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2003 SESSION

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HB 1976 Uniform Disclaimer of Property Interests Act.

Introduced by: Clifford L. Athey, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Uniform Disclaimer of Property Interests Act. Repeals Chapter 8 of Title 64.1, dealing with disclaimer of property passing under testamentary interests by descent or distribution and replaces it with the Uniform Disclaimer of Property Interests Act (UDPIA), which was adopted by the National Conference of Commissioners on Uniform State Laws in 1978 and revised in 1999. The current Virginia disclaimer statute focuses on estate and gift tax consequences. The UDPIA broadens the situations in which disclaimers can be used and details the exercise and effect of disclaimers, including that acceptance is the only bar to a valid disclaimer and specifying the effects of a disclaimer.


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