{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-305.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-305.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-305.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-305.html"}],"law_id":60057,"edition_id":1,"section_id":60057,"structure_id":13685,"section_number":"64.2-305","catch_line":"Augmented estate; exclusions; valuation","history":"1990, c. 831, \u00a7 64.1-16.1; 1992, cc. 617, 647; 1998, c. 234; 1999, c. 38; 2007, c. 308; 2012, c. 614; 2014, c. 532.","full_text":"A\n\nThe augmented estate means the decedent’s entire estate passing by will or intestate succession, real and personal, after payment of allowances and exemptions under Article 2 (\u00a7 64.2-309 et seq.) of this chapter, funeral expenses, charges of administration that shall not include federal or state transfer taxes, and debts, and to which is added the following amounts:1\n\nThe value of property, other than tangible personal property received by gift and the proceeds thereof, owned or acquired by the surviving spouse at the decedent’s death, to the extent the property is derived from the decedent by any means other than by will or intestate succession without full consideration in money or money’s worth;2\n\nThe value of property, other than tangible personal property received by gift and the proceeds thereof, derived by the surviving spouse from the decedent without full consideration in money or money’s worth by any means other than by will or intestate succession, and transferred by the surviving spouse at any time during the marriage to a person other than the decedent, which would have been includable in the surviving spouse’s augmented estate if the surviving spouse had predeceased the decedent; and3\n\nThe value of property transferred to anyone other than a bona fide purchaser by the decedent at any time during the marriage to the surviving spouse, to or for the benefit of any person other than the surviving spouse, to the extent that the decedent did not receive full consideration in money or money’s worth for the transfer, if the transfer was any of the following types:\n\t\t\t\ta. Any transfer under which the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact end before his death, the possession or enjoyment of, or the right to income from, the property;\n\t\t\t\tb. Any transfer to the extent that the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact end before his death, the power, either alone or in conjunction with any other person, to revoke or to consume, invade, or dispose of the principal for his own benefit;\n\t\t\t\tc. Any transfer whereby property is held at the time of the decedent’s death by the decedent and another with right of survivorship; or\n\t\t\t\td. Any transfer made to or for the benefit of a donee within the calendar year of the decedent’s death or any of the five preceding calendar years to the extent that the aggregate value of the transfers to the donee exceeds the amount specified in § 2503(b) of the Internal Revenue Code of 1986, as amended, for that calendar year, without regard to whether the federal gift tax exclusion applies to the transfer.B\n\nNotwithstanding the provisions of this section, the augmented estate shall not include (i) the value of any property transferred by the decedent during marriage with the written consent or joinder of the surviving spouse; (ii) the value of any property, its income, or proceeds received by the decedent, before or during the marriage to the surviving spouse, by gift, will, intestate succession, or any other method or form of transfer to the extent it was (a) received without full consideration in money or money’s worth from a person other than the surviving spouse, and (b) maintained by the decedent as separate property; (iii) any transfer made to anyone other than the surviving spouse prior to January 1, 1991, to the extent that such transfer was irrevocable on that date; or (iv) the value of any property excluded from the augmented estate pursuant to § 64.2-317.C\n\nProperty is valued as of the decedent’s death, except that property irrevocably transferred during the lifetime of the decedent is valued as of the date the transferee came into possession or enjoyment of the property if such date precedes the date of the decedent’s death.1\n\nLife estates and remainder interests are valued in the manner prescribed in Chapter 5 (§ 55.1-500 et seq.) of Title 55.1, and deferred payments and estates for years are discounted to present value using the interest rate specified in § 55.1-500.2\n\nThe value of an insurance policy that is irrevocably transferred during the lifetime of a decedent is the cost of a comparable policy on the date of the transfer or, if such a policy is not readily available, the policy’s interpolated terminal reserve. The value of any premiums paid on an insurance policy owned by another person is only the amount of the premiums paid and not the insurance purchased or maintained with such premiums.3\n\nAn initial interest in property owned as a joint tenant with survivorship is valued at the time the interest is acquired, and a further interest received upon the death of a cotenant is valued at the time of the cotenant’s death. Property owned jointly by persons married to each other is rebuttably presumed to have been acquired with contributions of equal value by each tenant. The mere creation of an indebtedness secured by jointly owned property is not a contribution to its acquisition, but any satisfaction of such an indebtedness is a contribution. An interest in a tenancy by the entireties is valued as if it were an