Va. Code Ann. § 64.2-1910 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1910
Validity and effect of transfer
Status: in_force

A. The validity of a transfer made in a manner prescribed in this chapter is not affected by:

1. Failure of the transferor to comply with subsection C of § 64.2-1908 concerning possession and control;

2. Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under subsection A of § 64.2-1908 ; or

3. Death or incapacity of a person nominated under § 64.2-1902 or designated under § 64.2-1908 as custodian or the disclaimer of the office by that person.

B. A transfer made pursuant to § 64.2-1908 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this chapter.

C. By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.

1988, c. 516, § 31-47; 2012, c. 614 .
Va. Code Ann. § 64.2-789 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-789
Language invoking standard of article
Status: in_force

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified by language articulating the investment standard to which the trustee is to be held, authorizes any investment or strategy permitted under this article: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."

1999, c. 772 , § 26-45.11; 2012, c. 614 .
Va. Code Ann. § 64.2-108 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 2 / Section 64.2-108
Power granted to personal representatives and trustees to donate conservation or open-space easements
Status: in_force

Personal representatives and trustees, whether heretofore or hereafter qualified or appointed, are hereby granted the power to donate a conservation easement as provided in the Virginia Conservation Easement Act (§ 10.1-1009 et seq.) or an open-space easement as provided in the Open-Space Land Act (§ 10.1-1700 et seq.) on any real property of their decedents and settlors, in order to obtain the benefit of the estate tax exclusion allowed under § 2031(c) of the Internal Revenue Code of 1986, as amended, provided they have the written consent of all of the heirs, beneficiaries, and devisees whose interests are affected thereby. Upon petition of the personal representative or trustee, the circuit court may give consent on behalf of any unborn, unascertained, or incapacitated heirs, beneficiaries, or devisees whose interests are affected thereby after determining that (i) the donation of the conservation easement will not adversely affect such heirs, beneficiaries, or devisees or (ii) it is more likely than not that such heirs, beneficiaries, or devisees would consent if they were before the court and capable of giving consent. A guardian ad litem shall be appointed to represent the interests of any unborn, unascertained, or incapacitated persons.

1999, cc. 503 , 527 , § 64.1-57.3; 2009, c. 588 ; 2012, c. 614 .
Va. Code Ann. § 64.2-527 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 5 / Section 64.2-527
Estate held for another's life; inclusion in personal estate
Status: in_force

Any estate for the life of another shall go to the personal representative of the party entitled to the estate and shall be applied and distributed as the personal estate of such party.

Code 1950, § 64-146; 1968, c. 656, § 64.1-156; 2012, c. 614 .
Va. Code Ann. § 64.2-442 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-442
International will information registration
Status: in_force

The Secretary of the Commonwealth shall establish a registry system by which authorized persons may register in a central information center, information regarding the execution of international wills, keeping that information in strictest confidence until the death of the testator and then making it available to any person desiring information about any will who presents a death certificate or other satisfactory evidence of the testator's death to the center. Information that may be received, preserved in confidence until death, and reported as indicated is limited to the name, social security or any other individual-identifying number established by law, address, and date and place of birth of the testator, and the intended place of deposit or safekeeping of the instrument pending the death of the testator. The Secretary of the Commonwealth, at the request of the authorized person, may cause the information he receives about execution of any international will to be transmitted to the registry system of another jurisdiction as identified by the testator, if that other system adheres to rules protecting the confidentiality of the information similar to those established in the Commonwealth.

1995, c. 443 , § 64.1-96.11; 2001, c. 85 ; 2012, c. 614 .
Va. Code Ann. § 64.2-129 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-129
Fiduciary duty and authority
Status: in_force

A. The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:

1. The duty of care;

2. The duty of loyalty; and

3. The duty of confidentiality.

B. A fiduciary's or designated recipient's authority with respect to a digital asset of a user:

1. Except as otherwise provided in § 64.2-118 , is subject to the applicable terms-of-service agreement;

2. Is subject to other applicable law, including copyright law;

3. In the case of a fiduciary, is limited by the scope of the fiduciary's duties; and

4. May not be used to impersonate the user.

C. A fiduciary with authority over the property of a decedent, protected person, principal, or settlor has the right to access any digital asset in which the decedent, protected person, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.

D. A fiduciary acting within the scope of the fiduciary's duties is an authorized user of the property of the decedent, protected person, principal, or settlor for the purpose of applicable computer-fraud and unauthorized computer-access laws, including Article 7.1 (§ 18.2-152.1 et seq.) of Chapter 5 of Title 18.2.

E. A fiduciary with authority over the tangible personal property of a decedent, protected person, principal, or settlor:

1. Has the right to access the property and any digital asset stored in it; and

2. Is an authorized user for the purposes of computer-fraud and unauthorized computer-access laws, including Article 7.1 (§ 18.2-152.1 et seq.) of Chapter 5 of Title 18.2.

F. A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.

G. A fiduciary of a user may request a custodian to terminate the user's account. A request for termination shall be in writing, in either physical or electronic form, and accompanied by:

1. If the user is deceased, a certified copy of the death certificate of the user;

2. A certified copy of the letter of appointment of the representative or a small-estate affidavit or court order, court order, power of attorney, or trust giving the fiduciary authority over the account; and

3. If requested by the custodian:

a. A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user's account;

b. Evidence linking the account to the user; or

c. A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subdivision a.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-738 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-738
Prohibitions as to trust that is deemed a split-interest trust
Status: in_force

Every trust that is a split-interest trust, as described in § 4947(a)(2) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall not engage in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in § 4943(c) of the Internal Revenue Code, that would give rise to liability for the tax imposed by § 4943(a) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by § 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in § 4945(d) of the Internal Revenue Code. This section shall not apply with respect to:

1. Any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under § 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code;

2. Any amounts in trust other than amounts for which a deduction was allowed under § 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code, if such other amounts are segregated from amounts for which no deduction was allowable; or

3. Any amounts transferred in trust before May 27, 1969.

2005, c. 935 , § 55-544.20; 2012, c. 614 .
Va. Code Ann. § 64.2-632 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-632
Effect of transfer on death deed at transferor's death
Status: in_force

A. Except as otherwise provided in the transfer on death deed, in this section, in § 64.2-302 or Article 1.1 (§ 64.2-308.1 et seq.) of Chapter 3, as applicable, or in Chapter 22 (§ 64.2-2200 et seq.) or 25 (§ 64.2-2500 et seq.), on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death:

1. Subject to subdivision 2, the interest in the property is transferred to and vests in the designated beneficiary at the death of the transferor in accordance with the deed.

2. The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses.

3. Subject to subdivision 4, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.

4. If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one that lapses or fails for any reason is transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently.

5. If, after making a transfer on death deed, the transferor is divorced a vinculo matrimonii or his marriage is annulled, the divorce or annulment revokes any transfer to a former spouse as designated beneficiary unless the transfer on death deed expressly provides otherwise.

B. Subject to Chapter 6 (§ 55.1-600 et seq.) of Title 55.1, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests to which the property is subject at the transferor's death. For purposes of this subsection and Chapter 6 (§ 55.1-600 et seq.) of Title 55.1, the transfer and conveyance of the property subject to the transfer on death deed shall be deemed to be effective at the transferor's death.

C. If a transferor is a joint owner and is:

1. Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship but remains subject to the naming of the designated beneficiary in the transfer on death deed; or

2. The last surviving joint owner, the transfer on death deed is effective.

D. A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.

2013, c. 390 ; 2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-318 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 3 / Section 64.2-318
Perfection of title of surviving spouse
Status: in_force

If the title to any property to which this article applies was held by the decedent at the time of death, title of the surviving spouse may be perfected by an order of the court or by execution of an instrument by the personal representative or the heirs or devisees of the decedent with the approval of the commissioner of accounts. Neither the personal representative nor the court in which the decedent's estate is being administered has a duty to discover or attempt to discover whether property held by the decedent is property to which this article applies, unless a written demand is made by the surviving spouse or the spouse's successor in interest.

1982, c. 456, § 64.1-200; 2012, c. 614 .
Va. Code Ann. § 64.2-2105 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 2 / Section 64.2-2105
Definitions; significant connection factors
Status: in_force

A. In this article:

"Emergency" means a circumstance that likely will result in substantial harm to a respondent's health, safety, or welfare, and for which the appointment of a guardian is necessary because no other person has authority and is willing to act on the respondent's behalf.

"Home state" means the state in which the respondent was physically present, including any period of temporary absence, for at least six consecutive months immediately before the filing of a petition for a conservatorship order or the appointment of a guardian, or if none, the state in which the respondent was physically present, including any period of temporary absence, for at least six consecutive months ending within the six months prior to the filing of the petition.

"Significant-connection state" means a state, other than the home state, with which a respondent has a significant connection other than mere physical presence and in which substantial evidence concerning the respondent is available.

B. In determining under § 64.2-2107 and subsection E of § 64.2-2114 whether a respondent has a significant connection with a particular state, the court shall consider:

1. The location of the respondent's family and other persons required to be notified of the guardianship or protective proceeding;

2. The length of time the respondent at any time was physically present in the state and the duration of any absence;

3. The location of the respondent's property; and

4. The extent to which the respondent has ties to the state such as voting registration, state or local tax return filing, vehicle registration, driver's license, social relationship, and receipt of services.

2011, c. 518 , § 37.2-1037; 2012, c. 614 .
Va. Code Ann. § 64.2-1408 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1408
Circuit court may exercise same powers in suit to enforce or administer trust
Status: in_force

A circuit court may exercise all the powers conferred by §§ 64.2-1405 , 64.2-1406 , 64.2-1407 , and 64.2-1412 in a suit pending to enforce or administer the trust.

Code 1919, § 6302; Code 1950, § 26-52; 2012, c. 614 .
Va. Code Ann. § 64.2-1221 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1221
Report on fiduciaries' bonds; "record of fiduciaries."
Status: in_force

A. The clerk of each circuit court shall furnish to the commissioner of accounts at the end of each month a list of the fiduciaries authorized to act as such under orders entered during that month and shall examine whether each fiduciary has given such bond as the law requires. If it appears that the fiduciary has given no bond or that his bond is defective, the clerk shall immediately report this fact to the circuit court.

B. The commissioner of accounts shall keep a book or other proper record called the "record of fiduciaries," in which the following shall be entered in separate columns:

1. The name of every fiduciary;

2. The name of the decedent whose estate the fiduciary represents or the name of the living person for whom he is acting in fiduciary capacity;

3. The penalty of his bond;

4. The names of his sureties;

5. The date of the order conferring his authority;

6. The date of any order revoking his authority;

7. The date of the return of every inventory of the estate; and

8. The date of each settlement of the accounts of the fiduciary.

The commissioner of accounts shall index the record of fiduciaries in the name of the decedent or person represented by the fiduciary.

C. The clerk shall certify to the commissioner of accounts the revocation of the authority of any fiduciary within 10 days of the revocation.

D. Any commissioner failing to make entries pursuant to subsection B or any clerk failing to certify the revocation of a fiduciary's authority pursuant to subsection C shall forfeit $20 for every such failure.

Code 1919, § 5401; 1946, p. 324; Code 1950, § 26-9; 1956, c. 59; 1973, c. 544; 2012, c. 614 .
Va. Code Ann. § 64.2-306 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1 / Section 64.2-306
Charging spouse with the value of property received; liability of others for balance of elective share
Status: in_force

A. In determining the elective share, the value of property included in the augmented estate that passes or has passed to the surviving spouse, or that would have passed to the spouse but was disclaimed, is applied first to satisfy the elective share in order to reduce any contributions due from other recipients of transfers included in the augmented estate.

B. The recipients of the remaining property of the augmented estate are liable to contribute the balance of the elective share and any interest thereon in proportion to the value of their interests.

C. The only persons subject to contribution to make up the elective share are (i) an original transferee from or appointee of the decedent, and any subsequent gratuitous inter vivos donee or person claiming by will or intestate succession, to the extent such person has the property or its proceeds on or after the date of the decedent's death, and (ii) a fiduciary, as to the property under the fiduciary's control at or after the time a fiduciary receives notice that a surviving spouse has claimed an elective share in the decedent's estate. A corporate fiduciary shall not be considered to have notice until it receives notice at its address as shown in the decedent's estate papers in the clerk's office or, if there are no such papers or no address is shown therein, at the office of its registered agent.

No other party is subject to contribution to make up the elective share even though the party makes a payment or transfers an item of property or other benefit to any person with actual knowledge that a surviving spouse has claimed an elective share in the decedent's estate.

D. Upon the petition of the surviving spouse, the decedent's personal representative, or any party in interest, the court having jurisdiction over the administration of the decedent's estate shall determine the amount of the elective share and the ratable portion of the elective share attributable to each person liable to contribution. Such petition may be brought against fewer than all persons from whom relief could be sought, but no person is subject to contribution in any amount greater than that which he would have been if relief had been secured against all persons subject to contribution.

E. Within 30 days after the court's determination of the contributions due under subsection D becomes final and not subject to further appeal, any person liable to the surviving spouse for contribution may file with the court a written statement specifying any of the following methods for satisfying his contribution and interest liability:

1. Conveyance to the surviving spouse of a portion of the property included in the augmented estate equal in value to his liability on the date the contribution statement is filed, or if, on the date of filing, the value of the property included in the augmented estate is less than his liability, conveyance to the surviving spouse of the entire property included in the augmented estate in full satisfaction;

2. Payment of the value of his liability in cash or, upon agreement of the surviving spouse, other property; or

3. Partial conveyance and partial payment under subdivisions 1 and 2, provided that the value conveyed and paid is equal to his liability.

In the event a contribution statement is not filed within 30 days, the court shall enter an order specifying the method by which a person's liability to the surviving spouse shall be satisfied.

1990, c. 831, § 64.1-16.2; 1992, cc. 617, 647; 2007, c. 308 ; 2012, c. 614 .
Va. Code Ann. § 64.2-2000.1 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2000.1
Identifying information; separate confidential addendum
Status: in_force

Any petition, pleading, motion, order, or report filed under this chapter, including any transcripts, shall not contain any financial information relating to the financial resources of the respondent, including the respondent's anticipated annual gross income, other receipts, or debts, nor any other financial information that provides identifying account numbers for any asset, liability, account, or credit card of the respondent. Such information shall be contained in a separate confidential addendum filed by (i) a guardian ad litem appointed pursuant to § 64.2-2003 , (ii) an attorney, or (iii) a party.

Such separate confidential addendum shall be used to distribute the information only as required by law. Such addendum shall otherwise be made available only to the parties, including any adult individual or entity that becomes a party by filing a pleading with the circuit court in which the guardianship or conservatorship case is pending; their attorneys; the guardian ad litem appointed pursuant to § 64.2-2003 to represent the respondent; the commissioner of accounts or assistant commissioner of accounts for the circuit court that has jurisdiction over the guardianship or conservatorship; and such other persons as the court in its discretion may allow for good cause shown. The attorney, party, or guardian ad litem who prepares or submits a petition, pleading, motion, order, or report shall ensure that any information protected pursuant to this section is removed prior to filing with the clerk and that any separate confidential addendum is incorporated by reference into the petition, pleading, motion, order, or report.

2023, c. 16 .
Va. Code Ann. § 64.2-1000 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10 / Article 1 / Section 64.2-1000
Repealed
Status: repealed

Repealed by Acts 2022, c. 354 , cl. 2.
Va. Code Ann. § 64.2-450 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-450
Probate of copy of will proved outside the Commonwealth; authenticated copy
Status: in_force

When a will relative to an estate within the Commonwealth has been proved in another jurisdiction, an authenticated copy of the will and the certificate of probate of the will may be offered for probate in the Commonwealth, and there shall be a rebuttable presumption that the will was duly executed and admitted to probate as a will of personal estate in the jurisdiction of the testator's domicile and the circuit court, or the clerk of such court, where it is offered shall admit such copy to probate as a will of personal estate in the Commonwealth. If such copy indicates that the will was admitted to probate in a court of another jurisdiction and was so executed as to be a valid will of real estate in the Commonwealth by the law of the Commonwealth, such copy may be admitted to probate as a will of real estate. An authenticated copy of any will which has been self-proved under the laws of another state shall, when offered with its authenticated certificate of probate, be admitted to probate as a will of personal estate and real estate.

