Va. Code Ann. § 64.2-802 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 10 / Section 64.2-802
Interest as general partner
Status: in_force

A. Except as otherwise provided in subsection C or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to the Uniform Partnership Act (§ 50-73.79 et seq.).

B. Except as otherwise provided in subsection C, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.

C. The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings, or parents, or the spouse of any of them.

D. If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.

2005, c. 935 , § 55-550.11; 2012, c. 614 .
Va. Code Ann. § 64.2-779 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8 / Section 64.2-779
Distribution upon termination
Status: in_force

A. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.

B. Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.

C. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:

1. It was induced by improper conduct of the trustee; or

2. The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.

2005, c. 935 , § 55-548.17; 2012, c. 614 .
Va. Code Ann. § 64.2-122 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-122
Disclosure of other digital assets of deceased user
Status: in_force

Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalog of electronic communications sent or received by the user and digital assets, other than the content of electronic communications, of the user, if the representative gives the custodian:

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

2. A certified copy of the death certificate of the user;

3. A certified copy of the letter of appointment of the representative or a small-estate affidavit or court order; 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 user's account;

b. Evidence linking the account to the user;

c. An affidavit stating that disclosure of the user's digital assets is reasonably necessary for administration of the estate; or

d. A finding by the court that (i) the user had a specific account with the custodian, identifiable by the information specified in subdivision a or (ii) disclosure of the user's digital assets is reasonably necessary for administration of the estate.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-116 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-116
Definitions
Status: in_force

As used in this article, unless the context requires otherwise:

"Account" means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user.

"Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. "Agent" includes an original agent, a coagent, a successor agent, and a person to which an agent's authority is delegated.

"Carries" means engages in the transmission of an electronic communication.

"Catalog of electronic communications" means information that identifies each person with which a user has had an electronic communication, the time and date of the communication, and the electronic address of the person.

"Conservator" means a person appointed by a court to manage the estate of a living individual. "Conservator" includes a limited conservator.

"Content of an electronic communication" means information concerning the substance or meaning of the communication that (i) has been sent or received by a user; (ii) is in electronic storage by a custodian providing an electronic communication service to the public or is carried or maintained by a custodian providing a remote computing service to the public; and (iii) is not readily accessible to the public.

"Court" means the circuit court for the county or city having jurisdiction over the fiduciary in matters relating to the content of this article.

"Custodian" means a person who carries, maintains, processes, receives, or stores a digital asset of a user.

"Designated recipient" means a person chosen by a user using an online tool to administer digital assets of the user.

"Digital asset" means an electronic record in which an individual has a right or interest. "Digital asset" does not include an underlying asset or liability unless the asset or liability is itself an electronic record.

"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

"Electronic communication" has the same meaning as the definition provided in 18 U.S.C. § 2510(12).

"Electronic communication service" means a custodian that provides to a user the ability to send or receive an electronic communication.

"Fiduciary" means an original, additional, or successor personal representative, conservator, guardian, agent, or trustee.

"Guardian" means a person appointed by a court to manage the person of a living individual adult pursuant to Chapter 20 (§ 64.2-2000 et seq.) or a person appointed by a court to manage the estate of a minor pursuant to Chapter 17 (§ 64.2-1700 et seq.). "Guardian" includes a limited guardian.

"Information" means data, text, images, videos, sounds, codes, computer programs, software, databases, or something that is substantially similar.

"Online tool" means an electronic service provided by a custodian that allows the user, in an agreement distinct from the terms-of-service agreement between the custodian and user, to provide directions for disclosure or nondisclosure of digital assets to a third person.

"Person" means an individual; estate; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity.

"Personal representative" means an executor, administrator, curator, designated successor or successor under the Virginia Small Estate Act (§ 64.2-600 et seq.), or person that performs substantially the same function under the laws of the Commonwealth other than this article.

"Power of attorney" means a record that grants an agent authority to act in the place of a principal.

"Principal" means an individual who grants authority to an agent in a power of attorney.

"Protected person" means an individual for whom a conservator or guardian has been appointed. "Protected person" includes an individual for whom an application for the appointment of a conservator or guardian is pending.

"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.

"Remote computing service" means a custodian that provides to a user computer-processing services or the storage of digital assets by means of an electronic communications system, as defined in 18 U.S.C. § 2510(14).

"Terms-of-service agreement" means an agreement that controls the relationship between a user and a custodian.

"Trustee" means a fiduciary with legal title to property under an agreement or declaration that creates a beneficial interest in another. "Trustee" includes a successor trustee.

"User" means a person that has an account with a custodian.

"Will" includes a codicil, testamentary instrument that only appoints an executor, and instrument that revokes or revises a testamentary instrument.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-1908 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1908
Manner of creating custodial property and effecting transfer; designation of initial custodian; control
Status: in_force

A. Custodial property is created and a transfer is made whenever:

1. An uncertificated security or a certificated security in registered form is either:

a. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act"; or

b. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection B.

2. Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act."

3. The ownership of a life or endowment insurance policy or annuity contract is either:

a. Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act"; or

b. Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act."

4. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act."

5. An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act."

6. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:

a. Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act"; or

b. Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act."

7. An interest in any property not described in subdivisions 1 through 6 is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection B.

Nothing in this subsection shall be deemed to prohibit the creation or transfer of custodial property from a personal representative, trustee, or conservator to himself as custodian pursuant to §§ 64.2-1904 , 64.2-1905 , and 64.2-1906 .

B. An instrument in the following form satisfies the requirements of subdivisions A 1 b and A 7.

TRANSFER UNDER THE VIRGINIA UNIFORM TRANSFERS TO MINORS ACT

I, ____________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to __________ (name of custodian), as custodian for __________ (name of minor) under the Virginia Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).

