A. For the purpose of determining whether the terms of an inter vivos trust provide for a duration in excess of that allowed under the rule against perpetuities, the determination of "lives in being" shall be made as of the death of the settlor, if the settlor has at his death the unrestricted right, acting alone, to revoke the trust or to have transferred to himself the entire legal and beneficial interest in all property, both principal and income, held in the trust. In the event that the settlor surrenders both such rights at any time prior to his death, the determination of "lives in being" shall be made as of the time that the settlor, upon establishment of the trust or otherwise, surrenders the unrestricted right acting alone to revoke the trust and the unrestricted right acting alone to have transferred to himself the entire legal and beneficial interest in all property, both principal and income, held in the trust.
B. This section shall apply only to a nonvested property interest in an inter vivos trust created before July 1, 2000.
1966, c. 260, § 55-13.2; 2000, c. 714; 2019, c. 712
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 1 - Creation and Limitation of Estates
§ 55.1-100. Aliens may acquire, hold, and transmit real estate; when reciprocity required
§ 55.1-101. When deed or will necessary to convey estate; no parol partition or gift valid
§ 55.1-102. When gift of personal property invalid
§ 55.1-103. Suicide or attainder of felony
§ 55.1-104. Estates to lie in grant as well as in livery
§ 55.1-105. Same estates may be created by deed as by will
§ 55.1-107. Default or surrender of tenant for life not to prejudice remainderman
§ 55.1-108. Conveyance of estate or interest in property by grantor to himself and another
§ 55.1-109. Deed valid for grantor's right; operation of warranty
§ 55.1-110. Conveyance, devise, or grant without words of limitation
§ 55.1-111. Fee tail converted into fee simple
§ 55.1-113. Doctrine of worthier title abolished
§ 55.1-114. When contingent remainder not to fail
§ 55.1-115. When remainders not defeated
§ 55.1-116. In what conveyances possession transferred to the use
§ 55.1-118. Deed of release effectual
§ 55.1-119. When person not a party, etc., may take or sue under instrument
§ 55.1-120. Informalities in deeds made by attorneys-in-fact
§ 55.1-121. Time for objections to irregularities in advertising sales made by trustees
§ 55.1-122. Recovery at death of life tenant of taxes paid on life estate
§ 55.1-123. Removal of a cloud on title; nature of plaintiff's title
§ 55.1-124. Uniform Statutory Rule Against Perpetuities
§ 55.1-125. When nonvested property interest or power of appointment created
§ 55.1-127. Exclusions from statutory rule against perpetuities
§ 55.1-128. Prospective application
§ 55.1-129. Uniformity of application and construction
§ 55.1-130. Certain limitations construed
§ 55.1-132. Determination of "lives in being" for purpose of rule against perpetuities
§ 55.1-133. Application of the rule against perpetuities to nondonative transfers
§ 55.1-134. Survivorship between joint tenants abolished
§ 55.1-135. Joint ownership in real and personal property
§ 55.1-136. Tenants by the entirety in real and personal property; certain trusts