2006 Code of Virginia § 55-13.2 - Determination of "lives in being" for purpose of rule against perpetuities

55-13.2. Determination of "lives in being" for purpose of rule againstperpetuities.

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 againstperpetuities, the determination of "lives in being" shall be made as of thedeath 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 theentire legal and beneficial interest in all property, both principal andincome, held in the trust. In the event that the settlor surrenders both suchrights at any time prior to his death, the determination of "lives inbeing" shall be made as of the time that the settlor, upon establishment ofthe trust or otherwise, surrenders the unrestricted right acting alone torevoke the trust and the unrestricted right acting alone to have transferredto himself the entire legal and beneficial interest in all property, bothprincipal and income, held in the trust.

B. This section shall only apply to a nonvested property interest in an"inter vivos" trust created before July 1, 2000.

(1966, c. 260; 2000, c. 714.)