Dated: __________

____________

(Signature)

__________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Virginia Uniform Transfers to Minors Act.

Dated: __________

____________

(Signature of Custodian)

C. A transferor shall place the custodian in control of the custodial property as soon as practicable.

D. A transferor who transfers property to an individual under the age of 21 years pursuant to § 64.2-1903 or 64.2-1904 may expressly provide that the custodian shall deliver, convey, or pay the property to the individual on the individual's attaining the age of 21 by inclusion of the parenthetical "(21)" after the words "Virginia Uniform Transfers to Minors Act" or substantially similar language. In such case, the word "minor" as used in this chapter shall mean an individual who has not attained the age of 21 years.

E. A transferor who transfers property on or after July 1, 2019, to an individual under the age of 21 years pursuant to § 64.2-1903 or 64.2-1904 may expressly provide that the custodian shall deliver, convey, or pay the property to the individual on the individual's attaining the age of 25 by inclusion of the parenthetical "(25)" after the words "Virginia Uniform Transfers to Minors Act" or substantially similar language. In such case, the word "minor" as used in this chapter shall mean an individual who has not attained the age of 25 years.

1988, c. 516, § 31-45; 1989, c. 548; 1990, c. 831; 2012, c. 614 ; 2019, c. 527 .
Va. Code Ann. § 64.2-1634 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1634
Personal and family maintenance
Status: in_force

A. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to:

1. Perform the acts necessary to maintain the customary standard of living of the principal, the principal's spouse, and the following individuals, whether living when the power of attorney is executed or later born:

a. The individuals legally entitled to be supported by the principal; and

b. The individuals whom the principal has customarily supported or indicated the intent to support;

2. Make periodic payments of child support and other family maintenance required by a court or governmental agency or an agreement to which the principal is a party;

3. Provide living quarters for the individuals described in subdivision 1 by:

a. Purchase, lease, or other contract; or

b. Paying the operating costs, including interest, amortization payments, repairs, improvements, and taxes, for premises owned by the principal or occupied by those individuals;

4. Provide normal domestic help, usual vacations and travel expenses, and funds for shelter, clothing, food, appropriate education, including postsecondary and vocational education, and other current living costs for the individuals described in subdivision 1;

5. Pay expenses for necessary health care and custodial care on behalf of the individuals described in subdivision 1;

6. Act as the principal's personal representative pursuant to the Health Insurance Portability and Accountability Act, §§ 1171 through 1179 of the Social Security Act, 42 U.S.C. § 1320d, as amended, and applicable regulations, in making decisions related to the past, present, or future payment for the provision of health care consented to by the principal or anyone authorized under the law of the Commonwealth to consent to health care on behalf of the principal;

7. Continue any provision made by the principal for automobiles or other means of transportation, including registering, licensing, insuring, and replacing them, for the individuals described in subdivision 1;

8. Maintain credit and debit accounts for the convenience of the individuals described in subdivision 1 and open new accounts; and

9. Continue payments incidental to the membership or affiliation of the principal in a religious institution, club, society, order, or other organization or to continue contributions to those organizations.

B. Authority with respect to personal and family maintenance is neither dependent upon, nor limited by, authority that an agent may or may not have with respect to gifts under this chapter.

2010, cc. 455 , 632 , § 26-107; 2012, c. 614 .
Va. Code Ann. § 64.2-308.5 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.5
Decedent's net probate estate
Status: in_force

The value of the augmented estate includes the value of the decedent's probate estate, reduced by funeral and administration expenses (excluding federal or state transfer taxes), homestead allowance, family allowances, exempt property, and enforceable claims.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-1600 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1600
Definitions
Status: in_force

For the purposes of this chapter, unless the context requires otherwise:

"Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to which an agent's authority is delegated.

"Durable," with respect to a power of attorney, means not terminated by the principal's incapacity.

"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

"Good faith" means honesty in fact.

"Incapacity" means inability of an individual to manage property or business affairs because the individual:

1. Has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or

2. Is missing or outside the United States and unable to return.

"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.

"Power of attorney" means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.

"Presently exercisable general power of appointment," with respect to property or a property interest subject to a power of appointment, means power exercisable at the time in question to vest absolute ownership in the principal individually, the principal's estate, the principal's creditors, or the creditors of the principal's estate. The term includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. The term does not include a power exercisable in a fiduciary capacity or only by will.

"Principal" means an individual who grants authority to an agent in a power of attorney.

"Property" means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein.

"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.

"Sign" means, with present intent to authenticate or adopt a record: (i) to execute or adopt a tangible symbol or (ii) to attach to or logically associate with the record an electronic sound, symbol, or process.

"State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

"Stocks and bonds" means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. The term does not include commodity futures contracts and call or put options on stocks or stock indexes.

2010, cc. 455 , 632 , § 26-73; 2012, c. 614 .
Va. Code Ann. § 64.2-514 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-514
Duty of every personal representative
Status: in_force

Every personal representative shall administer, well and truly, the whole personal estate of his decedent.

Code 1950, § 64-131; 1968, c. 656, § 64.1-139; 2012, c. 614 .
Va. Code Ann. § 64.2-1416 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1416
Liability of fiduciary for actions of cofiduciary
Status: in_force

A. As used in this section, "fiduciary" has the same meaning as provided in § 8.01-2 , except that it shall not include trustees subject to the requirements and provisions of the Uniform Trust Code (§ 64.2-700 et seq.).

