                                 CODE OF VIRGINIA

DETERMINATION OF &#8220;LIVES IN BEING&#8221; FOR PURPOSE OF RULE AGAINST
PERPETUITIES (§ 55.1-132)

A. For the purpose of determining whether the terms of an inter vivos trust
provide for a duration in excess of that allowed under the rule against
perpetuities, the determination of &#8220;lives in being&#8221; shall be made as
of the death of the settlor, if the settlor has at his death the unrestricted
right, acting alone, to revoke the trust or to have transferred to himself the
entire legal and beneficial interest in all property, both principal and income,
held in the trust. In the event that the settlor surrenders both such rights at
any time prior to his death, the determination of &#8220;lives in being&#8221;
shall be made as of the time that the settlor, upon establishment of the trust
or otherwise, surrenders the unrestricted right acting alone to revoke the trust
and the unrestricted right acting alone to have transferred to himself the
entire legal and beneficial interest in all property, both principal and income,
held in the trust.

B. This section shall apply only to a nonvested property interest in an inter
vivos trust created before July 1, 2000.

HISTORY: 1966, c. 260, § 55-13.2; 2000, c. 714; 2019, c. 712.