{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-428.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-428.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-428.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-428.html"}],"law_id":59987,"edition_id":1,"section_id":59987,"structure_id":13982,"section_number":"64.2-428","catch_line":"Distribution of assets by fiduciaries in satisfaction of pecuniary bequests or transfers in trust of pecuniary amount","history":"Code 1950, \u00a7 64-71.2; 1966, c. 441; 1968, c. 656, \u00a7 64.1-74; 1978, c. 481; 2012, c. 614.","full_text":"A\n\nWhere a will or trust agreement authorizes or directs the fiduciary to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount, unless the instrument shall otherwise expressly provide, the assets selected by the fiduciary for that purpose shall be valued at their respective values on the date of their distribution.B\n\nWhenever a fiduciary under the provisions of a will or other governing instrument is required to satisfy a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse and is authorized to satisfy such bequest or transfer by selection and distribution of assets in kind, and the will or other governing instrument further provides that the assets to be so distributed shall or may be valued by some standard other than their fair market value on the date of distribution, the fiduciary, unless the will or other governing instrument otherwise specifically directs, shall distribute assets, including cash, in a manner that is fairly representative of appreciation or depreciation in the value of all property available for distribution in satisfaction of such pecuniary bequest or transfer. This subsection shall not prevent a fiduciary from carrying out the provisions of the will or other governing instrument that require the fiduciary, in order to implement such a bequest or transfer, to distribute assets, including cash, having an aggregate fair market value at the date of distribution amounting to no less than the amount of the pecuniary bequest or transfer as finally determined for federal estate tax purposes.C\n\nAny fiduciary having discretionary powers under a will or other governing instrument with respect to the selection of assets to be distributed in satisfaction of a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse shall be authorized to enter into agreements with the Commissioner of Internal Revenue of the U.S. Department of the Treasury and other taxing authorities requiring the fiduciary to exercise the fiduciary’s discretion so that cash and other properties distributed in satisfaction of such bequest or transfer in trust will be fairly representative of the appreciation or depreciation in value of all property then available for distribution in satisfaction of such bequest or transfer in trust, and any such agreement heretofore entered into after April 1, 1964, is hereby validated. Any such fiduciary shall be authorized to enter into any other agreement not in conflict with the express terms of the will or other governing instrument that may be necessary or advisable in order to secure for federal estate tax purposes the appropriate marital deduction available under the Internal Revenue Code, and to do and perform all acts incident to securing such deduction.D\n\nWhere a will or trust agreement directs the fiduciary to satisfy a pecuniary or fractional bequest or transfer in trust of a pecuniary amount or fractional share in favor of the testator’s or donor’s spouse with amounts or assets having a value equal to the maximum marital deduction available under the Internal Revenue Code, the interest of such spouse shall vest immediately upon the testator’s death in the case of a will, and upon the execution of the trust agreement in the case of a trust, regardless of when the exact amount of the bequest or transfer is finally determined.","order_by":null,"text":{"0":{"id":219650,"text":"Where a will or trust agreement authorizes or directs the fiduciary to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount, unless the instrument shall otherwise expressly provide, the assets selected by the fiduciary for that purpose shall be valued at their respective values on the date of their distribution.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":219651,"text":"Whenever a fiduciary under the provisions of a will or other governing instrument is required to satisfy a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse and is authorized to satisfy such bequest or transfer by selection and distribution of assets in kind, and the will or other governing instrument further provides that the assets to be so distributed shall or may be valued by some standard other than their fair market value on the date of distribution, the fiduciary, unless the will or other governing instrument otherwise specifically directs, shall distribute assets, including cash, in a manner that is fairly representative of appreciation or depreciation in the value of all property available for distribution in satisfaction of such pecuniary bequest or transfer. This subsection shall not prevent a fiduciary from carrying out the provisions of the will or other governing instrument that require the fiduciary, in order to implement such a bequest or transfer, to distribute assets, including cash, having an aggregate fair market value at the date of distribution amounting to no less than the amount of the pecuniary bequest or transfer as finally determined for federal estate tax purposes.