A. In this section (i) "time of distribution" means the time when adisclaimed interest would have taken effect in possession or enjoyment, and(ii) "future interest" means an interest that takes effect in possession orenjoyment, if at all, later than the time of its creation.
B. Except for a disclaimer governed by § 64.1-196.6 or § 64.1-196.7, thefollowing rules apply to a disclaimer of an interest in property:
1. The disclaimer takes effect as of the time the instrument creating theinterest becomes irrevocable, or, if the interest arose under the law ofintestate succession, as of the time of the intestate's death.
2. The disclaimed interest passes according to any provision in theinstrument creating the interest providing for the disposition of theinterest, should it be disclaimed, or of disclaimed interests in general.
3. If the instrument does not contain a provision described in subdivision 2,the following rules apply:
a. If the disclaimant is an individual, the disclaimed interest passes as ifthe disclaimant had died immediately before the time of distribution.However, if by law or under the instrument, the descendants of thedisclaimant would share in the disclaimed interest by any method ofrepresentation had the disclaimant died before the time of distribution, thedisclaimed interest passes only to the descendants of the disclaimant whosurvive at the time of distribution.
b. If the disclaimant is not an individual, the disclaimed interest passes asif the disclaimant did not exist.
4. Upon the disclaimer of a preceding interest, a future interest held by aperson other than the disclaimant takes effect as if the disclaimant had diedor ceased to exist immediately before the time of distribution, but a futureinterest held by the disclaimant is not accelerated in possession orenjoyment.
A. In this section (i) "time of distribution" means the time when adisclaimed interest would have taken effect in possession or enjoyment, and(ii) "future interest" means an interest that takes effect in possession orenjoyment, if at all, later than the time of its creation.
B. Except for a disclaimer governed by § 64.1-196.6 or § 64.1-196.7, thefollowing rules apply to a disclaimer of an interest in property:
1. The disclaimer takes effect as of the time the instrument creating theinterest becomes irrevocable, or, if the interest arose under the law ofintestate succession, as of the time of the intestate's death.
2. The disclaimed interest passes according to any provision in theinstrument creating the interest providing for the disposition of theinterest, should it be disclaimed, or of disclaimed interests in general.
3. If the instrument does not contain a provision described in subdivision 2,the following rules apply:
a. If the disclaimant is an individual, the disclaimed interest passes as ifthe disclaimant had died immediately before the time of distribution.However, if by law or under the instrument, the descendants of thedisclaimant would share in the disclaimed interest by any method ofrepresentation had the disclaimant died before the time of distribution, thedisclaimed interest passes only to the descendants of the disclaimant whosurvive at the time of distribution.
b. If the disclaimant is not an individual, the disclaimed interest passes asif the disclaimant did not exist.
4. Upon the disclaimer of a preceding interest, a future interest held by aperson other than the disclaimant takes effect as if the disclaimant had diedor ceased to exist immediately before the time of distribution, but a futureinterest held by the disclaimant is not accelerated in possession orenjoyment.
A. In this section (i) "time of distribution" means the time when adisclaimed interest would have taken effect in possession or enjoyment, and(ii) "future interest" means an interest that takes effect in possession orenjoyment, if at all, later than the time of its creation.
B. Except for a disclaimer governed by § 64.1-196.6 or § 64.1-196.7, thefollowing rules apply to a disclaimer of an interest in property:
1. The disclaimer takes effect as of the time the instrument creating theinterest becomes irrevocable, or, if the interest arose under the law ofintestate succession, as of the time of the intestate's death.
2. The disclaimed interest passes according to any provision in theinstrument creating the interest providing for the disposition of theinterest, should it be disclaimed, or of disclaimed interests in general.
3. If the instrument does not contain a provision described in subdivision 2,the following rules apply:
a. If the disclaimant is an individual, the disclaimed interest passes as ifthe disclaimant had died immediately before the time of distribution.However, if by law or under the instrument, the descendants of thedisclaimant would share in the disclaimed interest by any method ofrepresentation had the disclaimant died before the time of distribution, thedisclaimed interest passes only to the descendants of the disclaimant whosurvive at the time of distribution.
b. If the disclaimant is not an individual, the disclaimed interest passes asif the disclaimant did not exist.
4. Upon the disclaimer of a preceding interest, a future interest held by aperson other than the disclaimant takes effect as if the disclaimant had diedor ceased to exist immediately before the time of distribution, but a futureinterest held by the disclaimant is not accelerated in possession orenjoyment.
