A. A unitrust policy must provide the period used under §§ 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of § 64.2-1047, the period may be:\n1. A calendar year;\n2. A 12-month period other than a calendar year;\n3. A calendar quarter;\n4. A three-month period other than a calendar quarter; or\n5. Another period.\nB. Except as otherwise provided in subsection B of § 64.2-1047, a unitrust policy may provide standards for:\n1. Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of § 64.2-1044 if:\na. The trust was not in existence in a preceding period; or\nb. Market indices or other published data are not available for a preceding period;\n2. Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of § 64.2-1045 if:\na. The trust was not in existence in a preceding period; or\nb. Fair market values are not available for a preceding period; and\n3. Prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.\n2022, c. 354.
Virginia Legal Code