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1994 SESSION

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HB 783 Unfunded revocable trusts.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Unfunded revocable trusts. Expands current law, which validates a bequest or devise to an unfunded insurance trust, to cover all inter vivos trusts. The common law prohibitions are eliminated on (i) distribution from estates to trusts which are not deemed to exist because there is no corpus (i.e., they are unfunded) and (ii) pour-over distribution to a trust created before execution of the will, but modified thereafter. The section, as amended, applies to the wills of all persons dying on or after July 1, 1994.

The bill is recommended by the Wills, Trusts and Estates section of the Virginia Bar Association.

FULL TEXT

• 01/25/94  House: Presented and ordered printed  pdf
• 03/21/94  House: Bill text as passed House and Senate (HB783ER)  pdf
• 04/12/94  Governor: Acts of Assembly Chapter text (CHAP0562)  pdf

HISTORY

• 01/25/94  House: Presented and ordered printed
• 01/25/94  House: Referred to Committee for Courts of Justice
• 02/11/94  House: Reported from Courts of Justice (22-Y 0-N)
• 02/12/94  House: Read first time
• 02/13/94  House: Read second time and engrossed
• 02/14/94  House: Read third time and passed House (Block Vote) (99-Y 0-N)
• 02/14/94  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
• 02/14/94  House: Communicated to Senate
• 02/16/94  Senate: Read first time
• 02/16/94  Senate: Referred to Committee for Courts of Justice
• 03/06/94  Senate: Reported from Courts of Justice (15-Y 0-N)
• 03/07/94  Senate: Constitutional reading dispensed (40-Y 0-N)
• 03/07/94  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
• 03/08/94  Senate: Read third time
• 03/08/94  Senate: Passed Senate (40-Y 0-N)
• 03/08/94  Senate: VOTE: PASSAGE (40-Y 0-N)
• 03/21/94  House: Bill text as passed House and Senate (HB783ER)
• 03/28/94  House: Enrolled
• 03/29/94  House: Signed by Speaker
• 03/30/94  Senate: Signed by President
• 04/09/94  Governor: Approved by Governor-Chapter 562 (effective 7/1/94)
• 04/12/94  Governor: Acts of Assembly Chapter text (CHAP0562)