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.
Code 1950, § 64-155; 1968, c. 656, § 64.1-165; 1994, c. 917; 2012, c. 614.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
