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 § 64.2-1044;
2. The method for determining the applicable value under § 64.2-1045; and
3. The rules described in §§ 64.2-1044 through 64.2-1047 that apply in the administration of the unitrust, whether the rules are:
a. Mandatory, as provided in subsection A of § 64.2-1045 and subsection A of § 64.2-1046; or
b. Optional, as provided in § 64.2-1044, subsection B of § 64.2-1045, subsection B of § 64.2-1046, and subsection A of § 64.2-1047, to the extent the fiduciary elects to adopt those rules.
2022, c. 354.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 10.1 - Uniform Fiduciary Income and Principal Act
§ 64.2-1036. Fiduciary duties; general principles
§ 64.2-1037. Judicial review of exercise of discretionary power; request for instruction
§ 64.2-1038. Fiduciary's power to adjust
§ 64.2-1040. Application; duties and remedies
§ 64.2-1041. Authority of fiduciary
§ 64.2-1047. Special tax benefits; other rules
§ 64.2-1048. Character of receipts from entity
§ 64.2-1049. Distribution from trust or estate
§ 64.2-1050. Business or other activity conducted by fiduciary
§ 64.2-1051. Principal receipts
§ 64.2-1053. Receipt on obligation to be paid in money
§ 64.2-1054. Insurance policy or contract
§ 64.2-1055. Insubstantial allocation not required
§ 64.2-1056. Deferred compensation, annuity, or similar payment
§ 64.2-1057. Liquidating asset
§ 64.2-1058. Minerals, water, and other natural resources
§ 64.2-1060. Marital deduction property not productive of income
§ 64.2-1061. Derivative or option
§ 64.2-1062. Asset-backed security
§ 64.2-1063. Other financial instrument or arrangement
§ 64.2-1064. Disbursement from income
§ 64.2-1065. Disbursement from principal
§ 64.2-1066. Transfer from income to principal for depreciation
§ 64.2-1067. Reimbursement of income from principal
§ 64.2-1068. Reimbursement of principal from income
§ 64.2-1070. Adjustment between income and principal because of taxes
§ 64.2-1071. Determination and distribution of net income
§ 64.2-1072. Distribution to successor beneficiary
§ 64.2-1073. When right to income begins and ends
§ 64.2-1075. Apportionment when income interest ends
§ 64.2-1076. Uniformity of application and construction
§ 64.2-1077. Relation to Electronic Signatures in Global and National Commerce Act