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1997 SESSION

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HB 2591 Spouse's survivorship under will or trust.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles

SUMMARY:

Spouse's survivorship under will or trust. Provides that if property passes to a spouse under a will or trust which requires the spouse to survive until the distribution of the gift, the spouse must survive until the earlier of the date of distribution or six months after the date of death, unless in a proceeding filed within 12 months of the decedent's death, the court finds that the decedent intended otherwise. The bill is recommended by the Virginia Bar Association and is intended to ensure that certain gifts will qualify for a marital deduction. The IRS has ruled that a gift which is contingent upon the happening of an event the timing of which is uncertain on the date of death ( for example, the wife surviving until the estate is settled) does not qualify even though it would likely occur or in fact did occur within the required time period.


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