B. Any power vested in three or more fiduciaries may be exercised by a majority of the fiduciaries, but a fiduciary who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise. A dissenting fiduciary is not liable for the consequences of an act in which he joins at the direction of the majority of the fiduciaries if he expressed his dissent in writing to any of his cofiduciaries, if the act is not of itself a patent breach of trust.

C. A fiduciary shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any cofiduciary, or for those of any banker, broker, or other person with whom the trust money or securities may be lawfully deposited, or for any loss that does not result from his own default or negligence.

D. Whenever the instrument under which a fiduciary or fiduciaries are acting reserves the authority to direct the making or retention of any investment for the settlor, testator, or creator or vests such authority in an advisory or investment committee or any other person, including a cofiduciary, to the exclusion of the fiduciary or the exclusion of one or more of several fiduciaries,, the excluded fiduciary or cofiduciary shall be liable, if at all, only as a ministerial agent and shall not be liable as fiduciary or cofiduciary for any loss resulting from the making or retention of any investment pursuant to such authorized direction.

E. This section does not excuse a cofiduciary from liability for failing to (i) participate in the administration of trust, (ii) attempt to prevent a breach of trust, or (iii) seek advice and guidance from the circuit court in an apparently recurring situation unless otherwise expressly provided by the instrument under which the cofiduciary is acting.

1978, c. 327, § 26-5.2; 1980, c. 440; 2005, c. 935 ; 2012, c. 614 .
Va. Code Ann. § 64.2-623 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-623
Nonexclusivity
Status: in_force

This article does not affect any method of transferring property otherwise permitted under the law of the Commonwealth.

2013, c. 390 .
Va. Code Ann. § 64.2-1211 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1211
Where filed; notice to certain parties
Status: in_force

The commissioner of accounts shall file the report in the office of the circuit court by which he is appointed as soon as practicable after its completion. On or before the date of filing a report on a personal representative's account, the commissioner of accounts shall send a copy of the report and any attachments, excluding the account, by first-class mail to every person who (i) was entitled to request a copy of the account pursuant to § 64.2-1303 and (ii) submits a written request therefor to the commissioner of accounts. The copy of the report of the commissioner of accounts shall be accompanied by a statement advising the recipient that the report will stand confirmed by law 15 days after the report is filed with the court in the absence of any objections being filed thereto.

Code 1919, § 5427; Code 1950, § 26-32; 1997, c. 842 ; 2001, c. 265 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1419 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1419
Execution of fiduciary bond or appointment of agent designates clerk as attorney for service of process
Status: in_force

A. Every person who qualifies in a circuit court or clerk's office as a personal representative of a decedent, guardian, conservator, committee, trustee, or receiver, and the surety upon any such fiduciary's bond, shall, by executing the bond required of the fiduciary, be deemed to have designated the clerk of the court in which the qualification is had, and his successor in office, as the true and lawful attorney of the fiduciary upon whom service of any notice, process, or rule issuing from a court of the Commonwealth or a commissioner of such court may be executed, whenever the fiduciary cannot be found and served within the Commonwealth after the exercise of due diligence. This section only applies if the proceeding relates to the proper administration or distribution of the fiduciary estate, including a proceeding to assert a claim against the estate or to remove the fiduciary or to obtain a personal judgment against him and his surety, either or both, for nonfeasance, misfeasance, or malfeasance in the performance of the fiduciary's duties. The designation shall terminate and no longer be in effect when the fiduciary's final account shall stand confirmed as provided in § 64.2-1212 or by order of court.

B. Every nonresident trustee who, pursuant to § 64.2-427 or 64.2-428 , files a consent in writing with a clerk of a circuit court that any service of process or notice may be by service upon a resident of the Commonwealth at such address as the trustee may appoint in the written instrument filed with the clerk shall, by filing such consent, be deemed to have designated the clerk of the court in which the consent is filed, and his successor in office, as the true and lawful attorney of the nonresident trustee upon whom service of any notice, process, or rule issuing from a court of the Commonwealth may be executed, whenever the resident appointed to receive service cannot be found and served within the Commonwealth after the exercise of due diligence.

1954, c. 601, § 26-7.1; 1997, c. 801 ; 2000, c. 320 ; 2012, c. 614 .
Va. Code Ann. § 64.2-308.16 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.16
Rights in family residence
Status: in_force

Until the surviving spouse's rights in the principal family residence have been determined and satisfied by an agreement between the parties or a final court decree, in cases (i) where the principal family residence passes under the provisions of § 64.2-200 and the decedent is survived by children or their descendants, one or more of whom are not children or their descendants of the surviving spouse, or (ii) where the surviving spouse claims an elective share in the decedent's augmented estate under this article, the surviving spouse may hold, occupy, and enjoy the principal family residence and curtilage without charge for rent, repairs, taxes, or insurance. If the surviving spouse is deprived of possession of the principal family residence and curtilage, upon the filing of a complaint for unlawful entry or detainer, he is entitled to recover possession of such residence and damages sustained by him by reason of such deprivation during the time he was so deprived. Nothing in this section shall be construed to impair the lien or delay the enforcement of such lien of the Commonwealth or any locality for the taxes assessed upon the property.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-2102 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 1 / Section 64.2-2102
Communication between courts
Status: in_force

A. A court of the Commonwealth may communicate with a court in another state concerning a proceeding arising under this chapter. The court may allow the parties to participate in the communication. Except as otherwise provided in subsection B, the court shall make a record of the communication. The record may be limited to the fact that the communication occurred.

B. Courts may communicate concerning schedules, calendars, court records, and other administrative matters without making a record.

