Virginia § 64.2-1073 When right to income begins and ends

Virginia Statutes

§ 64.2-1073 — When right to income begins and ends

Virginia § 64.2-1073

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 9Apportionment at Beginning and End of Income Interest

This text of Virginia § 64.2-1073 (When right to income begins and ends) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-1073 (2026).

Text

A.An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to:

1.The trust for the current income beneficiary; or

2.A successive interest for a successor beneficiary.

B.An asset becomes subject to a trust under subdivision A 1:

1.For an asset that is transferred to the trust during the settlor's life, on the date the asset is transferred;

2.For an asset that becomes subject to the trust because of a decedent's death, on the date of the decedent's death, even if there is an intervening period of administration of the decedent's estate; or

3.For an asset that is trans

Free access — add to your briefcase to read the full text and ask questions with AI

A. An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to:

1. The trust for the current income beneficiary; or

2. A successive interest for a successor beneficiary.

B. An asset becomes subject to a trust under subdivision A 1:

1. For an asset that is transferred to the trust during the settlor's life, on the date the asset is transferred;

2. For an asset that becomes subject to the trust because of a decedent's death, on the date of the decedent's death, even if there is an intervening period of administration of the decedent's estate; or

3. For an asset that is transferred to a fiduciary by a third party because of a decedent's death, on the date of the decedent's death.

C. An asset becomes subject to a successive interest under subdivision A 2 on the day after the preceding income interest ends, as determined under subsection D, even if there is an intervening period of administration to wind up the preceding income interest.

D. An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to which a fiduciary may or must distribute income.