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":219652,"text":"Any fiduciary having discretionary powers under a will or other governing instrument with respect to the selection of assets to be distributed in satisfaction of a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse shall be authorized to enter into agreements with the Commissioner of Internal Revenue of the U.S. Department of the Treasury and other taxing authorities requiring the fiduciary to exercise the fiduciary’s discretion so that cash and other properties distributed in satisfaction of such bequest or transfer in trust will be fairly representative of the appreciation or depreciation in value of all property then available for distribution in satisfaction of such bequest or transfer in trust, and any such agreement heretofore entered into after April 1, 1964, is hereby validated. Any such fiduciary shall be authorized to enter into any other agreement not in conflict with the express terms of the will or other governing instrument that may be necessary or advisable in order to secure for federal estate tax purposes the appropriate marital deduction available under the Internal Revenue Code, and to do and perform all acts incident to securing such deduction.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":219653,"text":"Where a will or trust agreement directs the fiduciary to satisfy a pecuniary or fractional bequest or transfer in trust of a pecuniary amount or fractional share in favor of the testator’s or donor’s spouse with amounts or assets having a value equal to the maximum marital deduction available under the Internal Revenue Code, the interest of such spouse shall vest immediately upon the testator’s death in the case of a will, and upon the execution of the trust agreement in the case of a trust, regardless of when the exact amount of the bequest or transfer is finally determined.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13982,"edition_id":1,"name":"Construction and Effect","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13480,"metadata":{},"date_created":"2026-06-26 03:46:30","date_modified":"2026-06-26 03:46:30","permalink":{"id":273187,"object_type":"structure","relational_id":13982,"identifier":"3","token":"64.2\/II\/4\/3","url":"\/64.2\/II\/4\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13480,"edition_id":1,"name":"Wills","identifier":"4","label":"chapter","depth":3,"order_by":1,"parent_id":12863,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273121,"object_type":"structure","relational_id":13480,"identifier":"4","token":"64.2\/II\/4","url":"\/64.2\/II\/4\/","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":85398,"structure_id":13982,"section_number":"64.2-414","catch_line":"When wills deemed to speak","url":"\/64.2-414\/","token":"64.2\/II\/4\/3\/64.2-414","metadata":false},{"id":58131,"structure_id":13982,"section_number":"64.2-415","catch_line":"How certain trust provisions, bequests, and devises to be construed; nonademption in certain cases","url":"\/64.2-415\/","token":"64.2\/II\/4\/3\/64.2-415","metadata":false},{"id":86984,"structure_id":13982,"section_number":"64.2-416","catch_line":"Devises, bequests, and distributions that fail; how to pass","url":"\/64.2-416\/","token":"64.2\/II\/4\/3\/64.2-416","metadata":false},{"id":55847,"structure_id":13982,"section_number":"64.2-417","catch_line":"When advancement deemed satisfaction of devise or bequest","url":"\/64.2-417\/","token":"64.2\/II\/4\/3\/64.2-417","metadata":false},{"id":74157,"structure_id":13982,"section_number":"64.2-418","catch_line":"When children or descendants of beneficiary to take estate or trust","url":"\/64.2-418\/","token":"64.2\/II\/4\/3\/64.2-418","metadata":false},{"id":70792,"structure_id":13982,"section_number":"64.2-419","catch_line":"Provision for omitted children when no child living when will made","url":"\/64.2-419\/","token":"64.2\/II\/4\/3\/64.2-419","metadata":false},{"id":75501,"structure_id":13982,"section_number":"64.2-420","catch_line":"Provision for omitted children when child living when will made","url":"\/64.2-420\/","token":"64.2\/II\/4\/3\/64.2-420","metadata":false},{"id":83280,"structure_id":13982,"section_number":"64.2-421","catch_line":"Construction of certain conditions of spouse's survivorship","url":"\/64.2-421\/","token":"64.2\/II\/4\/3\/64.2-421","metadata":false},{"id":62646,"structure_id":13982,"section_number":"64.2-422","catch_line":"When omitted spouse to take intestate portion","url":"\/64.2-422\/","token":"64.2\/II\/4\/3\/64.2-422","metadata":false},{"id":67334,"structure_id":13982,"section_number":"64.2-423","catch_line":"Repealed","url":"\/64.2-423\/","token":"64.2\/II\/4\/3\/64.2-423","metadata":false},{"id":76920,"structure_id":13982,"section_number":"64.2-424","catch_line":"When direction to purchase annuity binding on legatee","url":"\/64.2-424\/","token":"64.2\/II\/4\/3\/64.2-424","metadata":false},{"id":73956,"structure_id":13982,"section_number":"64.2-425","catch_line":"Interest on pecuniary legacies","url":"\/64.2-425\/","token":"64.2\/II\/4\/3\/64.2-425","metadata":false},{"id":84164,"structure_id":13982,"section_number":"64.2-426","catch_line":"Testamentary additions to