Augmented estate; elective share of surviving spouse. (SB181)

Introduced By

Sen. Ben Chafin (R-Lebanon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Augmented estate; elective share of surviving spouse. Revises provisions of the Code related to the elective share of the surviving spouse of a decedent dying on or after July 1, 2017 to track revisions made to the Uniform Probate Code by the Uniform Law Commission. The bill calculates the elective share of the surviving spouse as a graduated percentage, taking into account both spouses' assets and the length of marriage. Under current law, the surviving spouse is awarded 50% of the estate if there were no children and 33.3% if there were children. The bill also clarifies the process by which the elective share is to be claimed and provides instructions for the valuation of assets to encourage uniformity in the method of calculation of the elective share. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/04/2016Prefiled and ordered printed; offered 01/13/16 16101823D
01/04/2016Referred to Committee for Courts of Justice
01/27/2016Reported from Courts of Justice (14-Y 0-N 1-A) (see vote tally)
01/27/2016Reported from Courts of Justice (13-Y 0-N 1-A) (see vote tally)
01/29/2016Constitutional reading dispensed (36-Y 0-N) (see vote tally)
02/01/2016Read second time and engrossed
02/02/2016Read third time and passed Senate (39-Y 1-N) (see vote tally)
02/05/2016Placed on Calendar
02/05/2016Read first time
02/05/2016Referred to Committee for Courts of Justice
02/19/2016Assigned App. sub: Civil Law
02/19/2016Assigned Courts sub: Civil Law
02/22/2016Subcommittee recommends reporting (10-Y 0-N)
02/24/2016Reported from Courts of Justice (22-Y 0-N) (see vote tally)
02/25/2016Read second time
02/26/2016Read third time
02/26/2016Passed House BLOCK VOTE (97-Y 0-N)
02/26/2016VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed Senate and House (SB181ER)
02/29/2016Signed by Speaker
03/03/2016Signed by President
03/04/2016Enrolled Bill Communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/07/2016G Approved by Governor-Chapter 269 (effective 7/1/16)
03/07/2016G Acts of Assembly Chapter text (CHAP0269)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 3 minutes.

Transcript

This is a transcript of the video clips in which this bill is discussed.



Sen. Ben Chafin (R-Lebanon): THE GENERAL ASSEMBLY BACK IN 1991 AND THIS BILL WOULD PROVIDE AN UPDATED FORM THAT WOULD RECOGNIZE THE -- WOULD RECOGNIZE THE ESTATE OF BOTH THE DECEDENT AND ALSO THE SURVIVING SPOUSE AS COMPARED TO THE WAY THAT IT IS TODAY, AND TODAY ONLY, THE DECEDENTS ESTATE IS VALUED. IT WOULD ALSO PROVIDE A MORE EQUITABLE DIVISION, LOOKING AT SHORT-TERM MARRIAGES VERSUS LONG-TERM MARRIAGES, AND WOULD PROTECT CHILDREN IN THE EVENT OF A SHORT-TERM MARRIAGE OR WHERE A CLAIMING SPOUSE IS INCAPACITATED. SO I WOULD SAY TO THE BODY THAT THIS MEASURE IS -- A VERSE OF THIS MEASURE IS IN PLACE IN A NUMBER OF OTHER STATES AND IT IS THE RECOMMENDATION OF THE VIRGINIA BAR ASSOCIATION. I HOPE IT WOULD BE THE WILL OF THIS BODY TO PASS IT.

[Unknown]: THANK YOU, SENATOR. THE SENATOR FROM ALEXANDRIA, SENATOR EBBIN.

Sen. Adam Ebbin (D-Alexandria): THANK YOU, MR. PRESIDENT. WOULD THE SENATOR FROM RUSSELL YAELD FOR A QUESTION?

[Unknown]: THE SENATOR YIELD?

Sen. Adam Ebbin (D-Alexandria): I YIELD.

[Unknown]: HE YIELDS, SENATOR. THANK YOU, MR. PRESIDENT. I'M BY NO FLEENS AN EXPERT IN THIS AND BARELY CAN UNDERSTAND THE BILL. I WAS JUST WONDERING, FOR EXAMPLE, IT COULD BE ANYWHERE, BUT ON LINE 116, IT SAYS IF YOU'VE BEEN MARRIED FIVE YEARS BUT LESS THAN SIX YEARS, YOU RECEIVE JUST 30% OF THE ESTATE OF YOUR SPOUSE AND I WAS WONDERING, WHERE DOES THE OTHER 70% GO IF YOU DON'T HAVE CHILDREN OR WHAT WOULD HAPPEN? THE SENATOR FROM RUSSELL. MR. PRESIDENT, I WOULD TELL THE SENATOR FROM ALEXANDRIA THAT I BELIEVE THAT IF THERE IS CHILDREN INVOLVED, THAT THERE IS OTHER PROVISIONS THAT CONTROL WHAT HAPPENS TO TWO-THIRDS, WHAT HAPPENS TO THOSE SHARES FOR THE CHILDREN, AND I WOULD SAY THAT THIS STATUTE EMBODIES A WEIGHTED RETURN BASED UPON THE NUMBER OF YEARS OF MARRIAGE, SO THAT YOU HAVE TO BE IN A MARRIAGE FOR 15 YEARS OR GREATER IN ORDER TO RECEIVE THE MAXIMUM EQUITY. THANK YOU, SENATOR. THE SENATOR FROM ALEXANDRIA. WOULD THE GENTLEMAN YIELD FOR ONE MORE QUESTION? I YIELD. HE YIELDS, SENATOR. I UNDERSTAND THIS IS FOR PEOPLE WHO DON'T HAVE A WILL, BUT WHAT I'M STILL NOT CLEAR ON IS WHO WOULD GET THE REST THE MONEY? IS THAT BASED ONLY ON IF YOU HAVE CHILDREN OR BROTHERS OR SISTERS OR SOMETHING, THEY WOULD THE SENATOR FROM RUSSELL. GET THE REST? WELL, YOU GO BACK -- I WOULD TELL THE SENATOR FROM ALEXANDRIA, MR. PRESIDENT, THAT YOU HAD GO BACK TO THE STATUTES OF DECENT AND IF THERE IS NO -- DES KREENT, AND IF THERE IS NO CHILDREN, THE SPOUSE WOULD GET IT ALL UNDER THAT SITUATION. I THANK THE GENTLEMAN.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE QUESTION IS SHALL SENATE BILL 181 ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO.

Duplicate Bills

The following bills are identical to this one: HB231.