Wills and revocable trusts; eliminating certain inconsistencies. (HB746)

Introduced By

Del. Jay Leftwich (R-Chesapeake)

Progress

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

Description

Wills and revocable trusts; eliminating certain inconsistencies. Eliminates certain inconsistencies between wills and revocable trusts by extending to revocable trusts (i) revocation of benefits to a spouse and appointments to a spouse as a fiduciary upon divorce or annulment, (ii) the default rules for nonademption of certain bequests, (iii) the default rules related to the lapsing of a failed devise or bequest to the residue, and (iv) the anti-lapse rule that provides that a testamentary disposition fails when the taker predeceases the testator. The bill also provides that a court may modify the terms of a decedent's will to correct a mistake to conform to the decedent's intent, as proved by clear and convincing evidence. The bill further provides that, if shown by clear and convincing evidence, a court may modify the terms of a decedent's will to achieve the decedent's tax objectives in a manner that is not contrary to the decedent's probable intention. Under current law, such reformation is allowed to modify the terms of a trust for similar purposes. The provisions of the bill related to modification of a will apply retroactively to wills executed prior to July 1, 2018, and judicial proceedings commenced prior to July 1, 2018, except that such modification shall not be made if a judicial proceeding has been commenced prior to July 1, 2018, and the court finds that modification would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of the parties. Amends § 64.2-412, § 64.2-415, § 64.2-416, § 64.2-418, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2018Committee
01/09/2018Prefiled and ordered printed; offered 01/10/18 18101509D
01/09/2018Referred to Committee for Courts of Justice
01/16/2018Assigned Courts sub: Subcommittee #2
01/17/2018Subcommittee recommends reporting with amendment (8-Y 0-N)
01/29/2018Reported from Courts of Justice with amendment (18-Y 0-N) (see vote tally)
01/31/2018Read first time
02/01/2018Read second time
02/01/2018Committee amendment agreed to
02/01/2018Engrossed by House as amended HB746E
02/01/2018Printed as engrossed 18101509D-E
02/02/2018Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/02/2018VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/05/2018Constitutional reading dispensed
02/05/2018Referred to Committee for Courts of Justice
02/12/2018Reported from Courts of Justice (13-Y 2-N) (see vote tally)
02/13/2018Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/14/2018Read third time
02/14/2018Passed Senate (22-Y 18-N) (see vote tally)
02/16/2018Enrolled
02/16/2018Bill text as passed House and Senate (HB746ER)
02/16/2018Signed by Speaker
02/19/2018Signed by President
02/19/2018Enrolled Bill communicated to Governor on February 19, 2018
02/19/2018G Governor's Action Deadline Midnight, February 26, 2018
02/26/2018G Approved by Governor-Chapter 44 (effective 7/1/18)
02/26/2018G Acts of Assembly Chapter text (CHAP0044)