64.1-196.4 - Power to disclaim; general requirements; when irrevocable.
§ 64.1-196.4. Power to disclaim; general requirements; when irrevocable.
A. A person may disclaim in whole or in part, any interest in or power overproperty, including a power of appointment. A person may disclaim theinterest or power even if its creator imposed a spendthrift provision orsimilar restriction on transfer or a restriction or limitation on the rightto disclaim.
B. Except to the extent a fiduciary's right to disclaim is expresslyrestricted or limited by another statute of this state or by the instrumentcreating the fiduciary relationship, a fiduciary may disclaim, in whole or inpart, any interest in or power over property, including a power ofappointment, whether acting in a personal or representative capacity. Afiduciary may disclaim the interest or power even if its creator imposed aspendthrift provision or similar restriction on transfer or a restriction orlimitation on the right to disclaim, or an instrument other than theinstrument that created the fiduciary relationship imposed a restriction orlimitation on the right to disclaim.
C. A custodial parent of a minor for whom no guardian of the property hasbeen appointed may disclaim, in whole or in part, an interest in or powerover property, including a power of appointment, that (but for the custodialparent's disclaimer) would have passed to the minor as the result of anotherdisclaimer. The custodial parent may disclaim the interest or power even ifits creator imposed a spendthrift provision or similar restriction ontransfer or a restriction or limitation on the right to disclaim.
D. To be effective, a disclaimer shall be in writing or other record, declarethe disclaimer, describe the interest or power disclaimed, be signed by theperson making the disclaimer, and be delivered or filed in the mannerprovided in § 64.1-196.11. In this subsection, "record" means informationthat is inscribed on a tangible medium or that is stored in an electronic orother medium and is retrievable in perceivable form.
E. A partial disclaimer may be expressed as a fraction, percentage, monetaryamount, term of years, limitation of power, or any other interest or estatein the property.
F. A disclaimer becomes irrevocable when it is delivered or filed pursuant to§ 64.1-196.11 or when if becomes effective as provided in §§ 64.1-196.5through 64.1-196.10, whichever occurs later.
G. A disclaimer made under this chapter is not a transfer, assignment, orrelease.
(2003, c. 253.)