2011, c. 518 , § 37.2-1034; 2012, c. 614 .
Va. Code Ann. § 64.2-308.17 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.17
Statutory rights barred by desertion or abandonment
Status: in_force

If a parent willfully deserts or abandons his minor or incapacitated child and such desertion or abandonment continues until the death of the child, the parent shall be barred of all interest in the child's estate by intestate succession.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-705 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 1 / Section 64.2-705
Governing law
Status: in_force

The meaning and effect of the terms of a trust are determined by:

1. The law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or

2. In the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue.

2005, c. 935 , § 55-541.07; 2012, c. 614 .
Va. Code Ann. § 64.2-786 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-786
Investment costs
Status: in_force

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

1999, c. 772 , § 26-45.8; 2012, c. 614 .
Va. Code Ann. § 64.2-310 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 2 / Section 64.2-310
Exempt property
Status: in_force

A. In addition to any other right or allowance under this article, the surviving spouse of a decedent who was domiciled in the Commonwealth is entitled from the estate to value not exceeding $25,000 in excess of any security interests therein in household furniture, automobiles, furnishings, appliances, and personal effects. If there is no surviving spouse, the minor children of the decedent are entitled in equal shares to such property of the same value. If the value of the exempt property selected in excess of any security interests therein is less than $25,000, or if there is not $25,000 worth of exempt property in the estate, the spouse or minor children are entitled to other assets of the estate, if any, to the extent necessary to make up the $25,000 value.

B. The right to exempt property and other assets of the estate needed to make up a deficiency of exempt property has priority over all claims against the estate, except the family allowance.

C. The right to exempt property 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.

1981, c. 580, § 64.1-151.2; 1990, c. 831; 1996, c. 549 ; 2001, c. 368 ; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1424 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1424
Resignation by fiduciary of his trust
Status: in_force

The circuit court in which or before the clerk of which a fiduciary qualified may allow any personal representative, guardian, conservator, or committee to resign his trust conditioned upon his accounts as the fiduciary being stated and settled in the mode prescribed by law. Such resignation shall not invalidate any act done or affect any liability incurred by him while holding such trust.

Code 1919, § 5419; 1938, p. 790; Code 1950, § 26-46; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1630 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1630
Operation of entity or business
Status: in_force

Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes the agent to:

1. Operate, buy, sell, enlarge, reduce, or terminate an ownership interest;

2. Perform a duty or discharge a liability and exercise in person or by proxy a right, power, privilege, or option that the principal has, may have, or claims to have;

3. Enforce the terms of an ownership agreement;

4. Initiate, participate in, submit to alternative dispute resolution of, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party because of an ownership interest;

5. Exercise in person or by proxy, or enforce by litigation or otherwise, a right, power, privilege, or option the principal has or claims to have as the holder of stocks and bonds;

6. Initiate, participate in, submit to alternative dispute resolution of, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds;

7. With respect to an entity or business owned solely by the principal:

a. Continue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity or business before execution of the power of attorney;

b. Determine (i) the location of its operation; (ii) the nature and extent of its business; (iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation; (iv) the amount and types of insurance carried; and (v) the mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors;

c. Change the name or form of organization under which the entity or business is operated and enter into an ownership agreement with other persons to take over all or part of the operation of the entity or business; and

d. Demand and receive money due or claimed by the principal or on the principal's behalf in the operation of the entity or business and control and disburse the money in the operation of the entity or business;

8. Put additional capital into an entity or business in which the principal has an interest;

9. Join in a plan of reorganization, consolidation, conversion, domestication, or merger of the entity or business;

10. Sell or liquidate all or part of an entity or business;

11. Establish the value of an entity or business under a buyout agreement to which the principal is a party;

12. Prepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to an entity or business and make related payments; and

13. Pay, compromise, or contest taxes, assessments, fines, or penalties and perform any other act to protect the principal from illegal or unnecessary taxation, assessments, fines, or penalties, with respect to an entity or business, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney.

2010, cc. 455 , 632 , § 26-103; 2012, c. 614 .
Va. Code Ann. § 64.2-1056 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 6 / Section 64.2-1056
Deferred compensation, annuity, or similar payment
Status: in_force

A. As used in this section:

"Internal income of a separate fund" means the amount determined under subsection B.

"Marital trust" means a trust:

1. Of which the settlor's surviving spouse is the only current income beneficiary and is entitled to a distribution of all of the current net income of the trust; and

2. That qualifies for a marital deduction with respect to the settlor's estate under § 2056 of the Internal Revenue Code of 1986, as amended, because:

a. An election to qualify for a marital deduction under § 2056(b)(7) of the Internal Revenue Code of 1986, as amended, has been made; or

b. The trust qualifies for a marital deduction under § 2056(b)(5) of the Internal Revenue Code of 1986, as amended.

"Payment" means an amount a fiduciary may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in exchange for future amounts the fiduciary may receive. "Payment" includes an amount received in money or property from the payor's general assets or from a separate fund created by the payor.

"Separate fund" includes a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock-bonus, or stock-ownership plan.

B. For each accounting period, the following rules apply to a separate fund:

1. The fiduciary shall determine the internal income of the separate fund as if the separate fund were a trust subject to this chapter.

2. If the fiduciary cannot determine the internal income of the separate fund under subdivision 1, the internal income of the separate fund is deemed to equal four percent of the value of the separate fund, according to the most recent statement of value preceding the beginning of the accounting period.

3. If the fiduciary cannot determine the value of the separate fund under subdivision 2, the value of the separate fund is deemed to equal the present value of the expected future payments, as determined under § 7520 of the Internal Revenue Code of 1986, as amended, for the month preceding the beginning of the accounting period for which the computation is made.

