{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1071.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1071.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1071.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1071.html"}],"law_id":68355,"edition_id":1,"section_id":68355,"structure_id":16322,"section_number":"64.2-1071","catch_line":"Determination and distribution of net income","history":"2022, c. 354.","full_text":"A\n\nThis section applies when:1\n\nThe death of an individual results in the creation of an estate or trust; or2\n\nAn income interest in a trust terminates, whether the trust continues or is distributed.B\n\nA fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection G and Articles 4 (§ 64.2-1048 et seq.), 5 (§ 64.2-1051 et seq.), 6 (§ 64.2-1055 et seq.), 7 (§ 64.2-1064 et seq.), and 9 (§ 64.2-1073 et seq.), the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property.C\n\nA fiduciary shall determine the income and net income of an estate or income interest in a trust that terminates, other than the amount of net income determined under subsection B, under Articles 4 (\u00a7 64.2-1048 et seq.), 5 (\u00a7 64.2-1051 et seq.), 6 (\u00a7 64.2-1055 et seq.), 7 (\u00a7 64.2-1064 et seq.), and 9 (\u00a7 64.2-1073 et seq.), and by:1\n\nIncluding in net income all income from property used or sold to discharge liabilities;2\n\nPaying from income or principal, in the fiduciary’s discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent’s death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent:\n\t\t\t\ta. The payment of the expenses from income will not cause the reduction or loss of the deduction; or\n\t\t\t\tb. The fiduciary makes an adjustment under subsection B of § 64.2-1070; and3\n\nPaying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including:\n\t\t\t\ta. To the extent authorized by the decedent’s will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent’s death; and\n\t\t\t\tb. Related penalties that are apportioned, by the decedent’s will, the terms of the trust, or applicable law, to the estate or income interest that terminates.D\n\nIf a decedent’s will, the terms of a trust, or applicable law provides for the payment of interest or the equivalent of interest to a beneficiary that receives a pecuniary amount outright, the fiduciary shall make the payment from net income determined under subsection C or from principal, to the extent net income is insufficient.E\n\nIf a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends because of an income beneficiary’s death, and no payment of interest or the equivalent of interest is provided for by the terms of the trust or applicable law, the fiduciary shall pay the interest or the equivalent of interest to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.F\n\nA fiduciary shall distribute net income remaining after payments required by subsections D and E in the manner described in § 64.2-1072 to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.G\n\nA fiduciary may not reduce principal or income receipts from property described in subsection B because of a payment described in § 64.2-1064 or 64.2-1065, to the extent the decedent’s will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property must be determined by including the amount the fiduciary receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent’s death or an income interest’s terminating event, and making a reasonable provision for an amount the estate or income interest may become obligated to pay after the property is distributed.","order_by":null,"text":{"0":{"id":247556,"text":"This section applies when:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":247557,"text":"The death of an individual results in the creation of an estate or trust; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":247558,"text":"An income interest in a trust terminates, whether the trust continues or is distributed.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":247559,"text":"A fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection G and Articles 4 (§ 64.2-1048 et seq.), 5 (§ 64.2-1051 et seq.), 6 (§ 64.2-1055 et seq.), 7 (§ 64.2-1064 et seq.), and 9 (§ 64.2-1073 et seq.), the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":247560,"text":"A fiduciary shall determine the income and net income of an estate or income interest in a trust that terminates, other than the amount of net income determined under subsection B, under Articles 4 (\u00a7 64.2-1048 et seq.), 5 (\u00a7 64.2-1051 et seq.), 6 (\u00a7 64.2-1055 et seq.), 7 (\u00a7 64.2-1064 et seq.), and 9 (\u00a7 64.2-1073 et seq.), and by:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"5":{"id":247561,"text":"Including in net income all income from property used or sold to discharge liabilities;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"6":{"id":247562,"text":"Paying from income or principal, in the fiduciary’s discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent’s death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent:\n\t\t\t\ta. The payment of the expenses from income will not cause the reduction or loss of the deduction; or\n\t\t\t\tb. The fiduciary makes an adjustment under subsection B of § 64.2-1070; and","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"7":{"id":247563,"text":"Paying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including:\n\t\t\t\ta. To the extent authorized by the decedent’s will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent’s death; and\n\t\t\t\tb. Related penalties that are apportioned, by the decedent’s will, the terms of the trust, or applicable law, to the estate or income interest that terminates.