A. A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:
1. The frequency of valuing the asset, which need not require a valuation in every period; and
2. The date for valuing the asset in each period in which the asset is valued.
B. Except as otherwise provided in subdivision B 2 of § 64.2-1047, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:
1. Obtaining an appraisal of an asset for which fair market value is not readily available;
2. Exclusion of specific assets or groups or types of assets;
3. Other exceptions or modifications of the treatment of specific assets or groups or types of assets;
4. Identification and treatment of cash or property held for distribution;
5. Use of: a. An average of fair market values over a stated number of preceding periods; or b. Another mathematical blend of fair market values over a stated number of preceding periods;
6. A limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over: a. The corresponding applicable value for the preceding period; or b. A mathematical blend of applicable values over a stated number of preceding periods;
7. A limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below: a. The corresponding applicable value for the preceding period; or b. A mathematical blend of applicable values over a stated number of preceding periods;
8. The treatment of accrued income and other features of an asset that affect value; and
9. Determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under subdivisions 1 through 8.