64.1-57.2 - Power granted to personal representatives to make election regarding marital deduction as to certain qualifying terminable interest property; binding effect of election.

VIRGINIA STATUTES AND CODES

64.1-57.2 - Power granted to personal representatives to make election regarding marital deduction as to certain qualifying terminable interest property; binding effect of election.

§ 64.1-57.2. Power granted to personal representatives to make electionregarding marital deduction as to certain qualifying terminable interestproperty; binding effect of election.

Personal representatives, whether heretofore or hereafter qualified, arehereby granted the power to make the election on the return of theirdecedents as required pursuant to § 2056 (b) (7) of the United StatesInternal Revenue Code of 1954, as amended, or renumbered, or successiveprovision, to obtain the marital deduction for bequests or devises ofqualifying terminable interest property in favor of the surviving spousecreated under a will or inter vivos trust of the decedent.

If the personal representative determines in good faith to make or not tomake such an election and does not act imprudently in making such decision,the decision shall be final and binding upon all of the beneficiaries of theestate.

As used in this section, the term "personal representative" shall includethe trustee of a qualified terminable interest property trust if there hasbeen no qualification of a personal representative for the estate of thedecedent who created the trust.

(1982, c. 551; 1983, c. 54; 1999, c. 197.)