C. A fiduciary shall allocate a payment received from a separate fund during an accounting period to income, to the extent of the internal income of the separate fund during the period, and the balance to principal.

D. The fiduciary of a marital trust shall:

1. Withdraw from a separate fund the amount the current income beneficiary of the trust requests the fiduciary to withdraw, not greater than the amount by which the internal income of the separate fund during the accounting period exceeds the amount the fiduciary otherwise receives from the separate fund during the period;

2. Transfer from principal to income the amount the current income beneficiary requests the fiduciary to transfer, not greater than the amount by which the internal income of the separate fund during the period exceeds the amount the fiduciary receives from the separate fund during the period after the application of subdivision 1; and

3. Distribute to the current income beneficiary as income:

a. The amount of the internal income of the separate fund received or withdrawn during the period; and

b. The amount transferred from principal to income under subdivision 2.

E. For a trust, other than a marital trust, of which one or more current income beneficiaries are entitled to a distribution of all of the current net income, the fiduciary shall transfer from principal to income the amount by which the internal income of a separate fund during the accounting period exceeds the amount the fiduciary receives from the separate fund during the period.

2022, c. 354 .
Va. Code Ann. § 64.2-400 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-400
Separate writing identifying recipients of tangible personal property; liability for distribution; action to recover property
Status: in_force

A. For the purposes of this section, "revocable," "settlor," "trustee," and "trust instrument" mean the same as those terms are defined in § 64.2-701 .

B. If a will or a trust instrument that was revocable immediately before the settlor's death refers to a written statement or list to dispose of items of tangible personal property not otherwise specifically bequeathed, the statement or list shall be given effect to the extent that it describes items of tangible personal property and their intended recipients with reasonable certainty and is signed by the testator or settlor although it does not satisfy the requirements for a will or trust instrument. Bequests of a general or residuary nature, whether referring only to personal property or to the entire estate, are not specific bequests for the purpose of this section.

C. The written statement or list may be (i) referred to as one that is in existence at the time of the testator's or settlor's death, (ii) prepared before or after the execution of the will or trust instrument, (iii) altered by the testator or settlor at any time, and (iv) a writing that has no significance apart from its effect on the dispositions made by the will or trust instrument. When distribution is made pursuant to such a written statement or list referred to in a will, a copy thereof shall be furnished to the commissioner of accounts along with the legatee's receipt.

D. A personal representative or trustee shall not be liable for any distribution of tangible personal property to the apparent recipient under the will or trust instrument made without actual knowledge of the existence of a written statement or list, nor shall he have any duty to recover property so distributed. However, a person named to receive certain tangible personal property in a written statement or list that is effective under this section may recover that property, or its value if the property cannot be recovered, from an apparent recipient to whom it has been distributed in an action brought for that purpose within one year after the probate of the testator's will if such written statement or list was referred to in a testator's will or within one year of the settlor's death if such written statement or list was referred to in a trust instrument.

E. This section shall not apply to a writing admitted to probate as a will and, except as provided herein, shall not otherwise affect the law of incorporation by reference.

1995, c. 363 , § 64.1-45.1; 2012, c. 614 ; 2024, c. 576 .
Va. Code Ann. § 64.2-1405 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1405
Court may appoint trustee in place of one named in will, deed, or other writing; management by corporate trustee outside of the Commonwealth
Status: in_force

A. If a trustee named in a will, deed, or other writing (i) dies, (ii) becomes incapable of executing the trust on account of physical or mental disability or confinement in prison, (iii) if residency is statutorily required, is no longer a resident of the Commonwealth, (iv) declines to accept the trust, (v) resigns the trust after having accepted the trust, (vi) in the case of a corporate trustee, is adjudicated bankrupt or for any reason loses its charter, (vii) for any other reason ceases to be eligible to continue serving as trustee, or (viii) for any other good cause shown, the circuit court in which such will was admitted to probate or such deed or other writing is or might have been recorded, or if the trustee is a corporation, in which its principal office in the Commonwealth is located, or in which the trustee resides, may on motion of any interested party, and upon satisfactory evidence of any of the conditions in clauses (i) through (viii), appoint a trustee in place of the trustee named in the instrument.

B. The circuit court may appoint a substitute corporate trustee whenever a corporate trustee removes the management function over an existing trust which was previously managed in the Commonwealth to a jurisdiction outside of the Commonwealth if the court finds that the management of the trust after such removal results in good cause for the substitution of the trustee. A corporate trustee that maintains a place of business in the Commonwealth where one or more trust officers are available on a regular basis for personal contact with trust customers or beneficiaries shall not be deemed to have removed such management function.

Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457, § 26-48; 1998, cc. 392 , 410 ; 2012, c. 614 .
Va. Code Ann. § 64.2-416 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-416
Devises, bequests, and distributions that fail; how to pass
Status: in_force

A. For the purposes of this section, the terms "revocable," "settlor," "trust instrument," and "trustee" have the same meanings as provided in § 64.2-701 .

B. Unless a contrary intention appears in the will or trust instrument, and except as provided in § 64.2-418 :

1. If a devise, bequest, or distribution other than a residuary devise, bequest, or distribution fails for any reason, it shall become a part of the residue; and

2. If the residue is devised, bequeathed, or otherwise required to be distributed to two or more persons and the share of one fails for any reason, such share shall pass to the other residuary devisees, legatees, or beneficiaries in proportion to their interests in the residue.