interest in a joint tenancy with survivorship. Joint accounts in financial institutions are valued in accordance with the provisions of Article 2 (§ 6.2-604 et seq.) of Chapter 6 of Title 6.2.","order_by":null,"text":{"0":{"id":219812,"text":"The augmented estate means the decedent’s entire estate passing by will or intestate succession, real and personal, after payment of allowances and exemptions under Article 2 (\u00a7 64.2-309 et seq.) of this chapter, funeral expenses, charges of administration that shall not include federal or state transfer taxes, and debts, and to which is added the following amounts:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":219813,"text":"The value of property, other than tangible personal property received by gift and the proceeds thereof, owned or acquired by the surviving spouse at the decedent’s death, to the extent the property is derived from the decedent by any means other than by will or intestate succession without full consideration in money or money’s worth;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":219814,"text":"The value of property, other than tangible personal property received by gift and the proceeds thereof, derived by the surviving spouse from the decedent without full consideration in money or money’s worth by any means other than by will or intestate succession, and transferred by the surviving spouse at any time during the marriage to a person other than the decedent, which would have been includable in the surviving spouse’s augmented estate if the surviving spouse had predeceased the decedent; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":219815,"text":"The value of property transferred to anyone other than a bona fide purchaser by the decedent at any time during the marriage to the surviving spouse, to or for the benefit of any person other than the surviving spouse, to the extent that the decedent did not receive full consideration in money or money’s worth for the transfer, if the transfer was any of the following types:\n\t\t\t\ta. Any transfer under which the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact end before his death, the possession or enjoyment of, or the right to income from, the property;\n\t\t\t\tb. Any transfer to the extent that the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact end before his death, the power, either alone or in conjunction with any other person, to revoke or to consume, invade, or dispose of the principal for his own benefit;\n\t\t\t\tc. Any transfer whereby property is held at the time of the decedent’s death by the decedent and another with right of survivorship; or\n\t\t\t\td. Any transfer made to or for the benefit of a donee within the calendar year of the decedent’s death or any of the five preceding calendar years to the extent that the aggregate value of the transfers to the donee exceeds the amount specified in § 2503(b) of the Internal Revenue Code of 1986, as amended, for that calendar year, without regard to whether the federal gift tax exclusion applies to the transfer.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":219816,"text":"Notwithstanding the provisions of this section, the augmented estate shall not include (i) the value of any property transferred by the decedent during marriage with the written consent or joinder of the surviving spouse; (ii) the value of any property, its income, or proceeds received by the decedent, before or during the marriage to the surviving spouse, by gift, will, intestate succession, or any other method or form of transfer to the extent it was (a) received without full consideration in money or money’s worth from a person other than the surviving spouse, and (b) maintained by the decedent as separate property; (iii) any transfer made to anyone other than the surviving spouse prior to January 1, 1991, to the extent that such transfer was irrevocable on that date; or (iv) the value of any property excluded from the augmented estate pursuant to § 64.2-317.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":219817,"text":"Property is valued as of the decedent’s death, except that property irrevocably transferred during the lifetime of the decedent is valued as of the date the transferee came into possession or enjoyment of the property if such date precedes the date of the decedent’s death.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"6":{"id":219818,"text":"Life estates and remainder interests are valued in the manner prescribed in Chapter 5 (§ 55.1-500 et seq.) of Title 55.1, and deferred payments and estates for years are discounted to present value using the interest rate specified in § 55.1-500.","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"7":{"id":219819,"text":"The value of an insurance policy that is irrevocably transferred during the lifetime of a decedent is the cost of a comparable policy on the date of the transfer or, if such a policy is not readily available, the policy’s interpolated terminal reserve. The value of any premiums paid on an insurance policy owned by another person is only the amount of the premiums paid and not the insurance purchased or maintained with such premiums.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"8":{"id":219820,"text":"An initial interest in property owned as a joint tenant with survivorship is valued at the time the interest is acquired, and a further interest received upon the death of a cotenant is valued at the time of the cotenant’s death. Property owned jointly by persons married to each other is rebuttably presumed to have been acquired with contributions of equal value by each tenant. The mere creation of an indebtedness secured by jointly owned property is not a contribution to its acquisition, but any satisfaction of such an indebtedness is a contribution. An interest in a tenancy by the entireties is valued as if it were an interest in a joint tenancy with survivorship. Joint accounts in financial institutions are valued in accordance with the provisions of Article 2 (§ 6.2-604 et seq.) of Chapter 6 of Title 6.2.