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"D"},"8":{"id":247564,"text":"If a decedent’s will, the terms of a trust, or applicable law provides for the payment of interest or the equivalent of interest to a beneficiary that receives a pecuniary amount outright, the fiduciary shall make the payment from net income determined under subsection C or from principal, to the extent net income is insufficient.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C3","next_prefix":"E"},"9":{"id":247565,"text":"If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends because of an income beneficiary’s death, and no payment of interest or the equivalent of interest is provided for by the terms of the trust or applicable law, the fiduciary shall pay the interest or the equivalent of interest to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"10":{"id":247566,"text":"A fiduciary shall distribute net income remaining after payments required by subsections D and E in the manner described in § 64.2-1072 to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"11":{"id":247567,"text":"A fiduciary may not reduce principal or income receipts from property described in subsection B because of a payment described in § 64.2-1064 or 64.2-1065, to the extent the decedent’s will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property must be determined by including the amount the fiduciary receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent’s death or an income interest’s terminating event, and making a reasonable provision for an amount the estate or income interest may become obligated to pay after the property is distributed.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":16322,"edition_id":1,"name":"Death of Individual or Termination of Income Interest","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 04:13:54","date_modified":"2026-06-26 04:13:54","permalink":{"id":274045,"object_type":"structure","relational_id":16322,"identifier":"8","token":"64.2\/III\/10.1\/8","url":"\/64.2\/III\/10.1\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13478,"edition_id":1,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273863,"object_type":"structure","relational_id":13478,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":68355,"structure_id":16322,"section_number":"64.2-1071","catch_line":"Determination and distribution of net income","url":"\/64.2-1071\/","token":"64.2\/III\/10.1\/8\/64.2-1071","metadata":false},{"id":66747,"structure_id":16322,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","url":"\/64.2-1072\/","token":"64.2\/III\/10.1\/8\/64.2-1072","metadata":false}],"next_section":{"id":66747,"structure_id":16322,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","url":"\/64.2-1072\/","token":"64.2\/III\/10.1\/8\/64.2-1072","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1071\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":66204,"section_number":"64.2-1064","catch_line":"Disbursement from income","order_by":null,"url":"\/64.2-1064\/"},{"id":68322,"section_number":"64.2-1065","catch_line":"Disbursement from principal","order_by":null,"url":"\/64.2-1065\/"},{"id":66747,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","order_by":null,"url":"\/64.2-1072\/"},{"id":58195,"section_number":"64.2-1074","catch_line":"Apportionment of receipts and disbursements when decedent dies or income interest begins","order_by":null,"url":"\/64.2-1074\/"}],"refers_to":[{"id":59116,"section_number":"64.2-1048","catch_line":"Character of receipts from entity","order_by":null,"url":"\/64.2-1048\/"},{"id":86435,"section_number":"64.2-1051","catch_line":"Principal receipts","order_by":null,"url":"\/64.2-1051\/"},{"id":81730,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","order_by":null,"url":"\/64.2-1055\/"},{"id":66204,"section_number":"64.2-1064","catch_line":"Disbursement from income","order_by":null,"url":"\/64.2-1064\/"},{"id":68322,"section_number":"64.2-1065","catch_line":"Disbursement from principal","order_by":null,"url":"\/64.2-1065\/"},{"id":85750,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","order_by":null,"url":"\/64.2-1070\/"},{"id":66747,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","order_by":null,"url":"\/64.2-1072\/"},{"id":62227,"section_number":"64.2-1073","catch_line":"When right to income begins and ends","order_by":null,"url":"\/64.2-1073\/"}],"permalink":{"id":274047,"object_type":"law","relational_id":68355,"identifier":"64.2-1071","token":"64.2\/III\/10.1\/8\/64.2-1071","url":"\/64.2-1071\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1071\/","token":"64.2\/III\/10.1\/8\/64.2-1071","dublin_core":{"Title":"Determination and distribution