Virginia Code 64.2-1046: Period.
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:
Terms Used In Virginia Code 64.2-1046
- Trust: includes all trusts described in § Virginia Code 64.2-1033
- Unitrust: includes an express unitrust. See Virginia Code 64.2-1039
- Unitrust amount: means an amount computed by multiplying a determined value of a trust by a determined percentage. See Virginia Code 64.2-1039
- Unitrust policy: means a policy described in §§ 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.
2022, c. 354.