As used in this article, unless the context requires a different meaning: “Applicable value” means the amount of the net fair market value of a trust taken into account under § 64.2-1045. “Express unitrust” means a trust for which, under the terms of the trust without regard to this article, income or net income must […]
A. Except as otherwise provided in subsection B, this article applies to: 1. An income trust, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent that net income not be calculated as a unitrust amount; and 2. An express […]
A. A fiduciary, without court approval, by complying with subsections B and F, may: 1. Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing: a. That in administering the trust the net income of the trust will be a unitrust amount rather than […]
A. A notice required by subdivision B 2 of § 64.2-1041 shall be sent in a manner authorized under § 64.2-707 to: 1. The qualified beneficiaries determined under § 64.2-701, other than the Attorney General; 2. Each person acting as trust director of the trust under the Uniform Directed Trust Act (§ 64.2-779.26 et seq.); […]
A. In administering a unitrust under this article, a fiduciary shall follow a unitrust policy adopted under subdivision A 1 or 2 of § 64.2-1041 or amended or replaced under subdivision A 2 of § 64.2-1041. B. A unitrust policy shall provide: 1. The unitrust rate or the method for determining the unitrust rate under […]
A. Except as otherwise provided in subdivision B 1 of § 64.2-1047, a unitrust rate may be: 1. A fixed unitrust rate; or 2. A unitrust rate that is determined for each period using: a. A market index or other published data; or b. A mathematical blend of market indices or other published data over […]
A. A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: 1. The frequency of valuing the asset, which need not require a valuation in every period; and 2. The date for valuing the asset in each period in which […]
A. A unitrust policy must provide the period used under §§ 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of § 64.2-1047, the period may be: 1. A calendar year; 2. A 12-month period other than a calendar year; 3. A calendar quarter; 4. A three-month period other than a calendar quarter; […]
A. A unitrust policy may: 1. Provide methods and standards for: a. Determining the timing of distributions; b. Making distributions in cash or in kind or partly in cash and partly in kind; or c. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating […]