of net income","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1071","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This section applies when: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The death of an individual results in the creation of an estate<\/span> or trust<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> An income interest<\/span> in a trust<\/span> terminates, whether the trust<\/span> continues or is distributed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A fiduciary<\/span> of an estate<\/span> or trust<\/span> with an income interest<\/span> that terminates shall determine, under subsection G and Articles 4 (§ 64.2-1048<\/a> et seq.), 5 (§ 64.2-1051<\/a> et seq.), 6 (§ 64.2-1055<\/a> et seq.), 7 (§ 64.2-1064<\/a> et seq.), and 9 (§ 64.2-1073<\/a> et seq.), the amount of net income<\/span> and net principal<\/span> receipts received from property specifically given to a beneficiary. The fiduciary<\/span> shall distribute the net income<\/span> and net principal<\/span> receipts to the beneficiary that is to receive the specific property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A fiduciary<\/span> shall determine the income and net income<\/span> of an estate<\/span> or income interest<\/span> in a trust<\/span> that terminates, other than the amount of net income<\/span> determined under subsection B, under Articles 4 (\u00a7 64.2-1048<\/a> et seq.), 5 (\u00a7 64.2-1051<\/a> et seq.), 6 (\u00a7 64.2-1055<\/a> et seq.), 7 (\u00a7 64.2-1064<\/a> et seq.), and 9 (\u00a7 64.2-1073<\/a> et seq.), and by: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Including in net income<\/span> all income from property used or sold to discharge liabilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Paying from income or principal<\/span>, in the fiduciary<\/span>’s discretion, fees of attorneys, accountants, and fiduciaries, court<\/span> costs and other expenses of administration, and interest on estate<\/span> and inheritance taxes and other taxes imposed because of the decedent’s death, but the fiduciary<\/span> may pay the expenses from income of property passing to a trust<\/span> for which the fiduciary<\/span> claims a federal estate<\/span> tax marital or charitable deduction only to the extent:\n\t\t\t\ta. The payment of the expenses from income will<\/span> not cause the reduction or loss of the deduction; or\n\t\t\t\tb. The fiduciary<\/span> makes an adjustment under subsection B of § 64.2-1070<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Paying from principal<\/span> other disbursements made or incurred in connection with the settlement<\/span> of the estate<\/span> or the winding up of an income interest<\/span> that terminates, including:\n\t\t\t\ta. To the extent authorized by the decedent’s will<\/span>, the terms of the trust<\/span>, or applicable law<\/span>, debts, funeral expenses, disposition<\/span> of remains, family allowances, estate<\/span> and inheritance taxes, and other taxes imposed because of the decedent’s death; and\n\t\t\t\tb. Related penalties that are apportioned, by the decedent’s will<\/span>, the terms of the trust<\/span>, or applicable law<\/span>, to the estate<\/span> or income interest<\/span> that terminates. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If a decedent’s will<\/span>, the terms of a trust<\/span>, or applicable law<\/span> provides for the payment of interest or the equivalent of interest to a beneficiary that receives a pecuniary amount outright, the fiduciary<\/span> shall make the payment from net income<\/span> determined under subsection C or from principal<\/span>, to the extent net income<\/span> is insufficient. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If a beneficiary is to receive a pecuniary amount outright from a trust<\/span> after an income interest<\/span> ends because of an income beneficiary’s death, and no payment of interest or the equivalent of interest is provided for by the terms of the trust<\/span> or applicable law<\/span>, the fiduciary<\/span> shall pay the interest or the equivalent of interest to which the beneficiary would be entitled under applicable law<\/span> if the pecuniary amount were required to be paid under a will<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A fiduciary<\/span> shall distribute net income<\/span> remaining after payments required by subsections D and E in the manner described in § 64.2-1072<\/a> to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust<\/span>, even if the beneficiary holds an unqualified power to withdraw assets<\/span> from the trust<\/span> or other presently exercisable general power of appointment over the trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A fiduciary<\/span> may not reduce principal<\/span> or income receipts from property described in subsection B because of a payment described in § 64.2-1064<\/a> or 64.2-1065<\/a>, to the extent the decedent’s will<\/span>, the terms of the trust<\/span>, or applicable law<\/span> requires the fiduciary<\/span> to make the payment from assets<\/span> other than the property or to the extent the fiduciary<\/span> recovers or expects to recover the payment from a third party<\/span>. The net income<\/span> and principal<\/span> receipts from the property must be determined by including the amount the fiduciary<\/span> receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent’s death or an income interest<\/span>’s terminating event, and making a reasonable provision for an amount the estate<\/span> or income interest<\/span> may become obligated to pay after the property is distributed. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDETERMINATION AND DISTRIBUTION OF NET INCOME (\u00a7 64.2-1071)\n\nA. This section applies when:\n\n 1. The death of an individual results in the creation of an estate or trust;\n or\n\n 2. An income interest in a trust terminates, whether the trust continues or is\n distributed.\n\nB. A fiduciary of an estate or trust with an income interest that terminates\nshall determine, under subsection G and Articles 4 (§ 64.2-1048 et seq.), 5\n(§ 64.2-1051 et seq.), 6 (§ 64.2-1055 et seq.), 7 (§ 64.2-1064 et\nseq.), and 9 (§ 64.2-1073 et seq.), the amount of net income and net\nprincipal receipts received from property specifically given to a beneficiary.\nThe fiduciary shall distribute the net income and net principal receipts to the\nbeneficiary that is to receive the specific property.\n\nC. A fiduciary shall determine the income and net income of an estate or income\ninterest in a trust that terminates, other than the amount of net income\ndetermined under subsection B, under Articles 4 (\u00a7 64.2-1048 et seq.), 5 (\u00a7\n64.2-1051 et seq.), 6 (\u00a7 64.2-1055 et seq.), 7 (\u00a7 64.2-1064 et seq.), and 9\n(\u00a7 64.2-1073 et seq.), and by:\n\n 1. Including in net income all income from property used or sold to discharge\n liabilities;\n\n 2. Paying from income or principal, in the fiduciary’s discretion, fees\n of attorneys, accountants, and fiduciaries, court costs and other expenses of\n administration, and interest on estate and inheritance taxes and other taxes\n imposed because of the decedent’s death, but the fiduciary may pay the\n expenses from income of property passing to a trust for which the fiduciary\n claims a federal estate tax marital or charitable deduction only to the\n extent:\n \t\t\t\ta. The payment of the expenses from income will not cause the reduction or\n loss of the deduction; or\n \t\t\t\tb. The fiduciary makes an adjustment under subsection B of §\n 64.2-1070; and\n\n 3. Paying from principal other disbursements made or incurred in connection\n with the settlement of the estate or the winding up of an income interest that\n terminates, including:\n \t\t\t\ta. To the extent authorized by the decedent’s will, the terms of the\n trust, or applicable law, debts, funeral expenses, disposition of remains,\n family allowances, estate and inheritance taxes, and other taxes imposed\n because of the decedent’s death; and\n \t\t\t\tb. Related penalties that are apportioned, by the decedent’s will,\n the terms of the trust, or applicable law, to the estate or income interest\n that terminates.\n\nD. If a decedent’s will, the terms of a trust, or applicable law provides\nfor the payment of interest or the equivalent of interest to a beneficiary that\nreceives a pecuniary amount outright, the fiduciary shall make the payment from\nnet income determined under subsection C or from principal, to the extent net\nincome is insufficient.\n\nE. If a beneficiary is to receive a pecuniary amount outright from a trust after\nan income interest ends because of an income beneficiary’s death, and no\npayment of interest or the equivalent of interest is provided for by the terms\nof the trust or applicable law, the fiduciary shall pay the interest or the\nequivalent of interest to which the beneficiary would be entitled under\napplicable law if the pecuniary amount were required to be paid under a will.\n\nF. A fiduciary shall distribute net income remaining after payments required by\nsubsections D and E in the manner described in § 64.2-1072 to all other\nbeneficiaries, including a beneficiary that receives a pecuniary amount in\ntrust, even if the beneficiary holds an unqualified power to withdraw assets\nfrom the trust or other presently exercisable general power of appointment over\nthe trust.\n\nG. A fiduciary may not reduce principal or income receipts from property\ndescribed in subsection B because of a payment described in § 64.2-1064 or\n64.2-1065, to the extent the decedent’s will, the terms of the trust, or\napplicable law requires the fiduciary to make the payment from assets other than\nthe property or to the extent the fiduciary recovers or expects to recover the\npayment from a third party. The net income and principal receipts from the\nproperty must be determined by including the amount the fiduciary receives or\npays regarding the property, whether the amount accrued or became due before,\non, or after the date of the decedent’s death or an income\ninterest’s terminating event, and making a reasonable provision for an\namount the estate or income interest may become obligated to pay after the\nproperty is distributed.\n\nHISTORY: 2022, c. 354.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}