1. A. A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:

   1. 1. The frequency of valuing the asset, which need not require a valuation in every period; and
   2. 2. The date for valuing the asset in each period in which the asset is valued.

2. B. Except as otherwise provided in subdivision B 2 of § 64.2-1047, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:

   1. 1. Obtaining an appraisal of an asset for which fair market value is not readily available;
   2. 2. Exclusion of specific assets or groups or types of assets;
   3. 3. Other exceptions or modifications of the treatment of specific assets or groups or types of assets;
   4. 4. Identification and treatment of cash or property held for distribution;

   5. 5. Use of:

      1. a. An average of fair market values over a stated number of preceding periods; or
      2. b. Another mathematical blend of fair market values over a stated number of preceding periods;

   6. 6. A limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:

      1. a. The corresponding applicable value for the preceding period; or
      2. b. A mathematical blend of applicable values over a stated number of preceding periods;

   7. 7. A limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:

      1. a. The corresponding applicable value for the preceding period; or
      2. b. A mathematical blend of applicable values over a stated number of preceding periods;
   8. 8. The treatment of accrued income and other features of an asset that affect value; and
   9. 9. Determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under subdivisions 1 through 8.

2022, c. 354.