{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1072.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1072.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1072.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1072.html"}],"law_id":66747,"edition_id":1,"section_id":66747,"structure_id":16322,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","history":"2022, c. 354.","full_text":"A\n\nExcept to the extent Article 3 (§ 64.2-1039 et seq.) applies for a beneficiary that is a trust, each beneficiary described in subsection F of § 64.2-1071 is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent’s death, an income interest’s other terminating event, or the preceding distribution by the fiduciary.B\n\nIn determining a beneficiary’s share of net income under subsection A, the following rules apply:1\n\nThe beneficiary is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in the undistributed principal assets immediately before the distribution date.2\n\nThe beneficiary’s fractional interest under subdivision 1 must be calculated:\n\t\t\t\ta. On the aggregate value of the assets as of the distribution date without reducing the value by any unpaid principal obligation; and\n\t\t\t\tb. Without regard to:1\n\nProperty specifically given to a beneficiary under the decedent’s will or the terms of the trust; and2\n\nProperty required to pay pecuniary amounts not in trust.3\n\nThe distribution date under subdivision 1 may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which the assets are distributed.C\n\nTo the extent a fiduciary does not distribute under this section all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain records showing the interest of each beneficiary in the net income.D\n\nIf this section applies to income from an asset, a fiduciary may apply the rules in this section to net gain or loss realized from the disposition of the asset after the decedent’s death, an income interest’s terminating event, or the preceding distribution by the fiduciary.","order_by":null,"text":{"0":{"id":242056,"text":"Except to the extent Article 3 (§ 64.2-1039 et seq.) applies for a beneficiary that is a trust, each beneficiary described in subsection F of § 64.2-1071 is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent’s death, an income interest’s other terminating event, or the preceding distribution by the fiduciary.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":242057,"text":"In determining a beneficiary’s share of net income under subsection A, the following rules apply:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":242058,"text":"The beneficiary is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in the undistributed principal assets immediately before the distribution date.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":242059,"text":"The beneficiary’s fractional interest under subdivision 1 must be calculated:\n\t\t\t\ta. On the aggregate value of the assets as of the distribution date without reducing the value by any unpaid principal obligation; and\n\t\t\t\tb. Without regard to:","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B21"},"4":{"id":242060,"text":"Property specifically given to a beneficiary under the decedent’s will or the terms of the trust; and","type":"section","prefixes":["B","2","1"],"prefix":"1","entire_prefix":"B21","prefix_anchor":"B21","level":3,"prior_prefix":"B2","next_prefix":"B22"},"5":{"id":242061,"text":"Property required to pay pecuniary amounts not in trust.","type":"section","prefixes":["B","2","2"],"prefix":"2","entire_prefix":"B22","prefix_anchor":"B22","level":3,"prior_prefix":"B21","next_prefix":"B3"},"6":{"id":242062,"text":"The distribution date under subdivision 1 may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which the assets are distributed.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B22","next_prefix":"C"},"7":{"id":242063,"text":"To the extent a fiduciary does not distribute under this section all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain records showing the interest of each beneficiary in the net income.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"8":{"id":242064,"text":"If this section applies to income from an asset, a fiduciary may apply the rules in this section to net gain or loss realized from the disposition of the asset after the decedent’s death, an income interest’s terminating event, or the preceding distribution by the fiduciary.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1072\/","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":68355,"section_number":"64.2-1071","catch_line":"Determination and distribution of net income","order_by":null,"url":"\/64.2-1071\/"}],"refers_to":[{"id":58297,"section_number":"64.2-1039","catch_line":"Definitions","order_by":null,"url":"\/64.2-1039\/"},{"id":68355,"section_number":"64.2-1071","catch_line":"Determination and distribution of net income","order_by":null,"url":"\/64.2-1071\/"}],"permalink":{"id":274051,"object_type":"law","relational_id":66747,"identifier":"64.2-1072","token":"64.2\/III\/10.1\/8\/64.2-1072","url":"\/64.2-1072\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1072\/","token":"64.2\/III\/10.1\/8\/64.2-1072","dublin_core":{"Title":"Distribution to successor