Virginia § 64.2-1046 Period

Virginia Statutes

§ 64.2-1046 — Period

Virginia § 64.2-1046

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 3Unitrust

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Bluebook

Va. Code Ann. § 64.2-1046 (2026).

Text

A.A unitrust policy must provide the period used under §§ 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of § 64.2-1047, the period may be:

1.A calendar year;

2.A 12-month period other than a calendar year;

3.A calendar quarter;

4.A three-month period other than a calendar quarter; or

5.Another period.

B.Except as otherwise provided in subsection B of § 64.2-1047, a unitrust policy may provide standards for:

1.Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of § 64.2-1044 if:

a.The trust was not in existence in a preceding period; or

b.Market indices or other published data are not available for a preceding period;

2.Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of § 64.2-1045 if:

a.The trus

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A. A unitrust policy must provide the period used under §§ 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of § 64.2-1047, the period may be:

1. A calendar year;

2. A 12-month period other than a calendar year;

3. A calendar quarter;

4. A three-month period other than a calendar quarter; or

5. Another period.

B. Except as otherwise provided in subsection B of § 64.2-1047, a unitrust policy may provide standards for:

1. Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of § 64.2-1044 if:

a. The trust was not in existence in a preceding period; or

b. Market indices or other published data are not available for a preceding period;

2. Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of § 64.2-1045 if:

a. The trust was not in existence in a preceding period; or

b. Fair market values are not available for a preceding period; and

3. Prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.