To the extent that a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust:\n1. The gift-in-default clause controls the disposition of the unappointed property; or\n2. If there is no gift-in-default clause or to the extent that the clause is ineffective:\na. Except as otherwise provided in subdivision 2 b, the unappointed property passes to:\n(1) The powerholder if the powerholder is a permissible appointee and living; or\n(2) If the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or\nb. To the extent that the powerholder released the power, or if there is no taker under subdivision 2 a, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.\n2016, c. 266.
Virginia Legal Code