Tuesday, March 7, 2017
J. William Gray, Jr. & Katherine E. Ramsey recently published an Article entitled, Wills, Trusts, and Estates, 51 U. Rich. L. Rev. 125 (2016). Provided below is an abstract of the Article:
The 2016 General Assembly of Virginia made substantial changes in the augmented estate rights of surviving spouses. It also modified and codified the rules governing powers of appointment. Other legislation affecting wills, trusts, and estates included clarifications and technical corrections relating to such subjects as creditors' claims to life insurance and annuities, court-created trusts, protection of adults from exploitation, creditor protection for residential property, unclaimed assets, guardianships, and nonstock corporation procedure. Five decisions of the Supreme Court of Virginia addressed fiduciary conflicts, tenancies by the entirety, lost wills, contract rights in residences, and no-contest clauses.