beneficiary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1072","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except to the extent Article 3 (§ 64.2-1039<\/a> et seq.) applies for a beneficiary that is a trust<\/span>, each beneficiary described in subsection F of § 64.2-1071<\/a> is entitled to receive a share of the net income<\/span> equal to the beneficiary’s fractional interest in undistributed principal<\/span> assets<\/span>, using values<\/span> as of the distribution<\/span> date. If a fiduciary<\/span> makes more than one distribution<\/span> of assets<\/span> to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution<\/span>, is entitled, as of each distribution<\/span> date, to a share of the net income<\/span> the fiduciary<\/span> received after the decedent’s death, an income interest<\/span>’s other terminating event, or the preceding distribution<\/span> by the fiduciary<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In determining a beneficiary’s share of net income<\/span> under subsection A, the following rules apply: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The beneficiary is entitled to receive a share of the net income<\/span> equal to the beneficiary’s fractional interest in the undistributed principal<\/span> assets<\/span> immediately before the distribution<\/span> date. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The beneficiary’s fractional interest under subdivision 1 must be calculated:\n\t\t\t\ta. On the aggregate value<\/span> of the assets<\/span> as of the distribution<\/span> date without reducing the value<\/span> by any unpaid principal<\/span> obligation; and\n\t\t\t\tb. Without regard to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Property specifically given to a beneficiary under the decedent’s will<\/span> or the terms of the trust<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Property required to pay pecuniary amounts not in trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The distribution<\/span> date under subdivision 1 may be the date as of which the fiduciary<\/span> calculates the value<\/span> of the assets<\/span> if that date is reasonably near the date on which the assets<\/span> are distributed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> To the extent a fiduciary<\/span> does not distribute under this section all of the collected but undistributed net income<\/span> to each beneficiary as of a distribution<\/span> date, the fiduciary<\/span> shall maintain records<\/span> showing the interest of each beneficiary in the net income<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If this section applies to income from an asset, a fiduciary<\/span> may apply the rules in this section to net gain or loss realized from the disposition<\/span> of the asset after the decedent’s death, an income interest<\/span>’s terminating event, or the preceding distribution<\/span> by the fiduciary<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISTRIBUTION TO SUCCESSOR BENEFICIARY (\u00a7 64.2-1072)\n\nA. Except to the extent Article 3 (§ 64.2-1039 et seq.) applies for a\nbeneficiary that is a trust, each beneficiary described in subsection F of\n§ 64.2-1071 is entitled to receive a share of the net income equal to the\nbeneficiary’s fractional interest in undistributed principal assets, using\nvalues as of the distribution date. If a fiduciary makes more than one\ndistribution of assets to beneficiaries to which this section applies, each\nbeneficiary, including a beneficiary that does not receive part of the\ndistribution, is entitled, as of each distribution date, to a share of the net\nincome the fiduciary received after the decedent’s death, an income\ninterest’s other terminating event, or the preceding distribution by the\nfiduciary.\n\nB. In determining a beneficiary’s share of net income under subsection A,\nthe following rules apply:\n\n 1. The beneficiary is entitled to receive a share of the net income equal to\n the beneficiary’s fractional interest in the undistributed principal\n assets immediately before the distribution date.\n\n 2. The beneficiary’s fractional interest under subdivision 1 must be\n calculated:\n \t\t\t\ta. On the aggregate value of the assets as of the distribution date\n without reducing the value by any unpaid principal obligation; and\n \t\t\t\tb. Without regard to:\n\n 1. Property specifically given to a beneficiary under the decedent’s\n will or the terms of the trust; and\n\n 2. Property required to pay pecuniary amounts not in trust.\n\n 3. The distribution date under subdivision 1 may be the date as of which the\n fiduciary calculates the value of the assets if that date is reasonably near\n the date on which the assets are distributed.\n\nC. To the extent a fiduciary does not distribute under this section all of the\ncollected but undistributed net income to each beneficiary as of a distribution\ndate, the fiduciary shall maintain records showing the interest of each\nbeneficiary in the net income.\n\nD. If this section applies to income from an asset, a fiduciary may apply the\nrules in this section to net gain or loss realized from the disposition of the\nasset after the decedent’s death, an income interest’s terminating\nevent, or the preceding distribution by the fiduciary.\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}}