trusts by testator dying on or after July 1, 1994, and before July 1, 1999","url":"\/64.2-426\/","token":"64.2\/II\/4\/3\/64.2-426","metadata":false},{"id":60372,"structure_id":13982,"section_number":"64.2-427","catch_line":"Testamentary additions to trusts by testator dying after June 30, 1999","url":"\/64.2-427\/","token":"64.2\/II\/4\/3\/64.2-427","metadata":false},{"id":59987,"structure_id":13982,"section_number":"64.2-428","catch_line":"Distribution of assets by fiduciaries in satisfaction of pecuniary bequests or transfers in trust of pecuniary amount","url":"\/64.2-428\/","token":"64.2\/II\/4\/3\/64.2-428","metadata":false},{"id":67586,"structure_id":13982,"section_number":"64.2-429","catch_line":"Construction of trust provisions otherwise eligible for the election permitted under \u00a7 2056(b)(7) of the Internal Revenue Code","url":"\/64.2-429\/","token":"64.2\/II\/4\/3\/64.2-429","metadata":false},{"id":84317,"structure_id":13982,"section_number":"64.2-430","catch_line":"Certain marital deduction formula clauses to be construed to refer to federal marital deduction allowable if decedent had died on December 31, 1981","url":"\/64.2-430\/","token":"64.2\/II\/4\/3\/64.2-430","metadata":false},{"id":55054,"structure_id":13982,"section_number":"64.2-431","catch_line":"Certain powers of appointment construed to refer to federal gift tax exclusion in effect on date of execution","url":"\/64.2-431\/","token":"64.2\/II\/4\/3\/64.2-431","metadata":false},{"id":57514,"structure_id":13982,"section_number":"64.2-432","catch_line":"Certain formula clauses to be construed to refer to federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009, and before January 1, 2011","url":"\/64.2-432\/","token":"64.2\/II\/4\/3\/64.2-432","metadata":false}],"previous_section":{"id":60372,"structure_id":13982,"section_number":"64.2-427","catch_line":"Testamentary additions to trusts by testator dying after June 30, 1999","url":"\/64.2-427\/","token":"64.2\/II\/4\/3\/64.2-427","metadata":false},"next_section":{"id":67586,"structure_id":13982,"section_number":"64.2-429","catch_line":"Construction of trust provisions otherwise eligible for the election permitted under \u00a7 2056(b)(7) of the Internal Revenue Code","url":"\/64.2-429\/","token":"64.2\/II\/4\/3\/64.2-429","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-428\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1966, chapter 441; in 1968, chapter 656; in 1978, chapter 481; in 2012, chapter 614<\/a>.<\/p>","references":[{"id":76312,"section_number":"64.2-1419","catch_line":"Execution of fiduciary bond or appointment of agent designates clerk as attorney for service of process","order_by":null,"url":"\/64.2-1419\/"}],"refers_to":false,"permalink":{"id":273245,"object_type":"law","relational_id":59987,"identifier":"64.2-428","token":"64.2\/II\/4\/3\/64.2-428","url":"\/64.2-428\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-428\/","token":"64.2\/II\/4\/3\/64.2-428","dublin_core":{"Title":"Distribution of assets by fiduciaries in satisfaction of pecuniary bequests or transfers in trust of pecuniary amount","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-428","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Where a will<\/span> or trust agreement authorizes or directs the fiduciary<\/span> to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount, unless the instrument shall otherwise expressly provide, the assets<\/span> selected by the fiduciary<\/span> for that purpose shall be valued at their respective values<\/span> on the date of their distribution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Whenever a fiduciary<\/span> under the provisions of a will<\/span> or other governing instrument is required to satisfy a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse and is authorized to satisfy such bequest or transfer by selection and distribution of assets<\/span> in kind, and the will<\/span> or other governing instrument further provides that the assets<\/span> to be so distributed shall or may be valued by some standard other than their fair market value<\/span> on the date of distribution, the fiduciary<\/span>, unless the will<\/span> or other governing instrument otherwise specifically directs, shall distribute assets<\/span>, including cash, in a manner that is fairly representative of appreciation or depreciation in the value<\/span> of all property available for distribution in satisfaction of such pecuniary bequest or transfer. This subsection shall not prevent a fiduciary<\/span> from carrying out the provisions of the will<\/span> or other governing instrument that require the fiduciary<\/span>, in order<\/span> to implement such a bequest or transfer, to distribute assets<\/span>, including cash, having an aggregate fair market value<\/span> at the date of distribution amounting to no less than the amount of the pecuniary bequest or transfer as finally determined for federal estate tax purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any fiduciary<\/span> having discretionary powers under a will<\/span> or other governing instrument with respect to the selection of assets<\/span> to be distributed in satisfaction of a pecuniary bequest or transfer in trust in favor of the testator’s or donor’s spouse shall be authorized to enter into agreements with the Commissioner of Internal Revenue of the U.S. Department