Virginia § 64.2-543 Contrary provisions of will or other instrument to govern

Virginia Statutes

§ 64.2-543 — Contrary provisions of will or other instrument to govern

Virginia § 64.2-543

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIWILLS AND DECEDENTS' ESTATES

Ch. 5PERSONAL REPRESENTATIVES AND ADMINISTRATION OF ESTATES

Art. 7APPORTIONMENT OF ESTATE TAXES

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Bluebook

Va. Code Ann. § 64.2-543 (2026).

Text

A.For purposes of this section: "Includable beneficial interest" means any property, interest, or benefit included in a person's estate for estate tax purposes that passes pursuant to an instrument other than such person's will.

B.The provisions of this article shall not impair the right or power of any person by will or by written instrument executed inter vivos to make direction for the payment of estate taxes and to designate the fund or property out of which such payment shall be made. Such designated funds or property may, in addition to any property passing by testate or intestate succession, include any includable beneficial interest. Unless a larger amount is charged to a specific includable beneficial interest by the instrument creating the interest, the maximum amount of tax

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A. For purposes of this section:

"Includable beneficial interest" means any property, interest, or benefit included in a person's estate for estate tax purposes that passes pursuant to an instrument other than such person's will.

B. The provisions of this article shall not impair the right or power of any person by will or by written instrument executed inter vivos to make direction for the payment of estate taxes and to designate the fund or property out of which such payment shall be made. Such designated funds or property may, in addition to any property passing by testate or intestate succession, include any includable beneficial interest. Unless a larger amount is charged to a specific includable beneficial interest by the instrument creating the interest, the maximum amount of tax that each such includable beneficial interest may be charged shall be limited to its share, as determined pursuant to § 64.2-540 for the apportionment of taxes.