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1999 SESSION

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990120202
HOUSE BILL NO. 1876 House Amendments in [ ] -- February 9, 1999 A BILL to amend the Code of Virginia by adding in Article 1 of Chapter 3 of Title 64.1 a section numbered 64.1-57.3, relating to personal representatives and trustees. ---------- Patrons-- Deeds, Moss, Murphy and Plum; Senators: Bolling, Couric, Edwards, Hanger and Trumbo ---------- Referred to Committee for Courts of Justice ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 1 of Chapter 3 of Title 64.1 a section numbered 64.1-57.3 as follows:

§ 64.1-57.3. Power granted to personal representatives and trustees to donate conservation easements.

Personal representatives and trustees, whether heretofore or hereafter qualified [ or appointed ] , are hereby granted the power to donate a conservation easement as provided in the Virginia Conservation Easement Act (§ 10.1-1009 et seq.) or the Open-Space Lands Act (§ 10.1-1700 et seq.) on any real property of their decedents and settlors, in order to obtain the benefit of the estate tax exclusion allowed under § 2031(c) of the United States Internal Revenue Code of 1986, as amended, provided they have the written consent of all of the heirs, beneficiaries and devisees whose interests are affected thereby. Upon petition of the personal representative or trustee, the circuit court may give consent on behalf of any unborn, unascertained or incapacitated heirs, beneficiaries or devisees whose interests are affected thereby after determining that the donation of the conservation easement [ is in the best interest of the estate or trust and the donation ] (i) will not adversely affect such heirs, beneficiaries or devisees or (ii) [ would most likely be agreed to by such heirs, beneficiaries or devisees if they it is more likely than not that the decedent or settlor would agree to it if he or she ] were before the court and capable of giving consent. A guardian ad litem shall be appointed to represent the interests of any unborn, unascertained or incapacitated persons.