A power of appointment is exercised only:

1. 1. If the instrument exercising the power is valid under applicable law;

2. 2. If the terms of the instrument exercising the power:

   1. a. Manifest the powerholder's intent to exercise the power; and
   2. b. Subject to § 64.2-2716, satisfy the requirements of exercise, if any, imposed by the donor; and
3. 3. To the extent that the appointment is a permissible exercise of the power.

2016, c. 266.