Bill > HB1912

This bill updates various dollar amounts in Virginia's laws related to wills, trusts, and fiduciaries to reflect changes in the Consumer Price Index for all urban consumers (CPI-U). The bill increases monetary thresholds across multiple sections of the Virginia Code, including adjustments to family allowances, exempt property limits, homestead allowances, and small estate provisions. For example, the bill raises the family allowance maximum from $24,000 to $30,000, increases the exempt property value from $20,000 to $25,000, and expands the definition of a "small asset" from $50,000 to $75,000. The changes also affect various administrative thresholds, such as the amount a commissioner of accounts can authorize for gifts from an incapacitated person's estate (increased from $25,000 to $35,000) and the value of personal assets a fiduciary can manage without court approval. These updates are designed to keep legal financial provisions in line with inflation and current economic conditions, ensuring that monetary limits remain practical and meaningful over time.

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https://lis.virginia.gov/bill-details/20251/HB1912