                                 CODE OF VIRGINIA

CONSTRUCTION OF TRUST PROVISIONS OTHERWISE ELIGIBLE FOR THE ELECTION PERMITTED
UNDER § 2056(B)(7) OF THE INTERNAL REVENUE CODE (§ 64.2-429)

If any trust created under a will or trust agreement made by a decedent dying
after December 31, 1981, would qualify for the election specified in §
2056(b)(7) of the Internal Revenue Code but for (i) a direction that accrued
income remaining in the hands of a trustee at the death of the surviving spouse
of the decedent not be paid to the estate of the surviving spouse or (ii) an
authorization to retain unproductive property as an asset of the trust, then,
unless the decedent shall have specifically otherwise provided in the will or
trust agreement by reference to this section, (a) all accrued and undistributed
income of the trust at the death of the surviving spouse shall be paid to the
personal representative of the surviving spouse as contemplated by the Uniform
Principal and Income Act (§ 64.2-1000 et seq.) and (b) the surviving spouse
shall have the right to require the trustee of the trust to make the trust
assets productive of income, so as to render the trust eligible for the election
provided in § 2056(b)(7) of the Internal Revenue Code.
		This section shall apply to all wills and revocable trusts made by decedents
dying after December 31, 1981, regardless of when the will or trust was made.

HISTORY: 1984, c. 339, § 64.1-74.1; 2012, c. 614.