A. If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:
1. Make property productive of income;
2. Convert property to property productive of income within a reasonable time; or
3. Exercise the power to adjust under § 64.2-1038.
B. The trustee may decide which action or combination of actions in subsection A to take.
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