Virginia Code 64.2-107: Power granted to personal representatives to make election regarding marital deduction as to certain qualifying terminable interest property; binding effect of election
A. For purposes of this section, “personal representative” includes the trustee of a qualified terminable interest property trust if there has been no qualification of a personal representative for the estate of the decedent who created the trust.
Terms Used In Virginia Code 64.2-107
- Decedent: A deceased person.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Inter vivos: Transfer of property from one living person to another living person.
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
B. Personal representatives, whether heretofore or hereafter qualified, are hereby granted the power to make the election on the return of their decedents as required pursuant to § 2056(b)(7) of the Internal Revenue Code of 1954, as amended, to obtain the marital deduction for bequests or devises of qualifying terminable interest property in favor of the surviving spouse created under a will or inter vivos trust of the decedent.
C. If the personal representative determines in good faith to make or not to make such an election and does not act imprudently in making such decision, the decision shall be final and binding upon all of the beneficiaries of the estate.
1982, c. 551, § 64.1-57.2; 1983, c. 54; 1999, c. 197; 2012, c. 614.