CODE OF VIRGINIA

INTEREST ON PECUNIARY LEGACIES (§ 64.2-425)

A. Unless a contrary intent is expressed in or to be implied from a will or
trust: (i) interest on a pecuniary legacy begins to run at the expiration of one
year after the date of the death of the testator and (ii) interest on a
pecuniary amount from a trust begins to run at the expiration of one year after
the date on which the beneficiary is entitled to receive the pecuniary amount.

B. For the purposes of this section, a marital formula pecuniary bequest either
outright to the testator’s spouse or in trust for the benefit of such
spouse, designed in either case to qualify for the benefit of the marital
deduction allowed by the Internal Revenue Code, shall not be considered a
pecuniary legacy entitled to interest at the expiration of one year after the
death of the testator but, instead, shall share ratably with the residue of the
estate in the income earned by the estate during the period of administration,
unless a contrary intent is expressed in the will.

HISTORY: Code 1950, § 64-68; 1968, c. 656, § 64.1-68; 1999, c. 975; 2012, c.
614.