§ 64.2-107 Power granted to personal representatives to make election regarding marital deduction as to certain qualifying terminable interest property; binding effect of election
A. For purposes of this section, “personal representative” includes the trustee of a qualified terminable interest property trust if there has been no qualification of a personal representative for the estate of the decedent who created the trust.
B. Personal representatives, whether heretofore or hereafter qualified, are hereby granted the power to make the election on the return of their decedents as required pursuant to § 2056(b)(7) of the Internal Revenue Code of 1954, as amended, to obtain the marital deduction for bequests or devises of qualifying terminable interest property in favor of the surviving spouse created under a will or inter vivos trust of the decedent.
C. If the personal representative determines in good faith to make or not to make such an election and does not act imprudently in making such decision, the decision shall be final and binding upon all of the beneficiaries of the estate.
History
This law was first created in 1982. The record of its establishment is cataloged in chapter 551 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1983, chapter 54; in 1999, chapter 197; in 2012, chapter 614.
1982, c. 551, § 64.1-57.2; 1983, c. 54; 1999, c. 197; 2012, c. 614.