CHAPTER 573

An Act to amend and reenact § 64-71.1 of the Code of Virginia, relating
to a devise or bequest in a will to the trustee or trustees of a trust
established in writing prior to the execution of such will. oH

650

Approved March 31, 1962

Be it enacted by the General Assembly of Virginia:
a That § 64-71.1 of the Code of Virginia be amended and reenacted as
ollows:

§ 64-71.1. A devise or bequest in a will duly executed pursuant to
the provisions of this chapter may be made in form or substance to the
trustee or trustees of a trust established in writing prior to the execution
of such will, provided that at the testator’s death at least one trustee of
such trust is an individual resident of this State or is a corporation or
association authorized to do a trust business in this State and provided
further that a corporation or association not authorized to do a trust busi-
ness in this State is not at the testator’s death a trustee of such trust.
Such trust may be an unfunded insurance trust with the trustee or trus-
tees being the beneficiary or beneficiaries under the insurance contract or
contracts and with the testator or some other person having the right to
change the beneficiary and/or having any or all other rights of ownership
in such contract or contracts. For the purposes of this section, an unfunded
insurance trust shall be deemed established upon execution of the instru-
ment creating such trust. Such devise or bequest shall not be invalid
because the trust is amendable or revocable or both by the settlor or any
other person or persons or because the trust instrument or any amend-
ment thereto was not executed in the manner required for wills or because
the trust was amended after the execution of the will. * The property so
devised or bequeathed shall be subject to the terms of the trust as they
appear in writing at the testator’s death by becoming a part of the *
corpus then in the trust or, if the will so specifies, by becoming a part
of any one or more particular portions * of * such corpus. Property
devised or bequeathed in accordance with the provisions hereof shall not
be deemed held under a testamentary trust. The devise or bequest shall
not be valid should the entire trust * not be operative for any reason at
the testator’s death. * If the devise or bequest is to augment only one or
more portions * of the trust such devise or bequest shall not be valid
should the trust not be operative for any reason as to such portion or
portions at the testator’s death.

This section shall apply to any devise or bequest made by a testator
living at the effective date of this section or born thereafter without regard
to the date of the execution of the will or of the trust instrument or any
amendment thereto; provided, however, that the provisions of this section
shall not be construed as casting any doubt upon the validity as heretofore
existing of any devise or bequest made by a testator who shall have died
prior to the effective date of this section or any devise or bequest which does
not come within the provisions of this section.