64.1-73.1 - Testamentary additions to trusts.
§ 64.1-73.1. Testamentary additions to trusts.
A. A will may validly devise or bequeath property (including by the exerciseof a power of appointment) to the trustee of a trust established or to beestablished (i) during the testator's lifetime by the testator, by thetestator and some other person, or by some other person including a funded orunfunded life insurance trust, although the settlor has reserved any or allrights of ownership of the insurance contracts or (ii) at the testator'sdeath by the testator's devise or bequest to the trustee, if the trust isidentified in the testator's will and its terms are set forth in a writteninstrument, other than a will, executed before, concurrently with, or afterthe execution of the testator's will or in another individual's will if thatother individual has predeceased the testator, regardless of the existence,size, or character of the corpus of the trust. The devise or bequest is notinvalid because the trust is amendable or revocable, or because the trust wasamended after the execution of the will or the testator's death.
B. Unless the testator's will provides otherwise, property devised orbequeathed to a trust described in subsection A is not held under atestamentary trust of the testator but it becomes a part of the trust towhich it is devised or bequeathed, and shall be administered and disposed ofin accordance with the provisions of the governing instrument setting forththe terms of the trust, including any amendments thereto made before or afterthe testator's death.
C. Unless the testator's will provides otherwise, a revocation or terminationof the trust before the testator's death causes the devise or bequest tolapse.
D. Unless at least one trustee of the trust is an individual resident of thisCommonwealth or an entity authorized to do a trust business in thisCommonwealth, at the time the devise or bequest is to be distributed to thetrust, the testator's personal representative shall not make any distributionto the trust until each nonresident individual or entity files with the clerkof the circuit court of the jurisdiction wherein the testator's will wasadmitted to probate, a consent in writing that service of process in anyaction against the trustee or any other notice with respect to administrationof the trust in the trustee's charge, may be by service upon a resident ofthis Commonwealth at such address as the trustee may appoint in the writteninstrument filed with the clerk. No further requirement shall be imposed uponany nonresident individual or entity as a condition to receiving the deviseor bequest.
E. This section applies to a will of a testator who dies after June 30, 1999,and it shall be applied and construed to effectuate its general purpose tomake uniform the law with respect to the subject of this section among statesenacting it.
(1999, c. 252.)