Code 1950, § 64-88; 1968, c. 656, § 64.1-92; 1977, c. 249; 1980, c. 264; 2012, c. 614 .
Va. Code Ann. § 64.2-126 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-126
Disclosure of contents of electronic communications held in trust when trustee is not original user
Status: in_force

Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of electronic communications sent or received by an original or successor user and carried, maintained, processed, received, or stored by the custodian in the account of the trust if the trustee gives the custodian:

1. A written request for disclosure in physical or electronic form;

2. A certified copy of the trust instrument, or a certification of the trust under § 64.2-804 that includes consent to disclosure of the content of electronic communications to the trustee;

3. A certification by the trustee that the trust exists and the trustee is a currently acting trustee of the trust; and

4. If requested by the custodian:

a. A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the trust's account; or

b. Evidence linking the account to the trust.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-900 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-900
Definitions
Status: in_force

As used in this chapter:

"Adult" means an individual who is at least 18 years of age.

"Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this chapter.

"Conservator" means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.

"Court" means a circuit court of the Commonwealth.

"Custodial trust property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest.

"Custodial trustee" means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated.

"Guardian" means a person appointed or qualified by a court as a guardian of a person, including a limited guardian, but not a person who is only a guardian ad litem.

"Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.

"Legal representative" means a personal representative or conservator.

"Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

"Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.

"Personal representative" means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.

"State" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.

"Transferor" means a person who creates a custodial trust by transfer or declaration.

"Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.

1990, c. 264, § 55-34.1; 2012, c. 614 .
Va. Code Ann. § 64.2-511 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-511
Powers of executor before qualification
Status: in_force

A person named in a will as executor shall not exercise the powers of executor until he qualifies as such by taking an oath and giving bond in the court or before the clerk where the will or an authenticated copy thereof is admitted to record, except that he may provide for the burial of the testator, pay reasonable funeral expenses, and preserve the estate from waste.

Code 1950, § 64-128; 1968, c. 656, § 64.1-136; 2012, c. 614 .
Va. Code Ann. § 64.2-630 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-630
Revocation by instrument authorized; revocation by act not permitted
Status: in_force

A. Subject to subsection B, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument:

1. Is one of the following:

a. A transfer on death deed that revokes the transfer on death deed or part of the transfer on death deed expressly;

b. A transfer on death deed that names a designated beneficiary that is inconsistent with the designated beneficiary in a prior transfer on death deed;

c. An instrument of revocation that expressly revokes the transfer on death deed or part of the transfer on death deed; or

d. An inter vivos deed that conveys real property to another so the transferor is no longer the owner at the time of the transferor's death.

2. Is acknowledged by the transferor after the acknowledgment of the transfer on death deed being revoked and recorded before the transferor's death in the land records of the clerk's office of the circuit court where the deed is recorded.

B. If a transfer on death deed is made by more than one transferor:

1. Revocation by a transferor does not affect the transfer on death deed as to the interest of another transferor; and

2. A transfer on death deed of joint owners is revoked only if it is revoked by all of the living joint owners.

C. After a transfer on death deed is recorded, it can be revoked only by an effective revocatory instrument recorded prior to the death of the transferor and may not be revoked by a revocatory act taken against or on the original or a copy of the recorded transfer on death deed.

D. This section does not limit the effect of an inter vivos transfer of the property.

2013, c. 390 , 2025, c. 85 .
Va. Code Ann. § 64.2-552 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 9 / Section 64.2-552
How claims filed before commissioners of accounts; tolling of limitations period
Status: in_force

A. Any person who seeks to prove that he has a debt or demand against the decedent or the decedent's estate shall file his claim in writing with the commissioner of accounts, who shall endorse upon it the date of the filing and sign the endorsement in his official character.

B. If the commissioner of accounts recommends in writing the recovery or enforcement of a claim for a debt or demand against the decedent or the decedent's estate, the filing of such claim with the commissioner of accounts pursuant to subsection A shall toll any limitations period that would otherwise bar an action for the recovery or enforcement of the claim or bar the filing of such claim until the termination of the proceedings commenced under § 64.2-550 .

C. The provisions of this section shall apply to any claim timely presented to the personal representative pursuant to § 64.2-508.1 .

Code 1950, § 64-163; 1968, c. 656, § 64.1-173; 1989, c. 492; 2012, c. 614 ; 2026, c. 382 .
Va. Code Ann. § 64.2-1039 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 3 / Section 64.2-1039
Definitions
Status: in_force

As used in this article, unless the context requires a different meaning:

"Applicable value" means the amount of the net fair market value of a trust taken into account under § 64.2-1045 .

"Express unitrust" means a trust for which, under the terms of the trust without regard to this article, income or net income must or may be calculated as a unitrust amount.

"Income trust" means a trust that is not a unitrust.

"Net fair market value of a trust" means the fair market value of the assets of the trust, less the noncontingent liabilities of the trust.

"Unitrust" means a trust for which net income is a unitrust amount. "Unitrust" includes an express unitrust.

"Unitrust amount" means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, "unitrust amount" means the applicable value, multiplied by the unitrust rate.

"Unitrust policy" means a policy described in §§ 64.2-1043 through 64.2-1047 and adopted under § 64.2-1041 .

"Unitrust rate" means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.

2022, c. 354 .
Va. Code Ann. § 64.2-1704 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 17 / Section 64.2-1704
Guardian's bond
Status: in_force

A. Before any person may be appointed the guardian for the estate of a minor, the person, in the circuit court or before the circuit court clerk, shall take an oath that he will faithfully perform the duties of his office to the best of his judgment and give his bond in an amount at least equal to the value of the minor's personal estate coming under his control.

B. Every guardian for the estate of a minor shall provide surety upon his bond unless it is waived pursuant to § 64.2-1411 or, in the case of a testamentary guardian, it is waived by the testator's will. However, upon the motion of the court or clerk or upon the motion of another interested person, the court or clerk may at any time require surety upon a guardian's bond. Every order appointing a guardian shall state whether or not surety is required.

C. If the same guardian qualifies upon the estate of two or more minors who are members of the same family, such guardian shall only be required to give one guardianship bond.

Code 1919, § 5318; 1926, p. 589; 1928, p. 1085; Code 1950, § 31-6; 1954, c. 398; 1995, c. 225 ; 1999, c. 16 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1902 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1902
Nomination of custodian
Status: in_force

A. A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for............… (name of minor) under the Virginia Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.

B. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under subsection A of § 64.2-1908 .

C. The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under § 64.2-1908 . Unless the nomination of custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to § 64.2-1908 .

1988, c. 516, § 31-39; 2012, c. 614 .
Va. Code Ann. § 64.2-1314 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1314
Statement in lieu of settlement of accounts by personal representatives in certain circumstances
Status: in_force

A. For the purposes of this section, the term "residuary beneficiary" shall not include the trustee of a trust that receives a residuary gift under a decedent's will.

B. If all distributees of a decedent's estate or all residuary beneficiaries under a decedent's will are personal representatives of that decedent's estate, whether serving alone or with others who are not distributees or residuary beneficiaries, the personal representatives may, in lieu of the settlement of accounts required by § 64.2-1304 , file with the commissioner of accounts a statement under oath that (i) all known charges against the estate have been paid, (ii) six months have elapsed since the personal representatives qualified in the clerk's office, and (iii) the residue of the estate has been delivered to the distributees or beneficiaries. In the case of a residuary beneficiary, the statement shall include an itemized listing, substantiated and accompanied by proper vouchers, showing satisfaction of all other bequests in the will. The statement shall be considered an account stated and subject to all the provisions of this chapter applicable to accounts stated.

C. If the statement authorized by this section cannot be filed with the commissioner of accounts within the time prescribed by § 64.2-1304 , the personal representatives, within that time, shall file either (i) an interim account or (ii) a written notice under oath that the personal representatives intend to file a statement in lieu of the settlement of accounts when all requirements of this section have been met, which shall include an explanation of why such a statement cannot presently be filed. Second and subsequent interim accounts or notices of intent to file shall be filed annually until the statement in lieu of the settlement of accounts is filed. A commissioner of accounts who determines that the reasons offered for not presently filing a statement in lieu of settlement are not sufficient, whether in a first or subsequent written notice, may require the personal representatives to file an interim account in addition to the notice. The filing of an interim account shall not preclude the filing of a subsequent statement.

1960, c. 428, § 26-20.1; 1972, c. 326; 1975, c. 192; 1980, c. 199; 1981, c. 113; 1983, c. 328; 1984, c. 309; 1993, c. 525; 1998, c. 610 ; 2001, c. 107 ; 2012, c. 614 ; 2017, c. 638 .
Va. Code Ann. § 64.2-1431 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 2 / Section 64.2-1431
Sale of property and payment of proceeds to nonresident trustee
Status: in_force

If, in any proceeding under § 64.2-1427 or in case of an interest in property acquired by a will that does not restrict the transfer of property out of the Commonwealth upon petition under § 64.2-1427 , the circuit court may order the property, or any part of it, to be sold, and the proceeds to be paid to the foreign guardian, conservator, committee, or nonresident trustee.

Code 1919, § 5355; Code 1950, § 26-66; 1968, c. 399; 1997, c. 801 ; 2005, c. 935 ; 2012, c. 614 .
Va. Code Ann. § 64.2-409 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-409
Wills of living persons lodged for safekeeping with clerks of certain courts
Status: in_force

A. A person or his attorney may, during the person's lifetime, lodge for safekeeping with the clerk of the circuit court serving the jurisdiction where the person resides any will executed by such person. The clerk shall receive such will and give the person lodging it a receipt. The clerk shall (i) place the will in an envelope and seal it securely, (ii) number the envelope and endorse upon it the name of the testator and the date on which it was lodged, and (iii) index the same alphabetically by name of both the testator and the executor then qualified in a permanent index that shows the number and date such will was deposited.

B. An attorney-at-law, bank, or trust company that has held a will for safekeeping for a client for at least seven years and that has no knowledge of whether the client is alive or dead after such time may lodge such will with the clerk as provided in subsection A.

C. The clerk shall carefully preserve the envelope containing the will unopened until it is returned to the testator or his nominee in the testator's lifetime upon request of the testator or his nominee in writing or until the death of the testator. If such will is returned during the testator's lifetime and is later returned to the clerk, it shall be considered to be a separate lodging under the provisions of this section.

D. Upon notice of the testator's death, the clerk shall open the will and deliver the same to any person entitled to offer it for probate.

E. The clerk shall charge a fee of $5 for lodging, indexing, and preserving a will pursuant to this section.

F. The provisions of this section are applicable only to the clerk's office of a court where the judge or judges of such court have entered an order authorizing the use of the clerk's office for such purpose.

G. The clerk may destroy any will that has been lodged in his office for safekeeping under this section for 100 years or more.

Code 1950, § 64-57.1; 1958, c. 392; 1964, c. 390; 1968, c. 656, § 64.1-56; 1970, c. 567; 2012, c. 614 ; 2019, c. 529 ; 2020, cc. 68 , 589 , 1063 .
Va. Code Ann. § 64.2-778 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8 / Section 64.2-778
Specific powers of trustee
Status: in_force

A. Without limiting the authority conferred by § 64.2-777 , a trustee may:

1. Collect trust property and accept or reject additions to the trust property from a settlor or any other person;

2. Acquire or sell property, for cash or on credit, at public or private sale;

3. Exchange, partition, or otherwise change the character of trust property;

4. Deposit trust money in an account in a regulated financial service institution;

5. Borrow money, with or without security, and mortgage or pledge trust property for a period within or extending beyond the duration of the trust;

6. With respect to an interest in a proprietorship, partnership, limited liability company, business trust, corporation, or other form of business or enterprise, continue the business or other enterprise and take any action that may be taken by shareholders, members, or property owners, including merging, dissolving, or otherwise changing the form of business organization or contributing additional capital;

7. With respect to stocks or other securities, exercise the rights of an absolute owner, including the right to:

a. Vote, or give proxies to vote, with or without power of substitution, or enter into or continue a voting trust agreement;

b. Hold a security in the name of a nominee or in other form without disclosure of the trust so that title may pass by delivery;

c. Pay calls, assessments, and other sums chargeable or accruing against the securities, and sell or exercise stock subscription or conversion rights;

d. Deposit the securities with a depository or other regulated financial service institution; and

e. Consent directly or through a committee or other agent to the merger, consolidation, reorganization, readjustment of capital or financial structure, lease, sale, dissolution, or liquidation of a business enterprise and elect whether to participate as a member of a class in any litigation involving securities;

8. With respect to an interest in real property, construct, or make ordinary or extraordinary repairs to, alterations to, or improvements in, buildings or other structures, demolish improvements, raze existing or erect new party walls or buildings, subdivide or develop land, dedicate land to public use or grant public or private easements, make or vacate plats and adjust boundaries, and make contracts, licenses, leases, conveyances, or grants of every nature and kind with respect to crops, gravel, sand, oil, gas, timber and forest products, other usufruct rights, or natural resources, and other benefits or incidents of the real property;

9. Enter into a lease for any purpose as lessor or lessee, including a lease or other arrangement for exploration and removal of natural resources, with or without the option to purchase or renew, for a period within or extending beyond the duration of the trust;

10. Grant an option involving a sale, lease, or other disposition of trust property or acquire an option for the acquisition of property, including an option exercisable beyond the duration of the trust, and exercise an option so acquired;

11. Insure the property of the trust against damage or loss and insure the trustee, the trustee's agents, and beneficiaries against liability arising from the administration of the trust;

12. Abandon or decline to administer property of no value or of insufficient value to justify its collection or continued administration;

13. With respect to possible liability for violation of environmental law:

a. Inspect or investigate property the trustee holds or has been asked to hold, or property owned or operated by an organization in which the trustee holds or has been asked to hold an interest, for the purpose of determining the application of environmental law with respect to the property;

b. Take action to prevent, abate, or otherwise remedy any actual or potential violation of any environmental law affecting property held directly or indirectly by the trustee, whether taken before or after the assertion of a claim or the initiation of governmental enforcement;

c. Decline to accept property into trust or disclaim any power with respect to property that is or may be burdened with liability for violation of environmental law;

d. Compromise claims against the trust that may be asserted for an alleged violation of environmental law; and

e. Pay the expense of any inspection, review, abatement, or remedial action to comply with environmental law;

14. Pay or contest any claim, settle a claim by or against the trust, and release, in whole or in part, a claim belonging to the trust;

15. Pay taxes, assessments, compensation of the trustee and of employees and agents of the trust, and other expenses incurred in the administration of the trust;

16. Exercise elections with respect to federal, state, and local taxes, including considering discretionary distributions to a beneficiary as being made from capital gains realized during the year;

17. Select a mode of payment under any employee benefit or retirement plan, annuity, or life insurance payable to the trustee, exercise rights thereunder, including exercise of the right to indemnification for expenses and against liabilities, and take appropriate action to collect the proceeds;

18. Make loans out of trust property, including loans to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, and the trustee has a lien on future distributions for repayment of those loans;

19. Pledge trust property to guarantee loans made:

a. By others to the beneficiary; or

b. To any proprietorship, partnership, limited liability company, business trust, corporation, venture, agricultural operation, or other form of business or enterprise in which the trust or any beneficiary has a direct or an indirect ownership interest;

20. Guarantee loans made to any:

a. Beneficiary; or

b. Proprietorship, partnership, limited liability company, business trust, corporation, venture, agricultural operation, or other form of business or enterprise in which the trust or any beneficiary has a direct or an indirect ownership interest;

21. Appoint a trustee to act in another jurisdiction with respect to trust property located in the other jurisdiction, confer upon the appointed trustee all of the powers and duties of the appointing trustee, require that the appointed trustee furnish security, and remove any trustee so appointed;

22. Pay an amount distributable to a beneficiary who is under a legal disability or who the trustee reasonably believes is incapacitated, by paying it directly to the beneficiary or applying it for the beneficiary's benefit, or by:

a. Paying it to the beneficiary's conservator or, if the beneficiary does not have a conservator, the beneficiary's guardian;

b. Paying it to the beneficiary's custodian under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.) or custodial trustee under the Uniform Custodial Trust Act (§ 64.2-900 et seq.), and, for that purpose, creating a custodianship or custodial trust;

c. If the trustee does not know of a conservator, guardian, custodian, or custodial trustee, paying it to an adult relative or other person having legal or physical care or custody of the beneficiary, to be expended on the beneficiary's behalf; or

d. Managing it as a separate fund on the beneficiary's behalf, subject to the beneficiary's continuing right to withdraw the distribution;

23. On distribution of trust property or the division or termination of a trust, make distributions in divided or undivided interests, allocate particular assets in proportionate or disproportionate shares, value the trust property for those purposes, and adjust for resulting differences in valuation, and may distribute trust property in kind or in cash, or partially in kind and partially in cash, in divided or undivided interests;

24. Resolve a dispute concerning the interpretation of the trust or its administration by mediation, arbitration, or other procedure for alternative dispute resolution;

25. Prosecute or defend an action, claim, or judicial proceeding in any jurisdiction to protect trust property and the trustee in the performance of the trustee's duties;

26. Sign and deliver contracts and other instruments that are useful to achieve or facilitate the exercise of the trustee's powers;

27. On termination of the trust, exercise all of the powers otherwise exercisable by the trustee during the administration of the trust, including, without limitation, investment powers, the power to sell assets, the powers pursuant to subdivision 23, and any additional powers appropriate to wind up the administration of the trust and distribute the trust property to the persons entitled to it; and

28. Form a corporation or other entity and transfer, assign, and convey to such corporation or entity all or part of the trust property in exchange for stock, securities, or obligations of such corporation or entity, and continue to hold such stock and securities and obligations.