C. Notwithstanding the provisions of §§ 64.2-2604 and 64.2-2605 and unless a contrary intention appears in the will, if a testator makes a bequest, not exceeding the value of $100, to a legatee and such legatee refuses to take possession of such bequest, then the bequest shall fail and becomes a part of the residue of the testator's estate.

D. Subsection B applies to trusts and trust provisions only to the extent the trust instrument or provision is revocable immediately before the settlor's death on or after July 1, 2018, and the devise, bequest, or distribution occurs by reason of the settlor's death.

1985, c. 592, § 64.1-65.1; 2003, c. 253 ; 2012, c. 614 ; 2014, c. 532 ; 2018, c. 44 .
Va. Code Ann. § 64.2-449 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-449
Procedure in probate proceedings
Status: in_force

A. In every probate proceeding, the court or clerk may require all testamentary papers of the testator be produced and may compel the production of the will of a testator that is in the custody of any person.

B. A summons may be served by an order of publication on any person interested in the probate of the will in accordance with § 8.01-316 .

C. The court may appoint a guardian ad litem for any person interested in the probate of the will in accordance with § 8.01-9 .

D. The record of the testimony given by witnesses in court on the motion to admit a will to probate and any out of court depositions of witnesses who cannot be produced at a jury trial may be admitted as evidence and given such weight as the jury deems proper.

Code 1950, §§ 64-77, 64-82, 64-87; 1968, c. 656, §§ 64.1-81, 64.1-86, 64.1-91; 2012, c. 614 ; 2015, c. 631 .
Va. Code Ann. § 64.2-308.15 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.15
Protection of payors and other third parties
Status: in_force

A. Although under § 64.2-308.6 a payment, item of property, or other benefit is included in the decedent's non-probate transfers to others, a payor or other third party is not liable for having made a payment or transferred an item of property or other benefit to a beneficiary designated in a governing instrument, or for having taken any other action in good faith reliance on the validity of a governing instrument, upon request and satisfactory proof of the decedent's death, before the payor or other third party received written notice from the surviving spouse or spouse's representative as required by § 64.2-308.12 , that a complaint for the elective share has been filed. A payor or other third party is liable for payments made or other actions taken after the payor or other third party received written notice that a complaint for the elective share has been filed.

B. A written notice that a complaint for the elective share has been filed must be mailed to the payor's or other third party's main office or home by registered or certified mail, return receipt requested, or served upon the payor or other third party in the same manner as a summons in a civil action. Upon receipt of written notice that a complaint for the elective share has been filed, a payor or other third party may pay any amount owed or transfer or deposit any item of property held by it to or with the court having jurisdiction of the probate proceedings relating to the decedent's estate. The court shall hold the funds or item of property, and, upon its determination under subsection D of § 64.2-308.12 , shall order disbursement in accordance with the determination. If no complaint is filed in the court within the specified time under subsection A of § 64.2-308.12 or, if filed, the election for an elective share is withdrawn under subsection C of § 64.2-308.12 , the court shall order disbursement to the designated beneficiary. Payments or transfers to the court or deposits made into court discharge the payor or other third party from all claims for amounts so paid or the value of property so transferred or deposited.

C. Upon complaint to the probate court by the beneficiary designated in a governing instrument, the court may order that all or part of the property be paid to the beneficiary in an amount and subject to conditions consistent with this article.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-438 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-438
Effect of certificate
Status: in_force

In the absence of evidence to the contrary, the certificate of the authorized person shall be conclusive of the formal validity of the instrument as a will under this article. The absence or irregularity of a certificate shall not affect the formal validity of a will under this article.

1995, c. 443 , § 64.1-96.7; 2012, c. 614 .
Va. Code Ann. § 64.2-1610 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1610
Reimbursement and compensation of agent
Status: in_force

Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances.

2010, cc. 455 , 632 , § 26-83; 2012, c. 614 .
Va. Code Ann. § 64.2-1422 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1422
Environmental liability of fiduciaries
Status: in_force

A. As used in this section:

"Environmental law" means any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or human health.

"Fiduciary" includes guardians, committees, conservators, trustees, executors, administrators and administrators with the will annexed, curators of decedents' wills, and attorneys-in-fact or agents acting for principals under written powers of attorney, and any combination of individuals, corporations, and other entities serving in those capacities.

"Individual capacity" means the nonfiduciary capacity of any individual, corporation, or other entity serving as a fiduciary.

B. As to any property held in trust or in an estate, a fiduciary shall not be considered in its individual capacity to be (i) the owner or operator of that property as defined under any applicable environmental law or (ii) a party otherwise liable under any environmental law unless the fiduciary's acts or omissions outside the scope of its fiduciary duties constitute conduct that independently would give rise to individual liability.

C. A fiduciary shall not be liable in its individual capacity to any beneficiary or other party for any decrease in value of assets in trust or in an estate by reason of the fiduciary's investigation or evaluation of potential contamination of property held in the trust or estate or the fiduciary's compliance with any environmental law, specifically including any reporting or disclosure requirement under such law.

D. Neither a fiduciary's acceptance of property nor its failure to inspect property shall be deemed to create any implication as to whether or not there is or may be any liability under any environmental law with respect to such property.

E. Nothing in this section shall affect or modify any defense to individual liability under any environmental law available to any fiduciary under any other provision of state or federal law, including the common law.

1994, c. 476 , § 26-7.4; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-755 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 7 / Section 64.2-755
Trustee's bond
Status: in_force

A. Except as otherwise provided in Part A (§ 64.2-1200 et seq.) of Subtitle IV, a trustee shall give bond, or bond with surety or other security, to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.

B. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.

