§ 64.1-74.1. Construction of trust provisions otherwise eligible for the election permitted under Section 2056 (...
If any trust created under a will or trust agreement made by a decedent dying after December 31, 1981, would qualify for the election specified in Section 2056 (b) (7) of the Internal Revenue Code but for a direction that accrued income remaining in the hands of a trustee at the death of the surviving spouse of the decedent not be paid to the estate of the surviving spouse, or but for an authorization to retain unproductive property as an asset of the trust, then unless the decedent shall have specifically otherwise provided in the will or trust agreement by reference to this section, (i) all accrued and undistributed income of the trust at the death of the surviving spouse shall be paid to the personal representative of the surviving spouse as contemplated by the Virginia Uniform Principal and Income Act in the absence of a contrary direction in the will or trust, and (ii) the surviving spouse shall have the right to require the trustee of the trust to make the trust assets productive of income, to the end that the trust shall be eligible for the election provided in Section 2056 (b) (7) of the Internal Revenue Code.
This section shall apply to all wills and revocable trusts made by decedents dying after December 31, 1981, whether before or after its passage.
(1984, c. 339.)
Sections: Previous 64.1-70 64.1-71 64.1-71.1 64.1-72 64.1-73 64.1-73.1 64.1-74 64.1-74.1 64.1-75 64.1-75.1 64.1-76 64.1-77 64.1-78 64.1-79 64.1-80 NextLast modified: April 3, 2009