B. Any reference in a trust instrument incorporating the powers authorized under § 64.2-105 shall not be construed to limit powers a trustee may exercise pursuant to this section, unless the settlor expressly states in the trust instrument that such reference should be so construed.

2005, c. 935 , § 55-548.16; 2012, c. 614 ; 2025, c. 165 .
Va. Code Ann. § 64.2-716 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 3 / Section 64.2-716
Representation by fiduciaries and parents or other ancestors
Status: in_force

To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute:

1. A conservator or guardian of the estate may represent and bind the estate that such fiduciary controls;

2. A guardian may represent and bind the ward if a conservator or guardian of the ward's estate has not been appointed;

3. An agent having authority to act with respect to the particular question or dispute may represent and bind the principal;

4. A trustee may represent and bind the beneficiaries of the trust;

5. A personal representative of a decedent's estate may represent and bind persons interested in the estate;

6. A parent may represent and bind the parent's minor or unborn child if a guardian of the estate or guardian for the child has not been appointed; and

7. If a minor or unborn person is not otherwise represented under this section, a grandparent or more remote ancestor may represent and bind that minor or unborn person.

2005, c. 935 , § 55-543.03; 2012, c. 614 .
Va. Code Ann. § 64.2-608 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 2 / Section 64.2-608
Transfer of securities of nonresident decedents
Status: in_force

The stocks, bonds, or evidences of indebtedness issued by (i) the Commonwealth or any corporation created by the Commonwealth or (ii) any national bank or any other corporation created pursuant to federal law that has its principal office in the Commonwealth that are held in the name of a decedent domiciled outside of the Commonwealth at the time of his death and who is not known by the officer or agent charged with the duty of transferring such stocks, bonds, or evidences of indebtedness to have a personal representative qualified as such within the Commonwealth, may be transferred by the executor or administrator of the decedent qualified according to the laws of the decedent's domicile.

Code 1950, § 64-122; 1950, c. 895; 1968, c. 656, § 64.1-129; 2012, c. 614 .
Va. Code Ann. § 64.2-779.1 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.1
Scope
Status: in_force

A. Except as otherwise provided in subsections B and C, this article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.

B. This article does not apply to a trust held solely for charitable purposes.

C. Subject to § 64.2-779.12 , a trust instrument may restrict or prohibit exercise of the decanting power.

D. This article does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of the Commonwealth other than this article, common law, a court order, or a nonjudicial settlement agreement.

E. This article does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.

2017, c. 592 .
Va. Code Ann. § 64.2-1103 — Virginia Code / Title 64.2 / Subtitle III / Chapter 11 / Section 64.2-1103
Delegation of management and investment functions
Status: in_force

A. Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:

1. Selecting an agent;

2. Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and

3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.

B. In performing a designated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.

C. An institution that complies with subsection A is not liable for the decisions or actions of an agent to which the function was delegated.

D. By accepting delegation of a management or investment function from an institution that is subject to the laws of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth in all proceedings arising from or related to the delegation or the performance of the delegated function.

E. An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of the Commonwealth other than this chapter.

1973, c. 167, § 55-268.5; 2008, c. 184 , § 55-268.15; 2012, c. 614 .
Va. Code Ann. § 64.2-1903 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1903
Transfer by gift or exercise of power of appointment
Status: in_force

A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § 64.2-1908 .

1988, c. 516, § 31-40; 2012, c. 614 .
Va. Code Ann. § 64.2-2706 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 1 / Section 64.2-2706
Common law and principles of equity
Status: in_force

The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or other law of the Commonwealth.

2016, c. 266 .
Va. Code Ann. § 64.2-502.1 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 1 / Section 64.2-502.1
Appeal from order of clerk appointing administrator
Status: in_force

Any person interested in the administration of an estate, including any person entitled to notice under § 64.2-508 , or the appointment of an administrator for the purposes of an action brought pursuant to § 64.2-454 may, without giving any bond, appeal any order entered by the clerk or deputy clerk of a circuit court pursuant to § 64.2-454 , 64.2-500 , or 64.2-502 within six months after entry of such order to the circuit court whose clerk or deputy clerk made such order. Upon filing of the appeal, the clerk or deputy clerk shall enter in such order or in the will book an order allowing the appeal and a hearing on the matter shall be given precedence on the circuit court's docket. The proceeding on the appeal shall be heard de novo by the court and a copy of the final order of the court shall be entered into the order of the clerk or into the will book.

At any time after the appeal is allowed, the court may enter an order for the protection of any person interested in the estate or for the protection or preservation of any property involved as the court finds necessary.

The appointment of a new administrator pursuant to this section shall not render any prior and otherwise valid appointment void ab initio. Such newly appointed administrator for an otherwise valid prior appointment shall be substituted for the prior administrator in any pending litigation.

2026, c. 475 .
Va. Code Ann. § 64.2-2601 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2601
Scope
Status: in_force

This chapter applies to disclaimers of any interest in or power over property, whenever created.

2003, c. 253 , § 64.1-196.2; 2012, c. 614 .
Va. Code Ann. § 64.2-1048 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 4 / Section 64.2-1048
Character of receipts from entity
Status: in_force

A. As used in this section:

"Capital distribution" means an entity distribution of money that is a (i) return of capital or (ii) distribution in total or partial liquidation of the entity.

"Entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization or arrangement in which a fiduciary owns or holds an interest, whether or not the entity is a taxpayer for federal income tax purposes. "Entity" does not include (i) a trust or estate to which § 64.2-1049 applies, (ii) a business or other activity to which § 64.2-1050 applies that is not conducted by an entity described above, (iii) an asset-backed security, or (iv) an instrument or arrangement to which § 64.2-1063 applies.

"Entity distribution" means a payment or transfer by an entity made to a person in the person's capacity as an owner or holder of an interest in the entity.

B. In this section, an attribute or action of an entity includes an attribute or action of any other entity in which the entity owns or holds an interest, including an interest owned or held indirectly through another entity.

C. Except as otherwise provided in subdivisions D 2, 3, and 4, a fiduciary shall allocate to income:

1. Money received in an entity distribution; and

2. Tangible personal property of nominal value received from the entity.

D. A fiduciary shall allocate to principal:

1. Property received in an entity distribution that is not:

a. Money; or

b. Tangible personal property of nominal value;

2. Money received in an entity distribution in an exchange for part or all of the fiduciary's interest in the entity, to the extent the entity distribution reduces the fiduciary's interest in the entity relative to the interests of other persons that own or hold interests in the entity;

3. Money received in an entity distribution that the fiduciary determines or estimates is a capital distribution; and

4. Money received in an entity distribution from an entity that is:

a. A regulated investment company or real estate investment trust if the money received is a capital gain dividend for federal income tax purposes; or

b. Treated for federal income tax purposes comparably to the treatment described in subdivision a.

E. A fiduciary may determine or estimate that money received in an entity distribution is a capital distribution:

1. By relying without inquiry or investigation on a characterization of the entity distribution provided by or on behalf of the entity, unless the fiduciary:

a. Determines, on the basis of information known to the fiduciary, that the characterization is or may be incorrect; or

b. Owns or holds more than 50 percent of the voting interest in the entity;

2. By determining or estimating, on the basis of information known to the fiduciary or provided to the fiduciary by or on behalf of the entity, that the total amount of money and property received by the fiduciary in the entity distribution or a series of related entity distributions is or will be greater than 20 percent of the fair market value of the fiduciary's interest in the entity; or

3. If neither subdivision 1 nor 2 applies, by considering the factors in subsection F and the information known to the fiduciary or provided to the fiduciary by or on behalf of the entity.

F. In making a determination or estimate under subdivision E 3, a fiduciary may consider:

1. A characterization of an entity distribution provided by or on behalf of the entity;

2. The amount of money or property received in:

a. The entity distribution; or

b. What the fiduciary determines is or will be a series of related entity distributions;

3. The amount described in subdivision 2 compared to the amount the fiduciary determines or estimates is, during the current or preceding accounting periods:

a. The entity's operating income;

b. The proceeds of the entity's sale or other disposition of:

(1) All or part of the business or other activity conducted by the entity;

(2) One or more business assets that are not sold to customers in the ordinary course of the business or other activity conducted by the entity; or

(3) One or more assets other than business assets, unless the entity's primary activity is to invest in assets to realize gain on the disposition of all or some of the assets;

c. If the entity's primary activity is to invest in assets to realize gain on the disposition of all or some of the assets, the gain realized on the disposition;

d. The entity's regular, periodic entity distributions;

e. The amount of money the entity has accumulated;

f. The amount of money the entity has borrowed;

g. The amount of money the entity has received from the sources described in §§ 64.2-1054 , 64.2-1057 , 64.2-1058 , and 64.2-1059 ; and

h. The amount of money the entity has received from a source not otherwise described in this subdivision; and

4. Any other factor the fiduciary determines is relevant.

G. If, after applying subsections C through F, a fiduciary determines that a part of an entity distribution is a capital distribution but is in doubt about the amount of the entity distribution that is a capital distribution, the fiduciary shall allocate to principal the amount of the entity distribution that is in doubt.

H. If a fiduciary receives additional information about the application of this section to an entity distribution before the fiduciary has paid part of the entity distribution to a beneficiary, the fiduciary may consider the additional information before making the payment to the beneficiary and may change a decision to make the payment to the beneficiary.

I. If a fiduciary receives additional information about the application of this section to an entity distribution after the fiduciary has paid part of the entity distribution to a beneficiary, the fiduciary is not required to change or recover the payment to the beneficiary but may consider that information in determining whether to exercise the power to adjust under § 64.2-1038 .

2022, c. 354 .
Va. Code Ann. § 64.2-2401 — Virginia Code / Title 64.2 / Subtitle V / Chapter 24 / Section 64.2-2401
Bond; orders as to management of estate; support of dependents
Status: in_force

The court shall require that any conservator appointed pursuant to § 64.2-2400 post a bond in an amount deemed sufficient by the court. The court shall also enter any orders it deems necessary (i) directing the conservator in the management, operation, and control of the estate and (ii) requiring the conservator to make ample and suitable provisions out of the estate in his possession, subject to the rights of creditors, for the support of the absentee's spouse and minor children, as well as any other person dependent upon the absentee for support and maintenance. The court shall require the conservator to make reports from time to time as the court may deem expedient.

1944, p. 362; Michie Suppl. 1946, § 5400c; Code 1950, § 26-69; 2012, c. 614 ; 2020, c. 900 .
Va. Code Ann. § 64.2-908 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-908
Use of custodial trust property
Status: in_force

A. A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.

B. A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.

1990, c. 264, § 55-34.9; 2012, c. 614 .
Va. Code Ann. § 64.2-1601 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1601
Applicability
Status: in_force

This chapter applies to all powers of attorney except:

1. A power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction;

2. A power to make health care decisions;

3. A proxy or other delegation to exercise voting rights or management rights with respect to an entity;

4. A power created on a form prescribed by a government or governmental subdivision, agency, or instrumentality for a governmental purpose; and

5. A power to make arrangements for burial or disposition of remains pursuant to § 54.1-2825 .

2010, cc. 455 , 632 , § 26-74; 2012, c. 614 .
Va. Code Ann. § 64.2-2612 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2612
Tax qualified disclaimer
Status: in_force

Notwithstanding any other provision of this chapter, if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated pursuant to the provisions of Title 26 of the United States Code, as now or hereafter amended, or any successor statute thereto, and the regulations promulgated thereunder, as never having been transferred to the disclaimant, then the disclaimer or transfer is effective as a disclaimer under this chapter.

2003, c. 253 , § 64.1-196.13; 2012, c. 614 .
Va. Code Ann. § 64.2-2505 — Virginia Code / Title 64.2 / Subtitle V / Chapter 25 / Section 64.2-2505
Interests dependent on survivorship or continuance of life
Status: in_force

Any interest in property, whether vested or not, held by the slayer subject to be divested, diminished in any way, or extinguished if the decedent survives him or lives to a certain age shall be held by the slayer during his lifetime or until the decedent would have reached such age, but shall then pass as if the decedent had died immediately after the death of the slayer or the reaching of such age.

1981, c. 469, § 55-408; 2012, c. 614 .
Va. Code Ann. § 64.2-1904 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1904
Transfer authorized by will or trust
Status: in_force

A personal representative or trustee may make an irrevocable transfer pursuant to § 64.2-1908 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under § 64.2-1902 to receive the custodial property, the transfer shall be made to that person.

If the testator or settlor has not nominated a custodian under § 64.2-1902 or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection A of § 64.2-1908 .

1988, c. 516, § 31-41; 2012, c. 614 .
Va. Code Ann. § 64.2-721 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-721
Trusts created in other jurisdictions
Status: in_force

A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation:

1. The settlor was domiciled, had a place of abode, or was a national;

2. A trustee was domiciled or had a place of business; or

3. Any trust property was located.

2005, c. 935 , § 55-544.03; 2012, c. 614 .
Va. Code Ann. § 64.2-108.2 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 2 / Section 64.2-108.2
Provision in certain trust void
Status: in_force

A. For purposes of this section, "medical assistance" and "medical assistance benefits" mean benefits payable under the state plan for medical assistance services.

B. Except as provided in subsection C, a provision in any inter vivos trust created for the benefit of the grantor that provides directly or indirectly for the suspension, termination, or diversion of the principal, income, or other beneficial interest of the grantor in the event that he should apply for medical assistance or require medical, hospital, or nursing care or long-term custodial, nursing, or medical care shall be against public policy and ineffective as against the Commonwealth. The assets of the trust, both principal and interest, shall be distributed as though no such application had been made. The provisions of this subsection shall apply without regard to the irrevocability of the trust or the purpose for which the trust was created.

C. Subsection B shall not apply to any trust with a corpus of $25,000 or less. If the corpus of any such trust exceeds $25,000, $25,000 of the trust shall be exempt from the provisions of subsection B. However, if the grantor has created more than one trust as described in subsection B, the $25,000 exemption shall be prorated among the trusts. Further, if the grantor made uncompensated transfers, as defined in § 20-88.02 , within 30 months of applying for Medicaid benefits and no payments were ordered pursuant to subsection D of § 20-88.02 , the $25,000 exemption under this subsection shall not apply.

