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1999 SESSION
HB 1996 Wills, estates and trusts; pour-over wills.
Introduced by: William J. Howell | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Pour-over wills. Limits Virginia's pour-over statute to deaths occurring prior to July 1, 1999, and replaces it with the 1991 version of the Uniform Testamentary Additions to Trust Act, which is now in force in 46 states. The surety requirement applicable to a nonresident trustee of a receptacle trust is eliminated, and the prohibition against pour-overs to trusts being administered by out-of-state banks is eliminated. The proposed bill allows a pour-over into a receptacle trust to be executed before, concurrently with or after the testator's death. The bill also recognizes posthumous trust amendments unless prohibited by the testator's will.
SUMMARY AS INTRODUCED:
Wills, estates and trusts; pour-over wills. Eliminates Virginia's pour-over statute and replaces it with the 1991 version of the Uniform Testamentary Additions to Trust Act, which is now in force in 46 states. The surety requirement applicable to a nonresident trustee of a receptacle trust is eliminated, and the prohibition against pour-overs to trusts being administered by out-of-state banks is eliminated. The proposed bill allows a pour-over into a receptacle trust to be executed before, concurrently with or after the testator's death. The bill also recognizes post-death trust amendments unless prohibited by the testator's will.