C. A regulated financial service institution qualified to do trust business in the Commonwealth need not give bond, even if required by the terms of the trust.

2005, c. 935 , § 55-547.02; 2012, c. 614 .
Va. Code Ann. § 64.2-2608 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2608
Disclaimer by appointee, object, or taker in default of exercise of power of appointment
Status: in_force

A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.

B. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.

2003, c. 253 , § 64.1-196.9; 2012, c. 614 .
Va. Code Ann. § 64.2-2002 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2002
Who may file petition; contents
Status: in_force

A. Any person, including a community services board and any other local or state governmental agency, may file a petition for the appointment of a guardian, a conservator, or both.

B. A petition for the appointment of a guardian, a conservator, or both, shall state the petitioner's name, place of residence, post office address, and relationship, if any, to the respondent and, to the extent known as of the date of filing, shall include the following:

1. The respondent's name, date of birth, place of residence or location, post office address, and the sealed filing of the social security number;

2. The basis for the court's jurisdiction under the provisions of Article 2 (§ 64.2-2105 et seq.) of Chapter 21;

3. The names and post office addresses of the respondent's spouse, adult children, parents, and adult siblings or, if no such relatives are known to the petitioner, at least three other known relatives of the respondent, including stepchildren. If a total of three such persons cannot be identified and located, the petitioner shall certify that fact in the petition, and the court shall set forth such finding in the final order;

4. The name, place of residence or location, and post office address of the individual or facility, if any, that is responsible for or has assumed responsibility for the respondent's care or custody;

5. a. The name, place of residence or location, and post office address of any agent designated under a durable power of attorney or an advance directive of which the respondent is the principal, and any guardian, committee, or conservator currently acting, whether in this state or elsewhere, and the petitioner shall attach a copy of any such durable power of attorney, advance directive, or order appointing the guardian, committee, or conservator, if available;

b. The name, location, and post office address of the respondent's primary health care provider, if any;

6. The type of guardianship or conservatorship requested and a brief description of the nature and extent of the respondent's alleged incapacity;

7. When the petition requests appointment of a guardian, a brief description of the services currently being provided for the respondent's health, care, safety, or rehabilitation and, where appropriate, a recommendation as to living arrangements and treatment plan;

8. If the appointment of a limited guardian is requested, the specific areas of protection and assistance to be included in the order of appointment and, if the appointment of a limited conservator is requested, the specific areas of management and assistance to be included in the order of appointment;

9. The name and post office address of any proposed guardian or conservator or any guardian or conservator nominated by the respondent and that person's relationship to the respondent;

10. The native language of the respondent and any necessary alternative mode of communication;

11. A statement of the financial resources of the respondent that shall, to the extent known, list the approximate value of the respondent's property and the respondent's anticipated annual gross income, other receipts, and debts, contained in a separate confidential addendum, pursuant to § 64.2-2000.1 ;

12. A statement of whether the petitioner believes that the respondent's attendance at the hearing would be detrimental to the respondent's health, care, or safety; and

13. A request for appointment of a guardian ad litem.

C. The petitioner shall complete and file with the petition for appointment of a guardian, a conservator, or both, a cover sheet on a form prepared by the Office of the Executive Secretary of the Supreme Court of Virginia. Such cover sheet shall contain such information as the Executive Secretary deems necessary.

1997, c. 921 , § 37.1-134.8; 2005, c. 716 , § 37.2-1002; 2006, c. 471 ; 2012, c. 614 ; 2013, c. 523 ; 2022, c. 630 ; 2023, cc. 16 , 176 ; 2024, cc. 17 , 156 .
Va. Code Ann. § 64.2-507 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 1 / Section 64.2-507
Clerks to deliver statement of responsibilities
Status: in_force

The clerk of any court in which any person qualifies as executor or administrator of an estate shall deliver to such person, at the time of qualification, a statement in at least the following form: "As an executor or administrator of an estate, you are charged with the responsibility of filing any income, inheritance or estate tax returns required by state or federal law and an accounting of your handling of the estate."

1980, c. 292, § 64.1-122.1; 2012, c. 614 .
Va. Code Ann. § 64.2-779.11 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.11
Protection of charitable interest
Status: in_force

A. As used in this section:

"Determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes.

"Unconditional" means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986 on the date of the distribution, if the charitable organization meets the requirement on the date of determination.

B. If a first trust contains a determinable charitable interest, the Attorney General has the rights of a qualified beneficiary and may represent and bind the charitable interest.

C. If a first trust contains a charitable interest, the second trust or trusts may not:

1. Diminish the charitable interest;

2. Diminish the interest of an identified charitable organization that holds the charitable interest;

3. Alter any charitable purpose stated in the first-trust instrument; or

4. Alter any condition or restriction related to the charitable interest.

D. If there are two or more second trusts, the second trusts shall be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection C.

E. If a first trust contains a determinable charitable interest, the second trust or trusts that include a charitable interest pursuant to subsection C must be administered under the law of the Commonwealth unless:

1. The Attorney General, after receiving notice under § 64.2-779.5 , fails to object in a signed record delivered to the authorized fiduciary within the notice period;

2. The Attorney General consents in a signed record to the second trust or trusts being administered under the law of another jurisdiction; or

3. The court approves the exercise of the decanting power.

F. This article does not limit the powers and duties of the Attorney General under law of the Commonwealth other than this article.

2017, c. 592 .
Va. Code Ann. § 64.2-2740 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 6 / Section 64.2-2740
Relation to Electronic Signatures in Global and National Commerce Act
Status: in_force

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in § 103(b) of that act, 15 U.S.C. § 7003(b).