D. The exemption provided by subsection C shall not apply to any trust created on or after August 11, 1993.

E. To the extent any trust created between August 11, 1993, and July 1, 1994 would but for subsection D be entitled to the exemption provided by subsection C, the grantor may revoke such trust notwithstanding any irrevocability in the terms of such trust. Nothing contained in this subsection shall be construed to authorize the grantor to effect the vested rights of any beneficiary of such trust without the express written consent of such beneficiary.

F. The provisions of subsection B shall not apply to an irrevocable inter vivos trust to the extent it is created for the purpose of paying the grantor's funeral and burial expenses and is funded in an amount and manner allowable as a resource in determining eligibility for medical assistance benefits. In the event any amount remains in the trust upon payment of the funeral or burial arrangements provided to or on behalf of such individual, the Commonwealth shall receive all amounts remaining in such trust up to an amount equal to the total medical assistance paid on behalf of the individual.

1993, c. 701, § 55-19.5; 1994, c. 692 ; 1998, c. 735 ; 2019, c. 712 .
Va. Code Ann. § 64.2-516 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-516
Duties of fiduciaries as to certain obligations of the United States
Status: in_force

A. Except as provided in subsection B, a fiduciary charged with the administration of the estate of a decedent is not required to assert a claim to or seek to recover the whole or any part of funds arising from the redemption or payment of bonds of the United States that are paid or payable to others under the applicable laws of the United States or rules and regulations of the U.S. Department of the Treasury.

B. The fiduciary shall assert a claim to such funds if he receives a request in writing from any person interested in the estate within six months from the date of the initial qualification of the estate. The fiduciary, or his attorney, shall acknowledge in writing receipt of such request within 10 days, and if the fiduciary is the co-owner of such funds, the fiduciary shall segregate such funds and place such funds in an interest-bearing account, awaiting an appropriate court order concerning the ultimate disposition of such funds. The fiduciary shall not use such funds for his own personal account. However, if the fiduciary accedes to the request that such funds be treated as estate funds, the fiduciary may distribute the funds according to law without any court order.

Code 1950, § 64-131.2; 1968, c. 656, § 64.1-141; 2012, c. 614 .
Va. Code Ann. § 64.2-1100 — Virginia Code / Title 64.2 / Subtitle III / Chapter 11 / Section 64.2-1100
Definitions
Status: in_force

In this chapter:

"Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental or municipal purpose, or any other purpose the achievement of which is beneficial to the community.

"Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

"Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.

"Institution" means:

1. A person, other than an individual, organized and operated exclusively for charitable purposes;

2. A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or

3. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.

"Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:

1. Program-related assets;

2. A fund held for an institution by a trustee that is not an institution, unless the fund is held by the trustee as a component trust of a community trust or foundation; or

3. A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.

"Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

"Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.

"Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

1973, c. 167, § 55-268.1; 1995, c. 199 ; 1997, c. 219 ; 2008, c. 184 , § 55-268.12; 2012, c. 614 .
Va. Code Ann. § 64.2-1627 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1627
Stocks and bonds
Status: in_force

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to:

1. Buy, sell, and exchange stocks and bonds;

2. Establish, continue, modify, or terminate an account with respect to stocks and bonds;

3. Pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal;

4. Receive certificates and other evidences of ownership with respect to stocks and bonds; and

5. Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.

2010, cc. 455 , 632 , § 26-100; 2012, c. 614 .
Va. Code Ann. § 64.2-722 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-722
Trust purposes
Status: in_force

A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms shall be for the benefit of its beneficiaries.

2005, c. 935 , § 55-544.04; 2012, c. 614 .
Va. Code Ann. § 64.2-1302 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1302
Waiver of inventory and settlement for certain estates
Status: in_force

When a decedent's personal estate passing by testate or intestate succession does not exceed $35,000 in value and an heir, beneficiary, or creditor whose claim exceeds the value of the estate seeks qualification, the clerk of the circuit court shall waive the inventory under § 64.2-1300 and the settlement under § 64.2-1206 . This section shall not apply if the decedent died owning any real estate over which the person seeking qualification would have the power of sale.

1980, c. 563, § 26-12.3; 1987, c. 605; 1989, c. 387; 1998, c. 117 ; 2001, c. 598 ; 2002, cc. 220 , 227 ; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-2602 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2602
Chapter supplemented by other law
Status: in_force

A. Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter.

B. This chapter does not limit any right of a person to waive, release, disclaim, or renounce an interest in or power over property under a law other than this chapter.

2003, c. 253 , § 64.1-196.3; 2012, c. 614 .
Va. Code Ann. § 64.2-715 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 3 / Section 64.2-715
Representation by holder of general testamentary power of appointment
Status: in_force

To the extent there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power.

2005, c. 935 , § 55-543.02; 2012, c. 614 .
Va. Code Ann. § 64.2-1069 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 7 / Section 64.2-1069
Income taxes
Status: in_force

A. A tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.

B. A tax required to be paid by a fiduciary that is based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.

C. Subject to subsection D and §§ 64.2-1067 , 64.2-1068 , and 64.2-1070 , a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must be paid from:

1. Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and

2. Principal, to the extent the tax exceeds the receipts from the entity in the period.

D. After applying subsections A, B, and C, a fiduciary shall adjust income or principal receipts, to the extent the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.

2022, c. 354 .
Va. Code Ann. § 64.2-2111 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 2 / Section 64.2-2111
Jurisdiction declined by reason of conduct
Status: in_force

A. If at any time a court of the Commonwealth determines that it acquired jurisdiction to appoint a guardian or issue a conservatorship order because a person seeking to invoke its jurisdiction has engaged in unjustifiable conduct, the court may:

1. Decline to exercise jurisdiction;

2. Exercise jurisdiction for the limited purpose of fashioning an appropriate remedy to ensure the health, safety, and welfare of the respondent or the protection of the respondent's property or to prevent a repetition of the unjustifiable conduct, including staying the proceeding until a petition for the appointment of a guardian or issuance of a conservatorship order is filed in a court of another state having jurisdiction; or

3. Continue to exercise jurisdiction after considering:

a. The extent to which the respondent and all persons required to be notified of the proceedings have acquiesced in the exercise of the court's jurisdiction;

b. Whether it is a more appropriate forum than the court of any other state under the factors set forth in subsection C of § 64.2-2110 ; and

c. Whether the court of any other state would have jurisdiction under factual circumstances in substantial conformity with the jurisdictional standards of § 64.2-2107 .

B. If a court of the Commonwealth determines that it acquired jurisdiction to appoint a guardian or issue a conservatorship order because a party seeking to invoke its jurisdiction engaged in unjustifiable conduct, it may assess against that party necessary and reasonable expenses, including attorney fees, investigative fees, court costs, communication expenses, witness fees and expenses, and travel expenses. The court may not assess fees, costs, or expenses of any kind against the Commonwealth or a governmental subdivision, agency, or instrumentality of the Commonwealth unless authorized by law other than this chapter.

2011, c. 518 , § 37.2-1043; 2012, c. 614 .
Va. Code Ann. § 64.2-779.19 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.19
Savings provision
Status: in_force

A. If exercise of the decanting power would be effective under this article except that the second-trust instrument in part does not comply with this article, the exercise of the power is effective and the following rules apply with respect to the income or principal of the second trust attributable to the exercise of the power:

1. A provision in the second-trust instrument which is not permitted under this article is void to the extent necessary to comply with this article.

2. A provision required by this article to be in the second-trust instrument which is not contained in the instrument is deemed to be included in the instrument to the extent necessary to comply with this article.

B. If a trustee or other fiduciary of a second trust determines that subsection A applies to a prior exercise of the decanting power, the fiduciary shall take corrective action consistent with the fiduciary's duties.

2017, c. 592 .
Va. Code Ann. § 64.2-702 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 1 / Section 64.2-702
Knowledge
Status: in_force

A. Subject to subsection B, a person has knowledge of a fact if the person:

1. Has actual knowledge of it;

2. Has received a notice or notification of it; or

3. From all the facts and circumstances known to the person at the time in question, has reason to know it.

B. An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee's attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.

2005, c. 935 , § 55-541.04; 2012, c. 614 .
Va. Code Ann. § 64.2-779.15 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.15
Removal or replacement of authorized fiduciary
Status: in_force

An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:

1. The person holding the power consents to the modification in a signed record and the modification applies only to the person;

2. The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or

3. The court approves the modification and the modification grants a substantially similar power to another person.

2017, c. 592 .
Va. Code Ann. § 64.2-2021 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 2 / Section 64.2-2021
General duties and liabilities of conservator
Status: in_force

A. At all times the conservator shall exercise reasonable care, diligence, and prudence and shall act in the best interest of the incapacitated person. To the extent known to him, a conservator shall consider the expressed desires and personal values of the incapacitated person.

B. Subject to any conditions or limitations set forth in the conservatorship order, the conservator shall take care of and preserve the estate of the incapacitated person and manage it to the best advantage. The conservator shall apply the income from the estate, or so much as may be necessary, to the payment of the debts of the incapacitated person, including payment of reasonable compensation to himself and to any guardian appointed, and to the maintenance of the person and of his legal dependents, if any, and, to the extent that the income is not sufficient, he shall so apply the corpus of the estate.

C. A conservator shall, to the extent feasible, encourage the incapacitated person to participate in decisions, to act on his own behalf, and to develop or regain the capacity to manage the estate and his financial affairs. A conservator also shall consider the size of the estate, the probable duration of the conservatorship, the incapacitated person's accustomed manner of living, other resources known to the conservator to be available, and the recommendations of the guardian.

D. A conservator stands in a fiduciary relationship to the incapacitated person for whom he was appointed conservator and may be held personally liable for a breach of any fiduciary duty. Unless otherwise provided in the contract, a conservator is personally liable on a contract entered into in a fiduciary capacity in the course of administration of the estate, unless he reveals the representative capacity and identifies the estate in the contract. Claims based upon contracts entered into by a conservator in a fiduciary capacity, obligations arising from ownership or control of the estate, or torts committed in the course of administration of the estate may be asserted against the estate by proceeding against the conservator in a fiduciary capacity, whether or not the conservator is personally liable therefor. A successor conservator is not personally liable for the contracts or actions of a predecessor.

E. A conservator shall comply with and be subject to the requirements imposed upon fiduciaries generally under Part A (§ 64.2-1200 et seq.) of this subtitle, specifically including the duty to account set forth in § 64.2-1305 .

1997, c. 921 , § 37.1-137.3; 2005, c. 716 , § 37.2-1022; 2012, c. 614 .
Va. Code Ann. § 64.2-448 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-448
Complaint to impeach or establish a will; limitation of action; venue
Status: in_force

A. A person interested in the probate of the will who has not otherwise been before the court or clerk in a proceeding to probate the will pursuant to § 64.2-444 or in an ex parte proceeding to probate the will pursuant to subsection B of § 64.2-446 may file a complaint to impeach or establish the will within one year from the date of the order entered by the court in exercise of its original jurisdiction or after an appeal of an order entered by the clerk, or, if no appeal from an order entered by the clerk is taken, from the date of the order entered by the clerk.

B. A person interested in the probate of the will who had been proceeded against by an order of publication pursuant to subsection B of § 64.2-449 may file a complaint to impeach or establish the will within two years from the date of the order entered by the court in the exercise of its original jurisdiction, unless he actually appeared as a party or had been personally served with a summons to appear.

C. A person interested in the probate of the will who has not otherwise been before the court and who was a minor at the time of the order pursuant to § 64.2-444 or 64.2-446 may file a complaint to impeach or establish the will within one year after such person reaches the age of maturity or is judicially declared emancipated.

D. A person interested in the probate of the will who has not otherwise been before the court and who was incapacitated at the time of the order pursuant to § 64.2-444 or 64.2-446 may file a complaint to impeach or establish the will within one year after such person is restored to capacity.

E. Upon the filing of a complaint to impeach or establish the will pursuant to this section, the court shall order a trial by jury to ascertain whether what was offered for probate is the will of the testator. The court may require all testamentary papers of the testator be produced and direct the jury to ascertain whether any paper produced is the will of the testator. The court shall decide whether to admit the will to probate.

F. The venue for filing a complaint to impeach or establish the will shall be as specified in subdivision 7 of § 8.01-261 .

G. Subject to the provisions of § 8.01-428 , a final order determining whether to admit a will to probate bars any subsequent complaint to impeach or establish a will.

Code 1950, §§ 64-80, 64-84 through 64-86; 1968, c. 656, §§ 64.1-84, 64.1-88 through 64.1-90; 1972, c. 825; 1977, c. 624; 1996, c. 58 ; 2012, c. 614 .
Va. Code Ann. § 64.2-433 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-433
Definitions
Status: in_force

As used in this article:

"Authorized person" and "person authorized to act in connection with international wills" means a person who by § 64.2-441 or by the laws of the United States, including members of the diplomatic and consular service of the United States designated by Foreign Service Regulations, is empowered to supervise the execution of international wills.

"International will" means a will executed in conformity with §§ 64.2-434 through 64.2-437 .

1995, c. 443 , § 64.1-96.2; 2012, c. 614 .
Va. Code Ann. § 64.2-2731 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 4 / Section 64.2-2731
Revocation or amendment of release
Status: in_force

A powerholder may revoke or amend a release of a power of appointment only to the extent that:

1. The instrument of release is revocable by the powerholder; or

2. The powerholder reserves a power of revocation or amendment in the instrument of release.

2016, c. 266 .
Va. Code Ann. § 64.2-2106 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 2 / Section 64.2-2106
Exclusive basis
Status: in_force

This article provides the exclusive jurisdictional basis for a court of the Commonwealth to appoint a guardian or issue a conservatorship order for an adult.

2011, c. 518 , § 37.2-1038; 2012, c. 614 .
Va. Code Ann. § 64.2-1072 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 8 / Section 64.2-1072
Distribution to successor beneficiary
Status: in_force

A. Except to the extent Article 3 (§ 64.2-1039 et seq.) applies for a beneficiary that is a trust, each beneficiary described in subsection F of § 64.2-1071 is entitled to receive a share of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent's death, an income interest's other terminating event, or the preceding distribution by the fiduciary.

B. In determining a beneficiary's share of net income under subsection A, the following rules apply:

1. The beneficiary is entitled to receive a share of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date.

2. The beneficiary's fractional interest under subdivision 1 must be calculated:

a. On the aggregate value of the assets as of the distribution date without reducing the value by any unpaid principal obligation; and

b. Without regard to:

(1) Property specifically given to a beneficiary under the decedent's will or the terms of the trust; and

(2) Property required to pay pecuniary amounts not in trust.

3. The distribution date under subdivision 1 may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which the assets are distributed.

C. To the extent a fiduciary does not distribute under this section all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain records showing the interest of each beneficiary in the net income.

D. If this section applies to income from an asset, a fiduciary may apply the rules in this section to net gain or loss realized from the disposition of the asset after the decedent's death, an income interest's terminating event, or the preceding distribution by the fiduciary.

2022, c. 354 .
Va. Code Ann. § 64.2-787 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-787
Reviewing compliance
Status: in_force

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.

1999, c. 772 , § 26-45.9; 2012, c. 614 .
Va. Code Ann. § 64.2-1415 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1415
Liability for losses by negligence or failure to make defense
Status: in_force

A. If any personal representative, guardian, conservator, curator, or committee, or any agent or attorney-at-law, by his negligence or improper conduct, loses any debt or other money, he shall be charged with the principal of what is so lost, and interest thereon, in like manner as if he had received such principal.

B. If any personal representative, guardian, conservator, curator, or committee pays any debt the recovery of which could be prevented by reason of illegality of consideration, lapse of time, or otherwise, knowing the facts by which the recovery could have been prevented, no credit shall be allowed to him for such payment.