of the Treasury and other taxing authorities requiring the fiduciary<\/span> to exercise the fiduciary<\/span>’s discretion so that cash and other properties distributed in satisfaction of such bequest or transfer in trust will<\/span> be fairly representative of the appreciation or depreciation in value<\/span> of all property then available for distribution in satisfaction of such bequest or transfer in trust, and any such agreement heretofore entered into after April 1, 1964, is hereby validated. Any such fiduciary<\/span> shall be authorized to enter into any other agreement not in conflict with the express terms of the will<\/span> or other governing instrument that may be necessary or advisable in order<\/span> to secure for federal estate tax purposes the appropriate marital deduction available under the Internal Revenue Code, and to do and perform all acts incident to securing such deduction. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Where a will<\/span> or trust agreement directs the fiduciary<\/span> to satisfy a pecuniary or fractional bequest or transfer in trust of a pecuniary amount or fractional share in favor of the testator’s or donor’s spouse with amounts or assets<\/span> having a value<\/span> equal to the maximum marital deduction available under the Internal Revenue Code, the interest of such spouse shall vest immediately upon the testator’s death in the case of a will<\/span>, and upon the execution of the trust agreement in the case of a trust, regardless of when the exact amount of the bequest or transfer is finally determined. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISTRIBUTION OF ASSETS BY FIDUCIARIES IN SATISFACTION OF PECUNIARY BEQUESTS OR\nTRANSFERS IN TRUST OF PECUNIARY AMOUNT (\u00a7 64.2-428)\n\nA. Where a will or trust agreement authorizes or directs the fiduciary to\nsatisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a\npecuniary amount, unless the instrument shall otherwise expressly provide, the\nassets selected by the fiduciary for that purpose shall be valued at their\nrespective values on the date of their distribution.\n\nB. Whenever a fiduciary under the provisions of a will or other governing\ninstrument is required to satisfy a pecuniary bequest or transfer in trust in\nfavor of the testator’s or donor’s spouse and is authorized to\nsatisfy such bequest or transfer by selection and distribution of assets in\nkind, and the will or other governing instrument further provides that the\nassets to be so distributed shall or may be valued by some standard other than\ntheir fair market value on the date of distribution, the fiduciary, unless the\nwill or other governing instrument otherwise specifically directs, shall\ndistribute assets, including cash, in a manner that is fairly representative of\nappreciation or depreciation in the value of all property available for\ndistribution in satisfaction of such pecuniary bequest or transfer. This\nsubsection shall not prevent a fiduciary from carrying out the provisions of the\nwill or other governing instrument that require the fiduciary, in order to\nimplement such a bequest or transfer, to distribute assets, including cash,\nhaving an aggregate fair market value at the date of distribution amounting to\nno less than the amount of the pecuniary bequest or transfer as finally\ndetermined for federal estate tax purposes.\n\nC. Any fiduciary having discretionary powers under a will or other governing\ninstrument with respect to the selection of assets to be distributed in\nsatisfaction of a pecuniary bequest or transfer in trust in favor of the\ntestator’s or donor’s spouse shall be authorized to enter into\nagreements with the Commissioner of Internal Revenue of the U.S. Department of\nthe Treasury and other taxing authorities requiring the fiduciary to exercise\nthe fiduciary’s discretion so that cash and other properties distributed\nin satisfaction of such bequest or transfer in trust will be fairly\nrepresentative of the appreciation or depreciation in value of all property then\navailable for distribution in satisfaction of such bequest or transfer in trust,\nand any such agreement heretofore entered into after April 1, 1964, is hereby\nvalidated. Any such fiduciary shall be authorized to enter into any other\nagreement not in conflict with the express terms of the will or other governing\ninstrument that may be necessary or advisable in order to secure for federal\nestate tax purposes the appropriate marital deduction available under the\nInternal Revenue Code, and to do and perform all acts incident to securing such\ndeduction.\n\nD. Where a will or trust agreement directs the fiduciary to satisfy a pecuniary\nor fractional bequest or transfer in trust of a pecuniary amount or fractional\nshare in favor of the testator’s or donor’s spouse with amounts or\nassets having a value equal to the maximum marital deduction available under the\nInternal Revenue Code, the interest of such spouse shall vest immediately upon\nthe testator’s death in the case of a will, and upon the execution of the\ntrust agreement in the case of a trust, regardless of when the exact amount of\nthe bequest or transfer is finally determined.\n\nHISTORY: Code 1950, \u00a7 64-71.2; 1966, c. 441; 1968, c. 656, \u00a7 64.1-74; 1978, c.\n481; 2012, c. 614.","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}}