise of power of appointment
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A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. B. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable. |