Code 1919, § 5406; Code 1950, § 26-5; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-309 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 2 / Section 64.2-309
Family allowance
Status: in_force

A. In addition to any other right or allowance under this article, upon the death of a decedent who was domiciled in the Commonwealth, the surviving spouse and minor children whom the decedent was obligated to support are entitled to a reasonable allowance in money out of the estate for their maintenance during the period of administration, which allowance shall not continue for longer than one year if the estate is inadequate to discharge all allowed claims. The family allowance may be paid as a lump sum not to exceed $30,000, or in periodic installments not to exceed $2,500 per month for one year. It is payable to the surviving spouse for the use of the surviving spouse and minor children or, if there is no surviving spouse, to the person having the care and custody of the minor children. If any minor child is not living with the surviving spouse, the family allowance may be made partially to the spouse and partially to the person having the care and custody of the child, as their needs may appear. If there are no minor children, the allowance is payable to the surviving spouse.

B. The family allowance has priority over all claims against the estate.

C. The family allowance is in addition to any benefit or share passing to the surviving spouse or minor children by the will of the decedent, by intestate succession, or by way of elective share.

D. The death of any person entitled to a family allowance terminates the person's right to any allowance not yet paid.

1981, c. 580, §§ 64.1-151.1, 64.1-151.4; 1987, c. 222; 1990, c. 831; 1996, c. 549 ; 2001, c. 368 ; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1042 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 3 / Section 64.2-1042
Notice
Status: in_force

A. A notice required by subdivision B 2 of § 64.2-1041 shall be sent in a manner authorized under § 64.2-707 to:

1. The qualified beneficiaries determined under § 64.2-701 , other than the Attorney General;

2. Each person acting as trust director of the trust under the Uniform Directed Trust Act (§ 64.2-779.26 et seq.); and

3. Each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in subdivision 2, to the extent the power is exercisable when the person that exercises the power is not then serving as a trustee or person described in subdivision 2.

B. The representation provisions of Article 3 (§ 64.2-714 et seq.) of Chapter 7 apply to notice under this section.

C. A person may consent in a record at any time to action proposed under subdivision B 2 of § 64.2-1041 . A notice required by subdivision B 2 of § 64.2-1041 need not be sent to a person that consents under this subsection.

D. A notice required by subdivision B 2 of § 64.2-1041 shall include:

1. The action proposed under subdivision B 2 of § 64.2-1041 ;

2. For a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under subdivision A 1 of § 64.2-1041 ;

3. For a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under subdivision A 2 of § 64.2-1041 ;

4. A statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;

5. The date by which an objection under subdivision 4 must be received by the fiduciary, which must be at least 30 days after the date the notice is sent;

6. The date on which the action is proposed to be taken and the date on which the action is proposed to take effect;

7. The name and contact information of the fiduciary; and

8. The name and contact information of a person that may be contacted for additional information.

2022, c. 354 .
Va. Code Ann. § 64.2-749 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 5 / Section 64.2-749
Personal obligations of trustee
Status: in_force

Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.

2005, c. 935 , § 55-545.07; 2012, c. 614 .
Va. Code Ann. § 64.2-457 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 6 / Section 64.2-457
Bona fide purchaser of real estate without notice of devise protected; later will
Status: in_force

The title of a bona fide purchaser without notice from the devisee, or from the personal representative with power to sell, encumber, lease, or exchange, under the will of a person who has died heretofore, or may die hereafter, having title to any real estate of inheritance in the Commonwealth, shall not be affected by any other devise of such real estate made by the testator in another will, unless within one year after the testator's death such other will or, if such other will has been probated outside of the Commonwealth, an authenticated copy thereof and the certificate of probate shall be filed for probate before the court or clerk having jurisdiction for that purpose and shall afterwards be admitted to probate and recorded in the proper court or clerk's office as a will of real estate.

Code 1950, § 64-92; 1968, c. 656, § 64.1-96; 2012, c. 614 .
Va. Code Ann. § 64.2-779.25 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.25
Accountings
Status: in_force

If accounts for the first trust are filed with the commissioner of accounts, the accounts for the second trust shall be filed with the commissioner of accounts unless the court orders otherwise.

2017, c. 592 .
Va. Code Ann. § 64.2-445 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-445
Appeal from order of clerk
Status: in_force

Any person interested in the probate of the will may appeal any order entered pursuant to § 64.2-444 within six months after the entering of such an order, without giving any bond, to the circuit court whose clerk, or deputy, has made the order. Upon application for such appeal, the clerk or deputy shall enter forthwith in his order or will book an order allowing such appeal. The appeal shall be given precedence on the court's docket. The matter shall be heard de novo by the court and a copy of its final order shall be entered into the clerk's order or will book. At any time after such appeal is allowed, the court may enter an order for the protection of the persons interested in the probate of the will or for the protection or preservation of any property involved as it finds necessary.

Code 1950, § 64-74; 1968, c. 656, § 64.1-78; 2012, c. 614 .
Va. Code Ann. § 64.2-2701 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 1 / Section 64.2-2701
Repealed
Status: repealed

Repealed by Acts 2016, c. 266 , cl. 2.
Va. Code Ann. § 64.2-1907 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1907
Receipt for custodial property
Status: in_force

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

1988, c. 516, § 31-44; 2012, c. 614 .
Va. Code Ann. § 64.2-1605 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1605
Meaning and effect of power of attorney
Status: in_force

The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed.

2010, cc. 455 , 632 , § 26-78; 2012, c. 614 .
Va. Code Ann. § 64.2-530 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 5 / Section 64.2-530
Lien acquired during lifetime of decedent not affected
Status: in_force

The provisions of §§ 64.2-528 and 64.2-529 shall not affect any lien acquired during the lifetime of the decedent.

Code 1950, § 64-149; 1968, c. 656, § 64.1-159; 2012, c. 614 .
Va. Code Ann. § 64.2-2101 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 1 / Section 64.2-2101
International application of chapter
Status: in_force

A court of the Commonwealth may treat a foreign country as if it were a state for the purpose of applying this article and Articles 2 (§ 64.2-2105 et seq.), 3 (§ 64.2-2114 et seq.), and 5 (§ 64.2-2119 et seq.).

2011, c. 518 , § 37.2-1033; 2012, c. 614 .
Va. Code Ann. § 64.2-520.2 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-520.2
Reliance on certificate of qualification of a personal representative
Status: in_force

A. Any individual or entity conducting business in good faith with a personal representative who presents a currently effective certificate of qualification may presume that the personal representative is properly authorized to act as to any matter or transaction. A person that refuses in violation of this section to accept a certificate of qualification is subject to (i) a court order mandating acceptance of the certificate of qualification and (ii) liability for reasonable attorney fees and costs incurred in any action or proceeding that confirms the validity of the certificate of qualification or mandates acceptance of the certificate of qualification.

B. A person shall either accept or reject a certificate of qualification no later than seven business days after presentation of such certificate of qualification for acceptance. A person is not required to accept a certificate of qualification for a transaction if:

1. Engaging in the transaction with the personal representative would be inconsistent with state or federal law;

2. The person has actual knowledge of the termination of the personal representative's authority or of the certificate of qualification before exercise of the power;

3. The person in good faith believes that the certificate of qualification is not valid or that the personal representative does not have the authority to perform the act requested; or

4. The person believes in good faith that the transaction may involve, facilitate, result in, or contribute to financial exploitation.

2020, c. 702 .
Va. Code Ann. § 64.2-1061 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 6 / Section 64.2-1061
Derivative or option
Status: in_force

A. As used in this section, "derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which are, in whole or in part, dependent on or derived from an underlying tangible or intangible asset, group of tangible or intangible assets, index, or occurrence of an event. "Derivative" includes stocks, fixed income securities, and financial instruments and arrangements based on indices, commodities, interest rates, weather-related events, and credit-default events.

B. To the extent a fiduciary does not account for a transaction in derivatives as a business under § 64.2-1050 , the fiduciary shall allocate 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction to income and the balance to principal.

C. Subsection D applies if:

1. A fiduciary:

a. Grants an option to buy property from a trust, whether or not the trust owns the property when the option is granted;

b. Grants an option that permits another person to sell property to the trust; or

c. Acquires an option to buy property for the trust or an option to sell an asset owned by the trust; and

2. The fiduciary or other owner of the asset is required to deliver the asset if the option is exercised.

D. If this subsection applies, the fiduciary shall allocate 10 percent to income and the balance to principal of the following amounts:

1. An amount received for granting the option;

2. An amount paid to acquire the option; and

3. Gain or loss realized on the exercise, exchange, settlement, offset, closing, or expiration of the option.

2022, c. 354 .
Va. Code Ann. § 64.2-420 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-420
Provision for omitted children when child living when will made
Status: in_force

A. If a testator executes a will that makes provision for a living child of the testator, a child born or adopted after execution of a testator's will who is neither provided for nor expressly excluded by the will is entitled to the lesser of (i) such portion of the testator's estate as the afterborn or after-adopted child would have been entitled to if the testator had died intestate or (ii) the equivalent in amount to any bequests and devises to any child named in the will, and if there are bequests or devises to more than one child, then to the largest aggregate bequest or devise to any child.

B. The devisees and legatees of the testator's will shall contribute ratably to the portion of the testator's estate to which the afterborn or after-adopted child is entitled, either in kind or in money, out of what is devised and bequeathed to them, as the court deems proper. However, if such afterborn or after-adopted child dies unmarried, without issue, and before reaching 18 years of age, his portion of the estate, or so much of his portion as may remain unexpended, shall revert to the person to whom it was given by the will.

Code 1950, § 64-70; 1960, c. 527; 1968, c. 656, § 64.1-71; 1972, c. 825; 1978, c. 647; 2012, c. 614 .
Va. Code Ann. § 64.2-708 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 1 / Section 64.2-708
Others treated as qualified beneficiaries
Status: in_force

A. Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee shall also give notice to any other beneficiary who has sent the trustee a request for notice.

B. A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter if the charitable organization, on the date of the charitable organization's qualification is being determined:

1. Is a distributee or permissible distributee of trust income or principal;

2. Would be a distributee or permissible distributee of trust income or principal upon the termination of the interests of other distributees or permissible distributees then receiving or eligible to receive distributions; or

3. Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.

C. A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in § 64.2-726 or 64.2-727 has the rights of a qualified beneficiary under this chapter.

D. The Attorney General has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in the Commonwealth but need not be given notices or information required under §§ 64.2-758 and 64.2-775 unless otherwise requested.

2005, c. 935 , § 55-541.10; 2012, c. 614 .
Va. Code Ann. § 64.2-528 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 5 / Section 64.2-528
Order in which debts and demands of decedents to be paid
Status: in_force

When the assets of the decedent in his personal representative's possession are not sufficient to satisfy all debts and demands against him, they shall be applied to the payment of such debts and demands in the following order:

1. Costs and expenses of administration;

2. The allowances provided in Article 2 (§ 64.2-309 et seq.) of Chapter 3;

3. Funeral expenses not to exceed $5,000;

4. Debts and taxes with preference under federal law;

5. Medical and hospital expenses of the last illness of the decedent, including compensation of persons attending him not to exceed $4,000 for each hospital and nursing home and $550 for each person furnishing services or goods;

6. Debts and taxes due the Commonwealth;

7. Debts due as trustee for persons under disabilities; as receiver or commissioner under decree of court of the Commonwealth; as personal representative, guardian, conservator, or committee when the qualification was in the Commonwealth; and for moneys collected by anyone to the credit of another and not paid over, regardless of whether or not a bond has been executed for the faithful performance of the duties of the party so collecting such funds;

8. Debts for child support arrearages;

9. Debts and taxes due localities and municipal corporations of the Commonwealth; and

10. All other claims.

No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to a preference over a claim not due.

Code 1950, § 64-147; 1956, c. 231; 1966, c. 274; 1968, c. 656, § 64.1-157; 1972, c. 96; 1981, c. 580; 1986, c. 109; 1993, c. 259; 1996, c. 84 ; 1997, c. 801 ; 2007, c. 735 ; 2008, cc. 666 , 817 ; 2012, c. 614 ; 2014, c. 532 ; 2017, c. 591 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1502 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 15 / Section 64.2-1502
In what securities fiduciaries may invest; definitions
Status: in_force

A. As used in this section:

"Fiduciary" has the same meaning as provided in § 8.01-2 and also includes an attorney-in-fact or agent acting for a principal under a written power of attorney, a custodian under § 64.2-1911 , and a custodial trustee under § 64.2-906 .

"National rating service" means Standard & Poor's Corporation, Moody's Investors Service, Inc., Duff and Phelps, Inc., Fitch Investors Corporation, and any successor to the rating business of any of them.

B. Notwithstanding any other provision of law designating as legal investments for fiduciaries the bonds, notes, obligations, or other evidences of indebtedness issued by a governmental entity or political subdivision of the Commonwealth, including but not limited to agencies, authorities, commissions, districts, boards, or local governments, and except as specifically provided in § 2.2-4519 , fiduciaries, whether individual or corporate, shall, except as limited in subsection E, be conclusively presumed to have been prudent in investing the funds held by them in a fiduciary capacity in only the following securities:

1. Obligations of the Commonwealth, its agencies and political subdivisions. The following obligations:

a. Bonds, notes, and other evidences of indebtedness of the Commonwealth and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth;

b. Revenue bonds, revenue notes, or other evidences of revenue indebtedness issued by agencies or authorities of the Commonwealth upon which there is no default; and

c. Bonds, notes, and other evidences of indebtedness of any county, city, town, district, authority, or other public body in the Commonwealth upon which there is no default provided that such bonds, notes, and other evidences of indebtedness are (i) direct legal obligations of the public body, for the payment of which the public body has pledged its full faith and credit and unlimited taxing power, or (ii) unconditionally guaranteed as to the payment of principal and interest by the public body.

In every case referred to in this subdivision, such bonds, notes, or other evidences of indebtedness shall be rated in one of the two highest rating categories of at least one national rating service and not rated in a category lower than the two highest rating categories of any national rating service. Determination of an obligation's rating in one of the two highest rating categories shall be made without regard to any refinement or gradation of such rating category by numerical or other modifier. In addition, the remaining maturity of such bonds, notes, or other evidences of indebtedness shall not be greater than five years.

2. Obligations of the United States. Bonds, notes, and other obligations of the United States and securities unconditionally guaranteed as to the payment of principal and interest by the United States with a remaining maturity not greater than five years, except in the case of savings bonds, which may have a longer maturity. The obligations enumerated in this subdivision may be held directly or in the form of repurchase agreements collateralized by such obligations or in the form of securities of any open-end or closed-end management type investment company or investment trust registered under the federal Investment Company Act of 1940, provided that the portfolio of such investment company or investment trust is limited to such obligations or repurchase agreements collateralized by such obligations, or securities of other such investment companies or investment trusts whose portfolios are so restricted.

3. Savings accounts, time deposits, or certificates of deposit. Savings accounts, time deposits, or certificates of deposit in any bank, savings bank, trust company, savings and loan association, or credit union authorized to do business in the Commonwealth, but only to the extent that such accounts, deposits, or certificates are fully insured by the Federal Deposit Insurance Corporation or any successor federal agency or by the National Credit Union Share Insurance Fund or any successor to it.

C. Notwithstanding the provisions of this section, investments listed in § 2.2-4519 as in effect prior to July 1, 1992, which continue to be held on July 1, 1992, shall be subject to § 64.2-781 , and any reference to the Virginia "legal list" or to § 2.2-4519 or any predecessor statute contained in a will, trust, or other instrument that was irrevocable on June 30, 1992, shall be construed to refer to such section as in effect on June 30, 1992, or at such earlier time as may be specified in the controlling document, absent an expression of intent to the contrary contained in such document.

D. The permissible investments specified in subsection B are not exclusive and shall not be construed to limit a fiduciary's investments as permitted pursuant to the Uniform Prudent Investor Act (§ 64.2-780 et seq.).

E. The presumption under subsection B shall apply to (i) a fiduciary only for a calendar year in which the value of the intangible personal property under the fiduciary's control or management does not exceed $135,000 at the beginning of such year or (ii) a fiduciary who, on motion for good cause shown, has obtained express authorization from the court having jurisdiction over the fiduciary for the presumption under subsection B to apply.

