64.1-74.1 - Construction of trust provisions otherwise eligible for the election permitted under Section 2056 (b) (7) of the Federal Internal Revenue Code.

§ 64.1-74.1. Construction of trust provisions otherwise eligible for theelection permitted under Section 2056 (b) (7) of the Federal Internal RevenueCode.

If any trust created under a will or trust agreement made by a decedent dyingafter December 31, 1981, would qualify for the election specified in Section2056 (b) (7) of the Internal Revenue Code but for a direction that accruedincome remaining in the hands of a trustee at the death of the survivingspouse of the decedent not be paid to the estate of the surviving spouse, orbut for an authorization to retain unproductive property as an asset of thetrust, then unless the decedent shall have specifically otherwise provided inthe will or trust agreement by reference to this section, (i) all accrued andundistributed income of the trust at the death of the surviving spouse shallbe paid to the personal representative of the surviving spouse ascontemplated by the Virginia Uniform Principal and Income Act in the absenceof a contrary direction in the will or trust, and (ii) the surviving spouseshall have the right to require the trustee of the trust to make the trustassets productive of income, to the end that the trust shall be eligible forthe election provided in Section 2056 (b) (7) of the Internal Revenue Code.

This section shall apply to all wills and revocable trusts made by decedentsdying after December 31, 1981, whether before or after its passage.

(1984, c. 339.)