Page:United States Statutes at Large Volume 77.djvu/378

 346

PUBLIC LAW 88-192-DEC. 5, 1963

[77 STAT.

"Unless the will or codicil otherwise provides— "(1) such devise or bequest shall not be invalid because the trust was amended or modified after the will or codicil was executed, and such devise or bequest shall be given effect in accordance with the terms of the trust as they appear in writing on the date of death, of the testator, including any such amendment or modification; "(2) property passing under such devise or bequest shall be deemed to pass directly to the trustee or trustees of the inter vivos trust and shall become a part of the assets of such trust, and shall not be deemed held under a separate testamentary trust; "(3) an entire revocation of the trust prior to the death of the testator shall invalidate the devise or bequest even though such revocation was not effected in the manner provided by law for the revocation of wills and codicils; "(4) a termination of the trust, except by way of revocation, in accordance with the terms of said trust or by its exhaustion or by operation of law or otherwise shall not invalidate the devise or bequest. " (b) BEQUESTS OR DEVISES TO TRUSTEE UNDER, OR I N ACCORDANCE W I T H TERMS OF. TESTAMENTARY TRUSTS.—A devise or bequest may be

made in a will or codicil, otherwise valid, in form or substance to the Trustee or trustees under, or in accordance with the terms of, a testamentary trust established under another valid will or codicil. Such devise or bequest shall not be invalid because the testamentary trust or the will or codicil establishing such testamentary trust was not in existence when the will or codicil containing such devise or bequest was executed, if the testator of the will or codicil establishing such testamentary trust predeceases the testator of the will or codicil containing such devise or bequest, and such will or codicil establishing such testamentary trust had been or is subsequently admitted to probate.

Effective date.

"Unless the will otherwise provides— "(1) property passing under such devise or bequest shall be deemed to pass directly to the trustee or trustees of the testamentary trust and shall become a part of the assets of such trust, and shall not be deemed held under a separate testamentary trust; "(2) a termination of the trust in accordance with the terms of said trust or by its exhaustion or by operation of law or otherwise shall not invalidate the devise or bequest. "The provisions of this section shall apply to any devise or bequest made by a testator living on the effective date of this Act or born subsequent thereto, without regard to thp date of execution of the will or codicil containing such devise or bequest or of the trust instrument, or any amendment thereto: Provided, howevevy That the provisions of this Act shall not be construed as casting any doubt upon the validity as heretofore existing of (a) any devise or bequest made by a testator who shall have died prior to the effective date hereof, or (b) any devise or bequest which does not come within the provisions of this Act." SEC. 2. Any provision of law inconsistent with the provisions of this Act is hereby repealed. SEC. 3. This Act shall become effective upon the date of enactment of this Act. Approved December 5, 1963.

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