1992, c. 810, § 26-40.01; 1996, c. 508 ; 1999, c. 772 ; 2005, c. 62 ; 2007, c. 517 ; 2012, c. 614 ; 2025, c. 148 .
Va. Code Ann. § 64.2-2604 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2604
Disclaimer of interest in property
Status: in_force

A. In this section:

"Future interest" means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation.

"Time of distribution" means the time when a disclaimed interest would have taken effect in possession or enjoyment.

B. Except for a disclaimer governed by § 64.2-2605 or 64.2-2606 , the following rules apply to a disclaimer of an interest in property:

1. The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable or, if the interest arose under the law of intestate succession, as of the time of the intestate's death.

2. The disclaimed interest passes according to any provision in the instrument creating the interest providing for the disposition of the interest, 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 if the disclaimant had died immediately before the time of distribution. However, if by law or under the instrument, the descendants of the disclaimant would share in the disclaimed interest by any method of representation had the disclaimant died before the time of distribution, the disclaimed interest passes only to the descendants of the disclaimant who survive at the time of distribution.

b. If the disclaimant is not an individual, the disclaimed interest passes as if the disclaimant did not exist.

4. Upon the disclaimer of a preceding interest, a future interest held by a person other than the disclaimant takes effect as if the disclaimant had died or ceased to exist immediately before the time of distribution, but a future interest held by the disclaimant is not accelerated in possession or enjoyment.

2003, c. 253 , § 64.1-196.5; 2012, c. 614 .
Va. Code Ann. § 64.2-1016 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10 / Subpart 3 / Article 4 / Section 64.2-1016
Repealed
Status: repealed

Repealed by Acts 2022, c. 354 , cl. 2.
Va. Code Ann. § 64.2-523 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 4 / Section 64.2-523
Personal representative may execute deed pursuant to written contract of decedent
Status: in_force

When any decedent has executed and delivered a bona fide written contract of sale, purchase option, or other agreement binding such deceased person, his heirs, personal representatives, or assigns, to convey any real property or any interest therein, his personal representatives may execute a deed and do all things necessary to effect the transfer of title to such real property or any interest therein to the purchaser upon the purchaser's full compliance with the terms and conditions of such contract, option, or agreement. Such transfer shall be as effective as if it had been made by the decedent. The contract, option, or agreement shall be attached to any deed executed by a personal representative pursuant to this section and the clerk shall record such contract, option, or agreement in the deed book. Any personal representative duly qualified in any other state, upon taking an oath that the decedent owed no debts in the Commonwealth and posting bond upon such terms and in such amount as may be fixed by the clerk, but not less than the value of the decedent's interest to be conveyed, may convey real property or any interest therein under the provisions of this section without qualifying in the Commonwealth.

Code 1950, § 64-138; 1958, c. 416; 1966, c. 346; 1968, c. 656, § 64.1-148; 2012, c. 614 .
Va. Code Ann. § 64.2-751 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 6 / Section 64.2-751
Revocation or amendment of revocable trust
Status: in_force

A. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before July 1, 2006.

B. If a revocable trust is created or funded by more than one settlor:

1. To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;

2. To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and

3. Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.

C. The settlor may revoke or amend a revocable trust:

1. By substantial compliance with a method provided in the terms of the trust; or

2. If the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor's intent.

D. Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.

E. A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent, acting in accordance with § 64.2-1612 , under a power of attorney that expressly authorizes such action except to the extent expressly prohibited by the terms of the trust.

F. A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only (i) to the extent expressly authorized by the terms of the trust or (ii) if authorized by the court supervising the conservatorship or guardianship for good cause shown.

G. A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.

2005, c. 935 , § 55-546.02; 2010, cc. 455 , 632 ; 2012, c. 614 .
Va. Code Ann. § 64.2-731 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-731
Cy pres
Status: in_force

A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:

1. The trust does not fail, in whole or in part;

2. The trust property does not revert to the settlor or the settlor's successors in interest; and

3. The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.

B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection A to apply cy pres to modify or terminate the trust only if, when the provision takes effect:

1. The trust property is to revert to the settlor and the settlor is still living; or

2. Fewer than 21 years have elapsed since the date of the trust's creation.

2005, c. 935 , § 55-544.13; 2012, c. 614 .
Va. Code Ann. § 64.2-1065 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 7 / Section 64.2-1065
Disbursement from principal
Status: in_force

A. Subject to § 64.2-1068 , and except as otherwise provided in subdivision C 2 of § 64.2-1071 , a fiduciary shall disburse from principal:

1. The balance of the disbursements described in subdivisions 1 and 3 of § 64.2-1064 , after application of subdivision 2 of § 64.2-1064 ;

2. The fiduciary's compensation calculated on principal as a fee for acceptance, distribution, or termination;

3. A payment of an expense to prepare for or execute a sale or other disposition of property;

4. A payment on the principal of a trust debt;

5. A payment of an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily principal, including a proceeding to construe the terms of the trust or protect property;

6. A payment of a premium for insurance, including title insurance, not described in subdivision 4 of § 64.2-1064 , of which the fiduciary is the owner and beneficiary;

7. A payment of an estate or inheritance tax or other tax imposed because of the death of a decedent, including penalties, apportioned to the trust; and

8. A payment:

a. Related to environmental matters, including:

(1) Reclamation;

(2) Assessing environmental conditions;

(3) Remedying and removing environmental contamination;

(4) Monitoring remedial activities and the release of substances;

(5) Preventing future releases of substances;

(6) Collecting amounts from persons liable or potentially liable for the costs of activities described in subdivisions (1) through (5);

(7) Penalties imposed under environmental laws or regulations;

(8) Other actions to comply with environmental laws or regulations;

(9) Statutory or common law claims by third parties; and

(10) Defending claims based on environmental matters; and

b. For a premium for insurance for matters described in subdivision a.

B. If a principal asset is encumbered with an obligation that requires income from the asset to be paid directly to a creditor, the fiduciary shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.

C. Notwithstanding any other provision of law and except as the terms of the trust provide to the contrary, a trustee, in the trustee's sole discretion, may reimburse the settlor from the income or principal of the trust for any amount of the settlor's personal federal, state, or any other income tax liability that is attributable to the treatment of the settlor as the owner of all or any part of the trust in accordance with the provisions of Subpart E of Part I of Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code. When making such reimbursement, the trustee may, in his sole discretion, pay such amount either to the settlor directly or the appropriate tax authority on behalf of the settlor.

D. Unless the terms of a trust expressly provide to the contrary, the trustee shall not have the power to make such a reimbursement pursuant to subsection C if (i) in a case where the trust is not a revocable trust, the trustee is related or subordinate to the settlor under § 672(c) of the Internal Revenue Code or (ii) such reimbursement would prevent a contribution to the trust from qualifying for a federal tax benefit or would reduce the federal tax benefit that was originally claimed or that could have been claimed for such contribution, including any (a) exclusion under §§ 2503(b) or 2503(c) of the Internal Revenue Code, (b) marital deduction under §§ 2056, 2056A, or 2522(a) of the Internal Revenue Code, (c) charitable deduction under §§ 170(a), 642(c), 2055(a), or 2522(a) of the Internal Revenue Code, and (d) classification as a direct skip under § 2642(c) of the Internal Revenue Code.

2022, c. 354 ; 2026, c. 476 .
Va. Code Ann. § 64.2-1625 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1625
Real property
Status: in_force

A. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to:

1. Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or a right incident to real property;

2. Sell; exchange; convey with or without covenants, representations, or warranties; quitclaim; release; surrender; retain title for security; encumber; partition; consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or other governmental permits; plat or consent to platting; develop; grant an option concerning; lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise grant or dispose of an interest in real property or a right incident to real property;

3. Pledge or mortgage an interest in real property or right incident to real property as security to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;

4. Release, assign, satisfy, or enforce by litigation or otherwise a mortgage, deed of trust, conditional sale contract, encumbrance, lien, or other claim to real property that exists or is asserted;

5. Manage or conserve an interest in real property or a right incident to real property owned or claimed to be owned by the principal, including:

a. Insuring against liability or casualty or other loss;

b. Obtaining or regaining possession of or protecting the interest or right by litigation or otherwise;

c. Paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with them; and

d. Purchasing supplies, hiring assistance or labor, and making repairs or alterations to the real property;

6. Use, develop, alter, replace, remove, erect, or install structures or other improvements upon real property in or incident to which the principal has, or claims to have, an interest or right;

7. Participate in a reorganization with respect to real property or an entity that owns an interest in or right incident to real property and receive, hold, and act with respect to stocks and bonds or other property received in a plan of reorganization, including:

a. Selling or otherwise disposing of them;

b. Exercising or selling an option, right of conversion, or similar right with respect to them; and

c. Exercising any voting rights in person or by proxy;

8. Change the form of title of an interest in or right incident to real property; and

9. Dedicate to public use, with or without consideration, easements or other real property in which the principal has, or claims to have, an interest.

B. An agent under a power of attorney acting under the authority of this section shall not have the authority to create, change, or revoke a transfer on death deed on behalf of the owner of property unless such agent is granted the power to create or change a beneficiary designation as required by subdivision A 4 of § 64.2-1622 . This subsection shall not be construed to prohibit such agent from exercising any authority under subsection A, even if the effect of exercising such authority may be to revoke a transfer on death deed.

2010, cc. 455 , 632 , § 26-98; 2012, c. 614 ; 2024, cc. 283 , 355 .
Va. Code Ann. § 64.2-779.9 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.9
Decanting power under limited distributive discretion
Status: in_force

A. As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard.

B. An authorized fiduciary that has limited distributive discretion over the income or principal of the first trust for benefit of one or more current beneficiaries may exercise the decanting power over the income or principal of the first trust.

C. Under this section and subject to § 64.2-779.11 , a second trust may be created or administered under the law of any jurisdiction. Under this section, the second trusts, in the aggregate, must grant each beneficiary of the first trust beneficial interests that are substantially similar to the beneficial interests of the beneficiary in the first trust. A second trust that defers or postpones a contingent right of a beneficiary to receive an outright distribution of assets upon the attainment of a certain age or upon the occurrence of a specific event (a "deferred distribution") shall be substantially similar to the first trust if the second trust provides that (i) during the lifetime of the beneficiary, no portion of the income or principal attributable to the deferred distribution may be distributed to, or for the benefit of, any person other than the beneficiary and (ii) the beneficiary shall have a testamentary general power of appointment exercisable in favor of the beneficiary's estate over the deferred distribution or the deferred distribution shall be payable to the beneficiary's estate if the second trust does not terminate during the beneficiary's lifetime.

D. A power to make a distribution under a second trust for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary. A distribution is for the benefit of a beneficiary if:

1. The distribution is applied for the benefit of the beneficiary;

2. The beneficiary is under a legal disability or the trustee reasonably believes the beneficiary is incapacitated, and the distribution is made as permitted under this chapter; or

3. The distribution is made as permitted under the terms of the first-trust instrument and the second-trust instrument for the benefit of the beneficiary.

E. If an authorized fiduciary has limited distributive discretion over part but not all of the income or principal of a first trust, the fiduciary may exercise the decanting power under this section over that part of the income or principal over which the authorized fiduciary has limited distributive discretion.

2017, c. 592 .
Va. Code Ann. § 64.2-2012 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2012
Petition for restoration, modification, or termination; effects
Status: in_force

A. Upon petition by the incapacitated person, the guardian or conservator, or any other person or upon motion of the court, the court may (i) declare the incapacitated person restored to capacity; (ii) modify the type of appointment or the areas of protection, management, or assistance previously granted or require a new bond; (iii) terminate the guardianship or conservatorship; (iv) order removal of the guardian or conservator as provided in § 64.2-1410 ; or (v) order other appropriate relief. The fee for filing the petition shall be as provided in subdivision A 42 of § 17.1-275 .

A1. Instead of the filing of a petition or upon motion provided by subsection A, if the person subject to the guardianship or conservatorship is not represented by counsel, such person may initiate the process to be restored to capacity or have guardianship or conservatorship modified or terminated by informal written communication to the court.

Upon receipt of such informal written communication, the court shall review the communication to determine whether there is good cause to take action and may (i) set the matter for hearing pursuant to the provisions of this section or (ii) take no action if there is not good cause for such a hearing. The court shall communicate its decision to the incapacitated person and any guardian, conservator, and guardian ad litem then serving. Any court response, whether to set the matter for hearing or take no action, shall be issued in the form of a court order.

No filing fee shall be assessed for the receipt of such informal communication.

B. In the case of a petition for modification to expand the scope of a guardianship or conservatorship, the incapacitated person shall be entitled to a jury, upon request. Notice of the hearing and a copy of the petition shall be personally served on the incapacitated person and mailed to other persons entitled to notice pursuant to § 64.2-2004 . The court shall appoint a guardian ad litem for the incapacitated person and may appoint one or more licensed physicians or psychologists or licensed professionals skilled in the assessment and treatment of the physical or mental conditions of the incapacitated person, as alleged in the petition, to conduct an evaluation. Upon the filing of any other such petition or upon the motion of the court, and after reasonable notice to the incapacitated person, any guardian or conservator, any attorney of record, any person entitled to notice of the filing of an original petition as provided in § 64.2-2004 , and any other person or entity as the court may require, the court shall hold a hearing. Upon the filing of any petition or submission of informal written communications pursuant to subsection A1, the incapacitated person has a right to be represented by counsel, and the provisions of § 64.2-2006 shall apply, mutatis mutandis.

C. An order appointing a guardian or conservator may be revoked, modified, or terminated upon a finding that it is in the best interests of the incapacitated person and that:

1. The incapacitated person is no longer in need of the assistance or protection of a guardian or conservator;

2. The extent of protection, management, or assistance previously granted is either excessive or insufficient considering the current need of the incapacitated person;

3. The incapacitated person's understanding or capacity to manage his estate and financial affairs or to provide for his health, care, or safety has so changed as to warrant such action; or

4. Circumstances are such that the guardianship or conservatorship is no longer necessary or is insufficient.

D. The court shall declare the person restored to capacity and discharge the guardian or conservator if, on the basis of evidence offered at the hearing, the court finds by a preponderance of the evidence that the incapacitated person has substantially regained his ability to (i) care for his person in the case of a guardianship or (ii) manage and handle his estate in the case of a conservatorship.

In the case of a petition for modification of a guardianship or conservatorship, the court shall order (a) limiting or reducing the powers of the guardian or conservator if the court finds by a preponderance of the evidence that it is in the best interests of the incapacitated person to do so, or (b) increasing or expanding the powers of the guardian or conservator if the court finds by clear and convincing evidence that it is in the best interests of the incapacitated person to do so.

The court may order a new bond or other appropriate relief upon finding by a preponderance of the evidence that the guardian or conservator is not acting in the best interests of the incapacitated person or of the estate.

E. The powers of a guardian or conservator shall terminate upon the death, resignation, or removal of the guardian or conservator or upon the termination of the guardianship or conservatorship.

A guardianship or conservatorship shall terminate upon the death of the incapacitated person or, if ordered by the court, following a hearing on the petition of any interested person.

F. The court may allow reasonable compensation from the estate of the incapacitated person to any guardian ad litem, attorney, or evaluator appointed pursuant to this section. Any compensation allowed shall be taxed as costs of the proceeding.

1997, c. 921 , § 37.1-134.16; 2005, c. 716 , § 37.2-1012; 2012, c. 614 ; 2021, Sp. Sess. I, c. 427 ; 2024, c. 820 .
Va. Code Ann. § 64.2-1201 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1201
Appointment of assistant commissioners of accounts; duties and powers
Status: in_force

The judges of each circuit court may appoint, in addition to commissioners of accounts, assistant commissioners of accounts who shall perform all the duties and exercise all of the powers required of the commissioner of accounts in all cases in which the commissioner of accounts is so situated that he cannot perform the duties of his office or in which the commissioner of accounts is of the opinion that it is improper for him to act. Assistant commissioners of accounts may perform such duties and exercise such powers in any case except cases in which he is so situated that he cannot act or in which he is of the opinion it is improper for him to act. Assistant commissioners of accounts shall act only in such cases that the commissioner of accounts delegates to him. An assistant commissioner of accounts making a settlement of a fiduciary account under the provisions of this section shall, within 30 days, report the fact and date of the settlement to the commissioner of accounts, who shall make an entry of the settlement in his record books. The person appointed as an assistant commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.