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2"}},"ancestry":[{"id":13685,"edition_id":1,"name":"Elective Share of Surviving Spouse","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12864,"metadata":{},"date_created":"2026-06-26 03:45:33","date_modified":"2026-06-26 03:45:33","permalink":{"id":272945,"object_type":"structure","relational_id":13685,"identifier":"1","token":"64.2\/II\/3\/1","url":"\/64.2\/II\/3\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12864,"edition_id":1,"name":"Rights of Married Persons","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12863,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":272943,"object_type":"structure","relational_id":12864,"identifier":"3","token":"64.2\/II\/3","url":"\/64.2\/II\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12863,"edition_id":1,"name":"Wills and Decedents' Estates","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":272911,"object_type":"structure","relational_id":12863,"identifier":"II","token":"64.2\/II","url":"\/64.2\/II\/","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":82689,"structure_id":13685,"section_number":"64.2-300","catch_line":"Applicability; definitions","url":"\/64.2-300\/","token":"64.2\/II\/3\/1\/64.2-300","metadata":false},{"id":65456,"structure_id":13685,"section_number":"64.2-301","catch_line":"Dower or curtesy abolished","url":"\/64.2-301\/","token":"64.2\/II\/3\/1\/64.2-301","metadata":false},{"id":75301,"structure_id":13685,"section_number":"64.2-302","catch_line":"When and how elective share may be claimed by surviving spouse","url":"\/64.2-302\/","token":"64.2\/II\/3\/1\/64.2-302","metadata":false},{"id":67214,"structure_id":13685,"section_number":"64.2-303","catch_line":"Extension of time until after determination of action for construction of will or extent of augmented estate","url":"\/64.2-303\/","token":"64.2\/II\/3\/1\/64.2-303","metadata":false},{"id":75855,"structure_id":13685,"section_number":"64.2-304","catch_line":"Rights upon claiming an elective share","url":"\/64.2-304\/","token":"64.2\/II\/3\/1\/64.2-304","metadata":false},{"id":60057,"structure_id":13685,"section_number":"64.2-305","catch_line":"Augmented estate; exclusions; valuation","url":"\/64.2-305\/","token":"64.2\/II\/3\/1\/64.2-305","metadata":false},{"id":62978,"structure_id":13685,"section_number":"64.2-306","catch_line":"Charging spouse with the value of property received; liability of others for balance of elective share","url":"\/64.2-306\/","token":"64.2\/II\/3\/1\/64.2-306","metadata":false},{"id":54664,"structure_id":13685,"section_number":"64.2-307","catch_line":"Rights in family residence","url":"\/64.2-307\/","token":"64.2\/II\/3\/1\/64.2-307","metadata":false},{"id":75762,"structure_id":13685,"section_number":"64.2-308","catch_line":"Statutory rights barred by desertion or abandonment","url":"\/64.2-308\/","token":"64.2\/II\/3\/1\/64.2-308","metadata":false}],"previous_section":{"id":75855,"structure_id":13685,"section_number":"64.2-304","catch_line":"Rights upon claiming an elective share","url":"\/64.2-304\/","token":"64.2\/II\/3\/1\/64.2-304","metadata":false},"next_section":{"id":62978,"structure_id":13685,"section_number":"64.2-306","catch_line":"Charging spouse with the value of property received; liability of others for balance of elective share","url":"\/64.2-306\/","token":"64.2\/II\/3\/1\/64.2-306","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-305\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 831 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. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1992, chapters 617 and 647; in 1998, chapter 234<\/a>; in 1999, chapter 38<\/a>; in 2007, chapter 308<\/a>; in 2012, chapter 614<\/a>; in 2014, chapter 532<\/a>.<\/p>","references":[{"id":58597,"section_number":"55.1-205","catch_line":"Conveyance from married persons; effect on right of either spouse","order_by":null,"url":"\/55.1-205\/"}],"refers_to":[{"id":76205,"section_number":"55.1-500","catch_line":"Annuity table","order_by":null,"url":"\/55.1-500\/"},{"id":83499,"section_number":"6.2-604","catch_line":"Definitions","order_by":null,"url":"\/6.2-604\/"},{"id":87056,"section_number":"64.2-309","catch_line":"Family allowance","order_by":null,"url":"\/64.2-309\/"}],"permalink":{"id":272967,"object_type":"law","relational_id":60057,"identifier":"64.2-305","token":"64.2\/II\/3\/1\/64.2-305","url":"\/64.2-305\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-305\/","token":"64.2\/II\/3\/1\/64.2-305","dublin_core":{"Title":"Augmented estate; exclusions; valuation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-305","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The augmented estate means the decedent’s entire estate passing by will<\/span> or intestate succession, real and personal, after payment of allowances and exemptions under Article 2 (\u00a7 64.2-309<\/a> et seq.) of this chapter, funeral expenses, charges of administration that shall not include federal or state transfer taxes, and debts, and to which is added the following amounts: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The value<\/span> of property, other than tangible personal property received by gift and the