                                 CODE OF VIRGINIA

POWER GRANTED TO PERSONAL REPRESENTATIVES TO MAKE ELECTION REGARDING MARITAL
DEDUCTION AS TO CERTAIN QUALIFYING TERMINABLE INTEREST PROPERTY; BINDING EFFECT
OF ELECTION (§ 64.2-107)

A. For purposes of this section, &#8220;personal representative&#8221; includes
the trustee of a qualified terminable interest property trust if there has been
no qualification of a personal representative for the estate of the decedent who
created the trust.

B. Personal representatives, whether heretofore or hereafter qualified, are
hereby granted the power to make the election on the return of their decedents
as required pursuant to &#xA7; 2056(b)(7) of the Internal Revenue Code of 1954,
as amended, to obtain the marital deduction for bequests or devises of
qualifying terminable interest property in favor of the surviving spouse created
under a will or inter vivos trust of the decedent.

C. If the personal representative determines in good faith to make or not to
make such an election and does not act imprudently in making such decision, the
decision shall be final and binding upon all of the beneficiaries of the estate.

HISTORY: 1982, c. 551, § 64.1-57.2; 1983, c. 54; 1999, c. 197; 2012, c. 614.