Code 1919, § 5402; 1930, p. 86; Code 1950, § 26-10; 1966, c. 326; 1973, c. 544; 2001, c. 108 ; 2003, c. 194 ; 2012, c. 614 .
Va. Code Ann. § 64.2-617 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 3 / Section 64.2-617
Protection of registering entity
Status: in_force

A. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protection given to the registering entity by this article.

B. By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this article.

C. A registering entity is discharged from all claims to a security by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of the security in accordance with § 64.2-616 and does so in good faith reliance (i) on the registration, (ii) on this article, and (iii) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representative, or on other information available to the registering entity. The protections of this article do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this article.

D. The protection provided by this article to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.

1994, c. 422 , § 64.1-206.6; 2012, c. 614 .
Va. Code Ann. § 64.2-1631 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1631
Insurance and annuities
Status: in_force

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:

1. Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;

2. Procure new, different, and additional contracts of insurance and annuities for the principal and the principal's spouse, children, and other dependents and select the amount, type of insurance or annuity, and mode of payment;

3. Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;

4. Apply for and receive a loan secured by a contract of insurance or annuity;

5. Surrender and receive the cash surrender value on a contract of insurance or annuity;

6. Exercise an election;

7. Exercise investment powers available under a contract of insurance or annuity;

8. Change the manner of paying premiums on a contract of insurance or annuity;

9. Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;

10. Apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;

11. Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;

12. Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and

13. Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.

2010, cc. 455 , 632 , § 26-104; 2012, c. 614 .
Va. Code Ann. § 64.2-2737 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 5 / Section 64.2-2737
Power to withdraw
Status: in_force

A. For purposes of this article, and except as otherwise provided in subsection B, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw.

B. On the lapse, release, or waiver of a power to withdraw property from a trust, the power is treated as a presently exercisable general power of appointment only to the extent that the value of the property affected by the lapse, release, or waiver exceeds the greater of the amount specified in 26 U.S.C. § 2041(b)(2) and 26 U.S.C. § 2514(e) or two times the amount specified in 26 U.S.C. § 2503(b), as amended.

2016, c. 266 .
Va. Code Ann. § 64.2-2001 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2001
Filing of petition; jurisdiction; instructions to be provided
Status: in_force

A. A petition for the appointment of a guardian or conservator shall be filed with the circuit court of the county or city in which the respondent is a resident or is located or in which the respondent resided immediately prior to becoming a patient, voluntarily or involuntarily, in a hospital, including a hospital licensed by the Department of Health pursuant to § 32.1-123 , or a resident in a nursing facility or nursing home, convalescent home, assisted living facility as defined in § 63.2-100 , or any other similar institution or, if the petition is for the appointment of a conservator for a nonresident with property in the state, in the city or county in which the respondent's property is located.

B. Article 2 (§ 64.2-2105 et seq.) of the Uniform Adult Guardianship and Protective Proceedings Jurisdiction Act provides the exclusive jurisdictional basis for a court of the Commonwealth to appoint a guardian or conservator for an adult.

C. Where the petition is brought by a parent or guardian of a respondent who is under the age of 18, or by any other person and there is no living parent or guardian of a respondent who is under the age of 18, the petition may be filed no earlier than six months prior to the respondent's eighteenth birthday. Where such a petition is brought, a court may enter an order appointing the parent or guardian of the respondent, or other person if there is no living parent or guardian, as guardian or conservator prior to the respondent's eighteenth birthday. Such order shall specify whether it takes effect immediately upon entry or on the respondent's eighteenth birthday. Where the petition is brought by any other person and there is a living parent or guardian of a respondent who is under the age of 18, the petition may be filed no earlier than the respondent's eighteenth birthday.

D. Instructions regarding the duties, powers, and liabilities of guardians and conservators shall be provided to each clerk of court by the Office of the Executive Secretary of the Supreme Court, and the clerk shall provide such information to each guardian and conservator upon notice of appointment.

E. The circuit court in which the proceeding is first commenced may order a transfer of venue if it would be in the best interest of the respondent.

1997, c. 921 , § 37.1-134.7; 2001, c. 274 ; 2002, c. 736 ; 2005, c. 716 , § 37.2-1001; 2006, c. 552 ; 2011, c. 518 ; 2012, c. 614 ; 2013, c. 523 ; 2016, c. 31 .
Va. Code Ann. § 64.2-1204 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1204
Commissioners of accounts to examine and report on bonds and whether fiduciaries should be removed
Status: in_force

A. When any fiduciary, other than a sheriff or other officer, who is required to file an inventory or an account with the commissioner of accounts has made such a filing, the commissioner of accounts shall examine whether the fiduciary has given bond as the law requires and whether the penalty and surety stated in the bond are sufficient. At any time before a required filing is made by a fiduciary with the commissioner of accounts, upon the application of any interested person or the next friend of an interested infant, and after reasonable notice to the fiduciary, the commissioner of accounts for the circuit court wherein the fiduciary qualified shall investigate (i) the bond given and inquire whether security ought to be required of a fiduciary who may have been allowed to qualify without giving it and (ii) whether it is improper to permit the estate of the decedent, ward, or other person to remain under the fiduciary's control due to the incapacity or misconduct of the fiduciary, the removal of the fiduciary from the Commonwealth, or for any other cause. The commissioner of accounts shall report the result of every examination and inquiry to the court and to the clerk of court.

B. When any fiduciary of an estate has given a bond to the court and then absconds with or improperly disburses any or all of the assets of the estate, the commissioner of accounts may petition the court in which the order was made conferring his authority on the fiduciary and ask the court to order that such bond be forfeited.

Code 1919, § 5416; Code 1950, § 26-2; 1966, c. 340; 1974, c. 156; 1987, c. 489; 1997, c. 842 ; 2012, c. 614 .
Va. Code Ann. § 64.2-767 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8 / Section 64.2-767
Costs of administration
Status: in_force

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.

2005, c. 935 , § 55-548.05; 2012, c. 614 .
Va. Code Ann. § 64.2-535 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 6 / Section 64.2-535
When sale and conveyance within one year valid against creditors; proceeds paid to special commissioner; bond to obtain proceeds
Status: in_force

A. For purposes of this section:

"Net proceeds" means the purchase price for the real estate, including money, deferred purchase money obligations, and other securities, remaining after the payment of the expenses of sale ordinarily paid by the seller in sales of such real estate and the discharge of indebtedness and encumbrances that the real estate is primarily liable for by law.

B. Any sale and conveyance of real estate that is an asset for the payment of a decedent's debts or lawful demands against his estate pursuant to § 64.2-532 made within one year after the death of the decedent is valid against creditors of such decedent, if such real estate is sold and conveyed pursuant to a decree of a court of competent jurisdiction in an action for partition, sale of lands of persons under a disability, or other judicial sale, and the net proceeds of sale are paid to a special commissioner appointed by the court.

C. The special commissioner shall hold the net proceeds paid to him in lieu of the real estate subject to the claims of the decedent's creditors in the same manner and to the same extent as such real estate would have been if not sold until at least one year after the death of the decedent. If no claim has been asserted against the net proceeds, the special commissioner shall distribute the net proceeds to those creditors entitled thereto in proportion to their interest in the real estate upon (i) the expiration of the one-year period or (ii) at any time within the one-year period upon posting bond with such surety as may be prescribed by the court to secure any claims against the real estate or net proceeds.

D. A purchaser of any real estate sold and conveyed in accordance with this section is not required to see to the application of the purchase money.

E. The special commissioner who receives and holds such net proceeds or refunding bond shall give such bond as required by the court appointing him.

Code 1950, § 64-173.1; 1968, c. 656, § 64.1-184; 1996, c. 65 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1403 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1403
Qualification of trustees
Status: in_force

A. For the purposes of this section, the phrase "deed or other writing" does not include a will.

B. Any trustee appointed by a deed or other writing where the deed or other writing requires that the trustee qualify shall not act as trustee until he has qualified before the circuit court or clerk by giving bond and taking oath that he will perform the duties of his office. The oath may be taken on behalf of a corporate trustee by its president or other officer.

C. Any trustee appointed by a deed or other writing where the deed or other writing does not require that the trustee qualify may voluntarily qualify. However, regardless of whether the deed or other writing does not require qualification, upon the request of any interested party, the administration of the trust shall be in the same manner as if qualification had been required by the terms of the deed or other writing creating it.

1968, c. 382, § 26-1.1; 2012, c. 614 .
Va. Code Ann. § 64.2-1633 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1633
Claims and litigation
Status: in_force

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to:

1. Assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, counterclaim, offset, recoupment, or defense, including an action to recover property or other thing of value, recover damages sustained by the principal, eliminate or modify tax liability, or seek an injunction, specific performance, or other relief;

2. Bring an action to determine adverse claims or intervene or otherwise participate in litigation;

3. Seek an attachment, garnishment, order of arrest, or other preliminary, provisional, or intermediate relief and use an available procedure to effect or satisfy a judgment, order, or decree;

4. Make or accept a tender, offer of judgment, or admission of facts; submit a controversy on an agreed statement of facts; consent to examination; and bind the principal in litigation;

5. Submit to alternative dispute resolution, settle, and propose or accept a compromise;

6. Waive the issuance and service of process upon the principal, accept service of process, appear for the principal, designate persons upon which process directed to the principal may be served, execute and file or deliver stipulations on the principal's behalf, verify pleadings, seek appellate review, procure and give surety and indemnity bonds, contract and pay for the preparation and printing of records and briefs, and receive, execute, and file or deliver a consent, waiver, release, confession of judgment, satisfaction of judgment, notice, agreement, or other instrument in connection with the prosecution, settlement, or defense of a claim or litigation;

7. Act for the principal with respect to bankruptcy or insolvency, whether voluntary or involuntary, concerning the principal or some other person, or with respect to a reorganization, receivership, or application for the appointment of a receiver or trustee that affects an interest of the principal in property or other thing of value;

8. Pay a judgment, award, or order against the principal or a settlement made in connection with a claim or litigation; and

9. Receive money or other thing of value paid in settlement of or as proceeds of a claim or litigation.

2010, cc. 455 , 632 , § 26-106; 2012, c. 614 .
Va. Code Ann. § 64.2-2308 — Virginia Code / Title 64.2 / Subtitle V / Chapter 23 / Section 64.2-2308
Substitution of presumed decedent in pending actions; reopening of judgments; effect of judgments
Status: in_force

A. After revocation of the order determining death, the person who had been determined to be dead may:

1. Be substituted as plaintiff in all actions previously brought by his personal representative, whether prosecuted to judgment or otherwise, on suggestion filed by such person; and

2. Be substituted as defendant in all actions previously brought against his personal representative, on suggestion filed by such person or the plaintiff to the action. If such person is substituted as defendant, he shall not be compelled to go to trial in less than three months from the time that such suggestion is filed.

B. Upon application by the presumed decedent, judgments recovered against the personal representative before revocation of the order determining death may be opened. Such application by the presumed decedent shall be made within three months from the date of the revocation and shall be supported by an affidavit that specifically denies the cause of the action, in whole or in part, or specifically alleges the existence of facts that would constitute a valid defense. However, if no application is made during the three-month period, or, if an application is made but the facts exhibited are adjudged to be insufficient to constitute a defense, the judgment shall be conclusive for all intents. After the substitution of the presumed decedent as defendant to any judgment pursuant to subdivision A 2, the judgment shall become a lien upon his real estate and shall so continue as other judgments.

Code 1950, § 64-110; 1968, c. 656, § 64.1-114; 1971, Ex. Sess., c. 156; 2006, c. 351 ; 2012, c. 614 .
Va. Code Ann. § 64.2-622 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-622
Applicability
Status: in_force

This article applies to a transfer on death deed made before, on, or after July 1, 2013, by a transferor dying on or after July 1, 2013.

2013, c. 390 .
Va. Code Ann. § 64.2-500 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 1 / Section 64.2-500
Grant of administration with the will annexed
Status: in_force

A. If the will does not name an executor, or the executor named refuses to accept, fails to give bond, or dies, resigns, or is removed from office, the court or clerk may grant administration with the will annexed to a person who is a residual or substantial legatee under the will, or his designee, or if such person fails to apply for administration within 30 days, to a person who would have been entitled to administration if there had been no will.

B. Administration shall not be granted to any person unless he takes the required oath and gives bond, and the court or clerk is satisfied that he is suitable and competent to perform the duties of his office. Administration shall not be granted to any person under a disability as defined in § 8.01-2 .

C. If any beneficiary of the estate objects, a spouse or parent who has been barred from all interest in the estate because of desertion or abandonment as provided under § 64.2-308 or 64.2-308.17 , as applicable, may not serve as an administrator of the estate.

Code 1950, § 64-112; 1968, c. 656, § 64.1-116; 1979, c. 323; 2000, c. 321 ; 2012, c. 614 ; 2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-2727 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 4 / Section 64.2-2727
Disclaimer
Status: in_force

As provided by Chapter 26 (§ 64.2-2600 et seq.):

1. A powerholder may disclaim all or part of a power of appointment.

2. A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest in appointive property.

2016, c. 266 .
Va. Code Ann. § 64.2-1311 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1311
Vouchers and statement of assets on hand; direct payments to account; vouchers for IRS payments
Status: in_force

A. Vouchers for disbursements and a statement of cash on hand or in a bank and all investments held at the terminal date of the account shall also be exhibited with each account. A voucher shall not be required when a disbursement, not exceeding the value of $50, is made to a legatee under the authority of a will and such legatee refuses to take the possession or fails to present the disbursement check to a bank for payment. In such case the fiduciary shall file an affidavit stating that he has made a good faith effort to comply with the terms of the will and the provisions of this section.

B. A fiduciary may make payment to a beneficiary by transfer to the beneficiary's bank account with the fiduciary or by payment to an account with another bank through an automated clearinghouse, wire transfer, or similar mechanism, if the beneficiary has consented in writing to such method of payment. In either case, a record or statement of the bank making such payment shall be a sufficient voucher for the purpose of subsection A.

C. In the case of payments to the Internal Revenue Service for income tax estimates or any other payments required or permitted to be made by wire transfer or similar mechanism, a record or statement of the bank making such payment shall be a sufficient voucher for the purpose of subsection A.

D. In the case of payments of debts, taxes, and expenses, a corporate fiduciary's affidavit signed by an officer familiar with the facts that describes each payment by date, payee, purpose, and amount shall be a sufficient voucher for the purpose of subsection A. However, the commissioner of accounts may require that the corporate fiduciary exhibit a voucher for a specific payment.

E. In the event a fiduciary seeks to use a check as a voucher or receipt under this section, (i) a copy of both sides of the check shall be sufficient or (ii) a copy of the front side of the check and the periodic statement from the financial institution showing the check number and amount that coincides with the copy shall be sufficient, provided that (a) the copy was made in the regular course of business in accordance with the admissibility requirements of § 8.01-391 and (b) the commissioner of accounts may require a fiduciary to exhibit a proper voucher for a specific payment or for distributions to beneficiaries or distributees. However, the commissioner of accounts shall not require a fiduciary to exhibit an original check as a voucher under this subsection.

1993, c. 689, § 26-17.9; 1999, c. 74 ; 2003, c. 201 ; 2005, cc. 261 , 277 ; 2012, c. 614 ; 2014, c. 532 .
Va. Code Ann. § 64.2-425 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-425
Interest on pecuniary legacies
Status: in_force

A. Unless a contrary intent is expressed in or to be implied from a will or trust: (i) interest on a pecuniary legacy begins to run at the expiration of one year after the date of the death of the testator and (ii) interest on a pecuniary amount from a trust begins to run at the expiration of one year after the date on which the beneficiary is entitled to receive the pecuniary amount.