proceeds thereof, owned or acquired by the surviving spouse at the decedent’s death, to the extent the property is derived from the decedent by any means other than by will<\/span> or intestate succession without full consideration in money or money’s worth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The value<\/span> of property, other than tangible personal property received by gift and the proceeds thereof, derived by the surviving spouse from the decedent without full consideration in money or money’s worth by any means other than by will<\/span> or intestate succession, and transferred by the surviving spouse at any time during the marriage to a person other than the decedent, which would have been includable in the surviving spouse’s augmented estate if the surviving spouse had predeceased the decedent; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The value<\/span> of property transferred to anyone other than a bona fide purchaser<\/span> by the decedent at any time during the marriage to the surviving spouse, to or for the benefit of any person other than the surviving spouse, to the extent that the decedent did not receive full consideration in money or money’s worth for the transfer, if the transfer was any of the following types:\n\t\t\t\ta. Any transfer under which the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact<\/span> end before his death, the possession<\/span> or enjoyment of, or the right to income from, the property;\n\t\t\t\tb. Any transfer to the extent that the decedent retained for his life, for any period not ascertainable without reference to his death, or for any period which does not in fact<\/span> end before his death, the power, either alone or in conjunction with any other person, to revoke or to consume, invade, or dispose of the principal for his own benefit;\n\t\t\t\tc. Any transfer whereby property is held at the time of the decedent’s death by the decedent and another with right of survivorship; or\n\t\t\t\td. Any transfer made to or for the benefit of a donee within the calendar year of the decedent’s death or any of the five preceding calendar years to the extent that the aggregate value<\/span> of the transfers to the donee exceeds the amount specified in § 2503(b) of the Internal Revenue Code of 1986, as amended, for that calendar year, without regard to whether the federal gift tax exclusion applies to the transfer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding the provisions of this section, the augmented estate shall not include (i) the value<\/span> of any property transferred by the decedent during marriage with the written consent or joinder of the surviving spouse; (ii) the value<\/span> of any property, its income, or proceeds received by the decedent, before or during the marriage to the surviving spouse, by gift, will<\/span>, intestate succession, or any other method or form of transfer to the extent it was (a) received without full consideration in money or money’s worth from a person other than the surviving spouse, and (b) maintained by the decedent as separate property; (iii) any transfer made to anyone other than the surviving spouse prior to January 1, 1991, to the extent that such transfer was irrevocable on that date; or (iv) the value<\/span> of any property excluded from the augmented estate pursuant to § 64.2-317<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Property is valued as of the decedent’s death, except that property irrevocably transferred during the lifetime of the decedent is valued as of the date the transferee came into possession<\/span> or enjoyment of the property if such date precedes the date of the decedent’s death. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Life estates and remainder interests are valued in the manner prescribed in Chapter 5 (§ 55.1-500<\/a> et seq.) of Title 55.1, and deferred payments and estates for years are discounted to present value<\/span> using the interest rate specified in § 55.1-500<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The value<\/span> of an insurance policy that is irrevocably transferred during the lifetime of a decedent is the cost of a comparable policy on the date of the transfer or, if such a policy is not readily available, the policy’s interpolated terminal reserve. The value<\/span> of any premiums paid on an insurance policy owned by another person is only the amount of the premiums paid and not the insurance purchased or maintained with such premiums. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> An initial interest in property owned as a joint tenant with survivorship is valued at the time the interest is acquired, and a further interest received upon the death of a cotenant is valued at the time of the cotenant’s death. Property owned jointly by persons married to each other is rebuttably presumed to have been acquired with contributions of equal value<\/span> by each tenant. The mere creation of an indebtedness secured by jointly owned property is not a contribution to its acquisition, but any satisfaction of such an indebtedness is a contribution. An interest in a tenancy by the entireties is valued as if it were an interest in a joint tenancy with survivorship. Joint accounts in financial institutions are valued in accordance with the provisions of Article 2 (§ 6.2-604<\/a> et seq.) of Chapter 6 of Title 6.2. