Virginia 2018 Regular Session Status: Enacted

HB 746 — Wills and revocable trusts; eliminating certain inconsistencies.

Last action — Approved by Governor-Chapter 44 (effective 7/1/18)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House of Delegates
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 09, 2018. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

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.

Bill Text

What changed in the latest version

24 added · 24 removed

Plain-language change summary

The amendment to HB 746 adds clarity regarding how certain distributions from a trust are handled when the person who created the trust (the settlor) has passed away. Specifically, it ensures that if the settlor had been incapacitated, and property was sold or insurance proceeds received, those amounts will be treated as part of the trust distribution. This change is important because it helps prevent confusion about what beneficiaries are entitled to and ensures that their shares are resolved fairly, even if specific properties are no longer available.

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SESSION history | hilite | pdf | print version VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend and reenact §§ 64.2-412, 64.2-415, 64.2-416, and 64.2-418 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 64.2-404.1, relating to wills and revocable trusts;
SESSION history | hilite | pdf | print version CHAPTER 44 An Act to amend and reenact §§ 64.2-412, 64.2-415, 64.2-416, and 64.2-418 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 64.2-404.1, relating to wills and revocable trusts;
[H 746] Approved   Be it enacted by the General Assembly of Virginia:
[H 746] Approved February 26, 2018   Be it enacted by the General Assembly of Virginia:
This section applies to trust and trust provisions only to the extent the trust instrument or provision is revocable immediately before the settlor's death on or after July 1, 2018, and the beneficiary would have taken by reason of the settlor's death if the beneficiary survived the settlor.
This section applies to trusts and trust provisions only to the extent the trust instrument or provision is revocable immediately before the settlor's death on or after July 1, 2018, and the beneficiary would have taken by reason of the settlor's death if the beneficiary survived the settlor.
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Action History

  1. Approved by Governor-Chapter 44 (effective 7/1/18)

  2. Governor's Action Deadline Midnight, February 26, 2018

  3. Enrolled Bill communicated to Governor on February 19, 2018

  4. Signed by President

  5. Signed by Speaker

  6. Enrolled

  7. Read third time

  8. Referred to Committee for Courts of Justice

  9. Constitutional reading dispensed

  10. Read third time and passed House BLOCK VOTE (98-Y 0-N)

  11. Printed as engrossed 18101509D-E

  12. Engrossed by House as amended HB746E

  13. Committee amendment agreed to

  14. Read second time

  15. Read first time

  16. Assigned Courts sub: Subcommittee #2

  17. Referred to Committee for Courts of Justice

  18. Prefiled and ordered printed; offered 01/10/18 18101509D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Read third time and passed House BLOCK VOTE

Passed 98 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 98000
Total 98000
% of votes cast 100%0%0%0%
How each member voted (98)
Member Party Vote
Ayala — Yea
Cole — Yea
Filler-Corn — Yea
Freitas — Yea
Gooditis — Yea
Habeeb — Yea
Hugo — Yea
Hurst — Yea
Kory — Yea
LaRock — Yea
Landes — Yea
Orrock — Yea
Ransone — Yea
Robinson — Yea
Rodman — Yea
Rush — Yea
Tyler — Yea
Mr. Speaker — Yea
Poindexter — Yea
Stolle — Yea
Toscano — Yea
Turpin — Yea
Yancey — Yea
Bell, John J. — Yea
Bell, Richard P. — Yea
Bell, Robert B. — Yea
Jones, J.C. — Yea
Jones, S.C. — Yea
Marshall — Yea
Bourne — Yea
Bulova — Yea
Byron — Yea
Campbell — Yea
Carter — Yea
Cline — Yea
Collins — Yea
Edmunds — Yea
Fariss — Yea
Gilbert — Yea
Helsel — Yea
Heretick — Yea
Ingram — Yea
James — Yea
Keam — Yea
Levine — Yea
Lindsey — Yea
Miyares — Yea
Mullin — Yea
Murphy — Yea
Peace — Yea
Plum — Yea
Pogge — Yea
Barry D. Knight — Yea
Betsy B. Carr — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David A. Reid — Yea
Delores L. McQuinn — Yea
Elizabeth R. Guzman — Yea
Emily M. Jordan — Yea
Garrett McGuire — Yea
Hyland F. "Buddy" Fowler, Jr. — Yea
Israel D. O'Quinn — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jeion A. Ward — Yea
Jennifer B. Boysko — Yea
Jennifer D. Carroll Foy — Yea
Joshua E. Thomas — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Kelly K. Convirs-Fowler — Yea
Kimberly Pope Adams — Yea
Kimberly Pope Adams — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Mark D. Sickles — Yea
Michael J. Webert — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
R. Lee Ware — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Sam Rasoul — Yea
Schuyler T. VanValkenburg — Yea
Terry G. Kilgore — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Todd E. Pillion — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Will Davis — Yea

Official roll call →

Subjects

finance civil-rights
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 746 do?
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.
Who sponsors HB 746?
HB 746 is sponsored by James A. "Jay" Leftwich.
What is the current status of HB 746?
This bill has been enacted into law. Introduced January 09, 2018. Enacted.
Where can I track HB 746?
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