B. For the purposes of this section, a marital formula pecuniary bequest either outright to the testator's spouse or in trust for the benefit of such spouse, designed in either case to qualify for the benefit of the marital deduction allowed by the Internal Revenue Code, shall not be considered a pecuniary legacy entitled to interest at the expiration of one year after the death of the testator but, instead, shall share ratably with the residue of the estate in the income earned by the estate during the period of administration, unless a contrary intent is expressed in the will.

Code 1950, § 64-68; 1968, c. 656, § 64.1-68; 1999, c. 975 ; 2012, c. 614 .
Va. Code Ann. § 64.2-726 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-726
Trust for care of animal
Status: in_force

A. A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor's lifetime, upon the death of the last surviving animal. Funds from the trust may be applied to any outstanding expenses of the trust and for burial or other postdeath expenditures for animal beneficiaries as provided for in the instrument creating the trust.

B. The instrument creating the trust shall be liberally construed to bring the transfer within the scope of trusts governed by this section, to presume against the merely precatory or honorary nature of the disposition, and to carry out the general intent of the transferor. Extrinsic evidence is admissible in determining the transferor's intent.

C. A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed. The appointed person shall have the rights of a trust beneficiary for the purpose of enforcing the trust, including receiving accountings, notices, and other information from the trustee and providing consents. Reasonable compensation for a person appointed by the court may be paid from the assets of the trust.

D. Except as ordered by a court or required by the trust instrument, no filing, report, registration, periodic accounting, separate maintenance of funds, appointment, or surety bond shall be required by reason of the existence of the fiduciary relationship of the trustee.

E. Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use shall be distributed to the settlor, if then living. If the settlor is deceased, such property shall be distributed pursuant to the residuary clause of the settlor's will if the trust for the animal was created in a preresiduary clause in the will or pursuant to the residuary provisions of the inter vivos trust if the trust for the animal was created in a preresiduary clause in the trust instrument; otherwise, such property shall be distributed to the settlor's successors in interest.

2005, c. 935 , § 55-544.08; 2006, c. 666. 2012, c. 614 .
Va. Code Ann. § 64.2-2607 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2607
Disclaimer of power of appointment or other power not held in a fiduciary capacity
Status: in_force

If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply:

1. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.

2. If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power.

3. The instrument creating the power is construed as if the power expired when the disclaimer became effective.

2003, c. 253 , § 64.1-196.8; 2012, c. 614 .
Va. Code Ann. § 64.2-1215 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1215
Power of commissioner of accounts to enforce the filing of inventories
Status: in_force

A. If any fiduciary fails to make the return required by § 64.2-1300 , the commissioner of accounts shall issue, through the sheriff or other proper officer, a summons to the fiduciary requiring him to make such return. If the fiduciary fails to make the required return within 30 days after the date of service of the summons, the commissioner of accounts shall report the fact to the circuit court. The court shall immediately issue a summons to the fiduciary requiring him to appear and shall, upon his appearance, assess a fine against the fiduciary in an amount not to exceed $500 unless excused for sufficient reason. If, after his appearance before the court, the fiduciary continues to fail to make the required return within such time as the court may prescribe, the fiduciary shall be punished for contempt of court.

B. Whenever the commissioner of accounts reports to the court that a fiduciary who is an attorney-at-law licensed to practice in the Commonwealth has failed to make the required return within 30 days after the date of service of a summons, the commissioner of accounts shall also mail a copy of his report to the Virginia State Bar.

Code 1919, § 5403; 1932, p. 337; Code 1950, § 26-13; 1956, c. 159; 2003, c. 193 ; 2012, c. 614 .
Va. Code Ann. § 64.2-901 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-901
Custodial trust; creation and termination; general provisions
Status: in_force

A. A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration if the property is of a type subject to registration, or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under this chapter.

B. In addition, a person may create a custodial trust of property by a written declaration, evidenced by registration of the property if the property is of a type subject to registration, or by other instrument of declaration, executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under this chapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.

C. Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.

D. The beneficiary, if not incapacitated, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary declaring the termination. The conservator of an incapacitated beneficiary may similarly terminate the custodial trust in this manner but only if granted the power by the circuit court that appointed him in a proceeding in which the custodial trustee is made a party. If not previously terminated, the custodial trust terminates on the death of the beneficiary. A transferor may not terminate a custodial trust except as provided in this subsection.

E. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.

F. The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.

G. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.

1990, c. 264, § 55-34.2; 2012, c. 614 .
Va. Code Ann. § 64.2-324 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 3 / Section 64.2-324
Uniformity of application and construction
Status: in_force

This article shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this article among those states which enact it.

1982, c. 456, § 64.1-206; 2012, c. 614 .
Va. Code Ann. § 64.2-1427 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 2 / Section 64.2-1427
How property of nonresident infant or incapacitated person transferred to foreign guardian, conservator, or committee
Status: in_force

When any nonresident infant or incapacitated person is entitled to property or money in the Commonwealth, a petition to remove the property or money to the domicile of the infant or incapacitated person may be filed by his guardian, conservator, committee, or other fiduciary lawfully appointed and qualified in the state or country of his residence, in the circuit court of the county or city in which the property or money, or some part thereof, is located. If entitlement to the property or money was acquired other than by a will or was acquired by a will that restricts the transfer out of the Commonwealth, the infant or incapacitated person, and the guardian of the infant or the conservator or other fiduciary of the incapacitated person appointed in the Commonwealth, if there is one, shall be made a party defendant to this petition. The court shall appoint a guardian ad litem for the infant or incapacitated person who, as well as the conservator or other fiduciary, if there is one, shall answer the petition on oath. Upon a hearing of the case on its merits, or upon the petition without hearing if entitlement to the property or money was acquired by a will that does not restrict the transfer out of the Commonwealth, the court may order the fiduciary to pay and deliver to the foreign guardian, conservator, committee, or fiduciary, or his agent or attorney, all personal property and money in his possession belonging to the infant or incapacitated person, and authorize the foreign guardian, conservator, committee, or fiduciary to sue for, recover, and receive all money and personal property, including the accruing rents of his real estate, that belongs to the infant or incapacitated person in the same manner as if he were appointed a guardian, conservator, committee, or fiduciary of the infant or incapacitated person in the Commonwealth, and to remove the money and personal property to the state or country in which the foreign fiduciary was appointed and qualified.

Code 1919, § 5350; Code 1950, § 26-60; 1968, c. 399; 1983, c. 487; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-439 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-439
Revocation
Status: in_force

The international will shall be subject to the ordinary rules of revocation of wills.

1995, c. 443 , § 64.1-96.8; 2012, c. 614 .
Va. Code Ann. § 64.2-508 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 1 / Section 64.2-508
Written notice of probate, qualification, and entitlement to copies of inventories, accounts, and reports to be provided to certain parties
Status: in_force

A. Except as otherwise provided in this section, a personal representative of a decedent's estate, including an administrator appointed pursuant to § 64.2-454 , or a proponent of a decedent's will when there is no qualification shall provide written notice of qualification or probate, and notice of entitlement to copies of wills, inventories, accounts, and reports, to the following persons:

1. The surviving spouse of the decedent, if any;

2. All heirs at law of the decedent, whether or not there is a will;

3. All living and ascertained beneficiaries under the will of the decedent, including those who may take under § 64.2-418 , and beneficiaries of any trust created by the will; and

4. All living and ascertained beneficiaries under any will of the decedent previously probated in the same court.

B. Notice under subsection A need not be provided to the following persons:

1. A personal representative or proponent of the will;

2. Any person who has signed a waiver of right to receive notice;

3. Any person to whom a summons has been issued pursuant to § 64.2-446 ;

4. Any person who is the subject of a conservatorship, guardianship, or committeeship, if notice is provided to his conservator, guardian, or committee;

5. Any beneficiary of a trust, other than a trust created by the decedent's will, if notice is provided to the trustee of the trust;

6. Any heir or beneficiary who survived the decedent but is deceased at the time of qualification or probate, and such person's successors in interest, if notice is provided to such person's personal representative;

7. Any minor for whom no guardian has been appointed, if notice is provided to his parent or person in loco parentis;

8. Any beneficiary of a pecuniary bequest or of a bequest of tangible personal property, provided in either case the beneficiary is not an heir at law and the value of the bequest is not in excess of $10,000; and

9. Any unborn or unascertained persons.

C. The notice shall include the following information:

1. The name and date of death of the decedent;

2. The name, address, and telephone number of a personal representative or a proponent of a will;

3. The mailing address of the clerk of the court in which the personal representative qualified or the will was probated;

4. A statement as follows: "This notice does not mean that you will receive any money or property";

5. A statement as follows: "If personal representatives qualified on this estate, unless otherwise specifically exempted under Virginia law, they are required by law to file an inventory with the commissioner of accounts within four months after they qualify in the clerk's office, to file an account within 16 months of their qualification, and to file additional accounts within 16 months from the date of their last account period until the estate is settled. If you make written request therefor to the personal representatives, they must mail copies of these documents (not including any supporting vouchers, but including a copy of the decedent's will) to you at the same time the inventory or account is filed with the commissioner of accounts unless (i) you would take only as an heir at law in a case where all of the decedent's probate estate is disposed of by will or (ii) your gift has been satisfied in full before the time of such filing. Your written request may be made at any time; it may relate to one specific filing or to all filings to be made by the personal representative, but it will not be effective for filings made prior to its receipt by a personal representative. A copy of your request may be sent to the commissioner of accounts with whom the filings will be made. After the commissioner of accounts has completed work on an account filed by a personal representative, the commissioner files it and a report thereon in the clerk's office of the court wherein the personal representative qualified. If you make written request therefor to the commissioner before this filing, the commissioner must mail a copy of this report and any attachments (excluding the account) to you on or before the date that they are filed in the clerk's office"; and

6. The mailing address of the commissioner of accounts with whom the inventory and accounts must be filed by the personal representatives, if they are required.

D. Within 30 days after the date of qualification or admission of the will to probate, a personal representative or proponent of the will shall forward notice by delivery or by first-class mail, postage prepaid, to the persons entitled to notice at their last known address.

E. Failure to give the notice required by this section shall not (i) affect the validity of the probate of a decedent's will or (ii) render any person required to give notice, who has acted in good faith, liable to any person entitled to receive notice. In determining the limitation period for any rights that may commence upon or accrue by reason of such probate or qualification in favor of any entitled person, the time that elapses from the date that notice should have been given to the date that notice is given shall not be counted, unless the person required to give notice could not determine the name and address of the entitled person after the exercise of reasonable diligence.

F. The personal representative or proponent of the will shall record within four months in the clerk's office where the will is recorded an affidavit stating (i) the names and addresses of the persons to whom he has mailed or delivered notice and when the notice was mailed or delivered to each or (ii) that no notice was required to be given to any person. The commissioner of accounts shall not approve any settlement filed by a personal representative until the affidavit described in this subsection has been recorded. If the personal representative of an estate or the proponent of a will is unable to determine the name and address of any person to whom notice is required after the exercise of reasonable diligence, a statement to that effect in the required affidavit shall be sufficient for purposes of this subsection. Notwithstanding the foregoing provisions, any person having an interest in an estate may give the notice required by this section and record the affidavit described in this subsection. If this subsection has not been complied with within four months after qualification, the commissioner of accounts shall issue, through the sheriff or other proper officer, a summons to such fiduciary requiring him to comply, and if the fiduciary does not comply, the commissioner shall enforce the filing of the affidavit in the manner set forth in § 64.2-1215 .

G. The form of the notice to be given pursuant to this section, which shall contain appropriate instructions regarding its use, shall be provided to each clerk of the circuit court by the Office of the Executive Secretary of the Supreme Court and each clerk shall provide copies of such form to the proponents of a will or those qualifying on an estate.

1993, c. 4, § 64.1-122.2; 2001, cc. 78 , 265 ; 2002, c. 716 ; 2012, c. 614 ; 2022, c. 777 ; 2025, c. 148 .
Va. Code Ann. § 64.2-613 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 3 / Section 64.2-613
Registration in beneficiary form; sole or joint tenancy ownership; applicable law
Status: in_force

A. Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.

B. A security may be registered in beneficiary form if the form is authorized by this article or a similar law of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent, or its office making the registration, or by a similar law of the state listed as the owner's address at the time of registration.

A registration governed by the law of a jurisdiction in which this article or a similar law is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.

1994, c. 422 , § 64.1-206.2; 2012, c. 614 .
Va. Code Ann. § 64.2-1805 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 18 / Section 64.2-1805
Powers of guardian
Status: in_force

A. Whether appointed by a parent, the circuit court, or the circuit court clerk, a guardian of a ward's estate shall have the powers set forth in § 64.2-105 as of the date the guardian acts. A guardian of a ward's estate shall also have the following powers:

1. To ratify or reject a contract entered into by the ward;

2. To pay any sum distributable for the benefit of the ward by paying the sum directly to the ward, to the provider of goods and services that have been furnished to the ward, to any individual or facility that is responsible for or has assumed responsibility for care and custody of the ward, or to a ward's custodian under a Uniform Transfers to Minors Act, Uniform Gifts to Minors Act, or comparable law of any applicable jurisdiction;

3. To maintain life, health, casualty, and liability insurance for the benefit of the ward;

4. To manage the estate following the termination of the guardianship until its delivery to the ward or successors in interest;

5. To execute and deliver all instruments and to take all other actions that will serve the best interests of the ward;

6. To initiate a proceeding to seek a divorce or to make an augmented estate election under § 64.2-302 or 64.2-308.13 , as applicable; and

7. To borrow money for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the guardian deems advisable, including the power to borrow from the guardian, if the guardian is a bank, for any purpose; to mortgage or pledge such portion of the ward's personal estate, and real estate subject to subsection B, as may be required to secure such loan or loans; and, as maker or endorser, to renew existing loans.

B. A guardian may exercise the powers set forth in subsection A without prior authorization, except that the court or the commissioner of accounts, if a guardian is appointed other than by the court, may impose requirements to be satisfied by the guardian prior to the conveyance of any interest in real estate, including (i) increasing the amount of the guardian's bond, (ii) securing an appraisal of the real estate or interest, (iii) giving notice to interested parties as the court or commissioner deems proper, and (iv) consulting with the commissioner of accounts.

1. If the court or commissioner of accounts imposes any requirements under this subsection, the guardian shall make a report of his compliance with each requirement, which shall be filed with the commissioner of accounts. Upon receipt of the guardian's report, the commissioner of accounts shall file promptly a report with the court stating whether the requirements imposed have been met and whether the conveyance is otherwise consistent with the guardian's duties. The conveyance shall not be closed until a report by the commissioner of accounts is filed with the court and confirmed as provided in §§ 64.2-1212 , 64.2-1213 , and 64.2-1214 .

2. If the commissioner of accounts does not impose any requirements under this subsection, he shall, upon request of the guardian of the minor, issue a notarized statement providing that "The Commissioner of Accounts has declined to impose any requirements upon the power of (name of guardian), Guardian of (name of minor), to convey the following real estate of the minor: (property identification)." The conveyance shall not be closed until the guardian has furnished such a statement to the proposed grantee.

C. Any guardian may at any time irrevocably disclaim the right to exercise any of the powers conferred by this section by filing a written disclaimer with the clerk of the circuit court wherein his accounts may be settled. Such disclaimer shall relate back to the time when the guardian assumed the guardianship and shall be binding upon any successor guardian.

1999, c. 16 , § 31-14.1; 2012, c. 614 ; 2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-618 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 3 / Section 64.2-618
Nontestamentary transfer on death
Status: in_force

A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this article, and is not testamentary.

This article does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the Commonwealth.

1994, c. 422 , § 64.1-206.7; 2012, c. 614 .
Va. Code Ann. § 64.2-784 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-784
Duties at inception of trusteeship
Status: in_force

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this article.

1999, c. 772 , § 26-45.6; 2012, c. 614 .