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUGMENTED ESTATE; EXCLUSIONS; VALUATION (\u00a7 64.2-305)\n\nA. The augmented estate means the decedent’s entire estate passing by will\nor intestate succession, real and personal, after payment of allowances and\nexemptions under Article 2 (\u00a7 64.2-309 et seq.) of this chapter, funeral\nexpenses, charges of administration that shall not include federal or state\ntransfer taxes, and debts, and to which is added the following amounts:\n\n 1. The value of property, other than tangible personal property received by\n gift and the proceeds thereof, owned or acquired by the surviving spouse at\n the decedent’s death, to the extent the property is derived from the\n decedent by any means other than by will or intestate succession without full\n consideration in money or money’s worth;\n\n 2. The value of property, other than tangible personal property received by\n gift and the proceeds thereof, derived by the surviving spouse from the\n decedent without full consideration in money or money’s worth by any\n means other than by will or intestate succession, and transferred by the\n surviving spouse at any time during the marriage to a person other than the\n decedent, which would have been includable in the surviving spouse’s\n augmented estate if the surviving spouse had predeceased the decedent; and\n\n 3. The value of property transferred to anyone other than a bona fide\n purchaser by the decedent at any time during the marriage to the surviving\n spouse, to or for the benefit of any person other than the surviving spouse,\n to the extent that the decedent did not receive full consideration in money or\n money’s worth for the transfer, if the transfer was any of the following\n types:\n \t\t\t\ta. Any transfer under which the decedent retained for his life, for any\n period not ascertainable without reference to his death, or for any period\n which does not in fact end before his death, the possession or enjoyment of,\n or the right to income from, the property;\n \t\t\t\tb. Any transfer to the extent that the decedent retained for his life, for\n any period not ascertainable without reference to his death, or for any period\n which does not in fact end before his death, the power, either alone or in\n conjunction with any other person, to revoke or to consume, invade, or dispose\n of the principal for his own benefit;\n \t\t\t\tc. Any transfer whereby property is held at the time of the\n decedent’s death by the decedent and another with right of survivorship;\n or\n \t\t\t\td. Any transfer made to or for the benefit of a donee within the calendar\n year of the decedent’s death or any of the five preceding calendar years\n to the extent that the aggregate value of the transfers to the donee exceeds\n the amount specified in § 2503(b) of the Internal Revenue Code of 1986,\n as amended, for that calendar year, without regard to whether the federal gift\n tax exclusion applies to the transfer.\n\nB. Notwithstanding the provisions of this section, the augmented estate shall\nnot include (i) the value of any property transferred by the decedent during\nmarriage with the written consent or joinder of the surviving spouse; (ii) the\nvalue of any property, its income, or proceeds received by the decedent, before\nor during the marriage to the surviving spouse, by gift, will, intestate\nsuccession, or any other method or form of transfer to the extent it was (a)\nreceived without full consideration in money or money’s worth from a\nperson other than the surviving spouse, and (b) maintained by the decedent as\nseparate property; (iii) any transfer made to anyone other than the surviving\nspouse prior to January 1, 1991, to the extent that such transfer was\nirrevocable on that date; or (iv) the value of any property excluded from the\naugmented estate pursuant to § 64.2-317.\n\nC. Property is valued as of the decedent’s death, except that property\nirrevocably transferred during the lifetime of the decedent is valued as of the\ndate the transferee came into possession or enjoyment of the property if such\ndate precedes the date of the decedent’s death.\n\n 1. Life estates and remainder interests are valued in the manner prescribed in\n Chapter 5 (§ 55.1-500 et seq.) of Title 55.1, and deferred payments and\n estates for years are discounted to present value using the interest rate\n specified in § 55.1-500.\n\n 2. The value of an insurance policy that is irrevocably transferred during the\n lifetime of a decedent is the cost of a comparable policy on the date of the\n transfer or, if such a policy is not readily available, the policy’s\n interpolated terminal reserve. The value of any premiums paid on an insurance\n policy owned by another person is only the amount of the premiums paid and not\n the insurance purchased or maintained with such premiums.\n\n 3. An initial interest in property owned as a joint tenant with survivorship\n is valued at the time the interest is acquired, and a further interest\n received upon the death of a cotenant is valued at the time of the\n cotenant’s death. Property owned jointly by persons married to each\n other is rebuttably presumed to have been acquired with contributions of equal\n value by each tenant. The mere creation of an indebtedness secured by jointly\n owned property is not a contribution to its acquisition, but any satisfaction\n of such an indebtedness is a contribution. An interest in a tenancy by the\n entireties is valued as if it were an interest in a joint tenancy with\n survivorship. Joint accounts in financial institutions are valued in\n accordance with the provisions of Article 2 (§ 6.2-604 et seq.) of\n Chapter 6 of Title 6.2.\n\nHISTORY: 1990, c. 831, \u00a7 64.1-16.1; 1992, cc. 617, 647; 1998, c. 234; 1999, c.\n38; 2007, c. 308; 2012, c. 614; 2014, c. 532.","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}}