Virginia Code 64.2-1035: Governing law
Current as of: 2023 | Check for updates
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Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when the Commonwealth is the principal place of administration of a trust or estate or the situs of property that is not held in a trust or estate and is subject to a life estate or other term interest described in subdivision 2 of § 64.2-1034. By accepting the trusteeship of a trust having its principal place of administration in the Commonwealth or by moving the principal place of administration of a trust to the Commonwealth, the trustee submits to the application of this chapter to any matter within the scope of this chapter involving the trust.
Terms Used In Virginia Code 64.2-1035
- Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
- Trust: includes all trusts described in § 64. See Virginia Code 64.2-1033
2022, c. 354.