A power of appointment is exercised only:
1. If the instrument exercising the power is valid under applicable law;
2. If the terms of the instrument exercising the power:
a. Manifest the powerholder's intent to exercise the power; and
b. Subject to § 64.2-2716, satisfy the requirements of exercise, if any, imposed by the donor; and
3. To the extent that the appointment is a permissible exercise of the power.