2006 Code of Virginia § 11-9.5 - Gifts under power of attorney

11-9.5. Gifts under power of attorney.

A. If any power of attorney or other writing (i) authorizes anattorney-in-fact or other agent to do, execute, or perform any act that theprincipal might or could do or (ii) evidences the principal's intent to givethe attorney-in-fact or agent full power to handle the principal's affairs ordeal with the principal's property, the attorney-in-fact or agent shall havethe power and authority to make gifts in any amount of any of the principal'sproperty to any individuals or to organizations described in 170 (c) and2522 (a) of the Internal Revenue Code or corresponding future provisions offederal tax law, or both, in accordance with the principal's personal historyof making or joining in the making of lifetime gifts.

B. Subsection A shall not in any way impair the right or power of anyprincipal, by express words in the power of attorney or other writing, toauthorize, or limit the authority of, any attorney-in-fact or other agent tomake gifts of the principal's property.

C. After reasonable notice to the principal, an attorney-in-fact or otheragent acting under a durable general power of attorney or other writing maypetition the circuit court for authority to make gifts of the principal'sproperty to the extent not inconsistent with the express terms of the powerof attorney or other writing. The court shall determine the amounts,recipients and proportions of any gifts of the principal's property afterconsidering all relevant factors including, without limitation, (i) the sizeof the principal's estate, (ii) the principal's foreseeable obligations andmaintenance needs, (iii) the principal's personal history of making, orjoining in the making of, lifetime gifts, (iv) the principal's estate plan,and (v) the tax effects of the gifts.

(1992, c. 544.)