2016, c. 266 .
Va. Code Ann. § 64.2-407 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-407
Will of personal estate of nonresidents
Status: in_force

Notwithstanding the provisions of § 64.2-403 , the will of a person domiciled out of the Commonwealth at the time of his death shall be valid as to personal property in the Commonwealth if the will is executed according to the law of the state or country in which the person was so domiciled.

Code 1950, § 64-55; 1968, c. 656, § 64.1-53; 2012, c. 614 ; 2016, c. 266 .
Va. Code Ann. § 64.2-2717 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 3 / Section 64.2-2717
Permissible appointment
Status: in_force

A. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder's own property.

B. A powerholder of a general power of appointment that permits appointment only to the creditors of the powerholder or of the powerholder's estate may appoint only to those creditors.

C. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the powerholder of a nongeneral power may:

1. Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;

2. Create a general power or a nongeneral power in a permissible appointee; or

3. Create a nongeneral power in an impermissible appointee to appoint to one or more of the permissible appointees of the original nongeneral power.

2016, c. 266 .
Va. Code Ann. § 64.2-304 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1 / Section 64.2-304
Rights upon claiming an elective share
Status: in_force

If a claim for an elective share is made, the surviving spouse is entitled to (i) one-third of the decedent's augmented estate if the decedent left surviving children or their descendants or (ii) one-half of the decedent's augmented estate if the decedent left no surviving children or their descendants. The surviving spouse is entitled to interest at the legal rate specified in § 6.2-301 from the date of the decedent's death to the date of satisfaction of the elective share.

Code 1950, § 64-16; 1968, c. 656, § 64.1-16; 1978, c. 647; 1986, c. 526; 1990, c. 831; 2012, c. 614 .
Va. Code Ann. § 64.2-627 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-627
Capacity of transferor
Status: in_force

The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will.

2013, c. 390 .
Va. Code Ann. § 64.2-1054 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 5 / Section 64.2-1054
Insurance policy or contract
Status: in_force

A. This section does not apply to a contract to which § 64.2-1056 applies.

B. Except as otherwise provided in subsection C, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.

C. A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:

1. Occupancy or other use by a current income beneficiary;

2. Income; or

3. Subject to § 64.2-1050 , profits from a business.

2022, c. 354 .
Va. Code Ann. § 64.2-2720 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 3 / Section 64.2-2720
Selective allocation doctrine
Status: in_force

If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property shall be allocated in the permissible manner that best carries out the powerholder's intent.

2016, c. 266 .
Va. Code Ann. § 64.2-779.4 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.4
Reasonable reliance
Status: in_force

A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this article, a law of the Commonwealth other than this article, or the law of another jurisdiction is not liable to any person for any action or failure to act as a result of the reliance.

2017, c. 592 .
Va. Code Ann. § 64.2-791 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-791
Uniformity of application and construction
Status: in_force

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

1999, c. 772 , § 26-45.14; 2012, c. 614 .
Va. Code Ann. § 64.2-779.7 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.7
Formalities
Status: in_force

An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by § 64.2-779.5 , identify the first trust and the second trust or trusts and state the property of the first trust being distributed to or held subject to the terms of each second trust and the property, if any, that remains in the first trust.

2017, c. 592 .
Va. Code Ann. § 64.2-2710 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 2 / Section 64.2-2710
Exception to presumption of unlimited authority
Status: in_force

Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:

1. The power is exercisable only at the powerholder's death; and

2. The permissible appointees of the power do not include the powerholder's estate, the powerholder's creditors, or the creditors of the powerholder's estate.

2016, c. 266 .
Va. Code Ann. § 64.2-2716 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 3 / Section 64.2-2716
Substantial compliance with donor-imposed formal requirement
Status: in_force

A powerholder's substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if:

1. The powerholder knows of and intends to exercise the power; and

2. The powerholder's manner of attempted exercise of the power does not impair a material purpose of the donor in imposing the requirement.

2016, c. 266 .
Va. Code Ann. § 64.2-808 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 11 / Section 64.2-808
Application to existing relationships
Status: in_force

A. Except as otherwise provided in this chapter:

1. This chapter applies to all trusts created before, on, or after July 1, 2006;

2. This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2006;

3. This chapter applies to judicial proceedings concerning trusts commenced before July 1, 2006, unless the court finds that application of a particular provision of this chapter would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this chapter does not apply and the superseded law applies;

4. Any rule of construction or presumption provided in this chapter applies to trust instruments executed before July 1, 2006, unless there is a clear indication of a contrary intent in the terms of the trust; and

5. An act done before July 1, 2006, is not affected by this chapter.

B. If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before July 1, 2006, that statute continues to apply to the right even if it has been repealed or superseded.

2005, c. 935 , § 55-551.06; 2012, c. 614 .
Va. Code Ann. § 64.2-2741 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 6 / Section 64.2-2741
Application to existing relationships
Status: in_force

A. Except as otherwise provided in this chapter, on and after July 1, 2016:

1. This chapter applies to a power of appointment created before, on, or after July 1, 2016;

2. This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after July 1, 2016;

3. This chapter applies to a judicial proceeding concerning a power of appointment commenced before July 1, 2016, unless the court finds that application of a particular provision of this chapter would interfere substantially with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this chapter does not apply and the superseded law applies;

4. A rule of construction or presumption provided in this chapter applies to an instrument executed before July 1, 2016, unless there is a clear indication of a contrary intent in the terms of the instrument; and

5. Except as otherwise provided in subdivisions 1 through 4, an action done before July 1, 2016, is not affected by this chapter.

B. If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under law of the Commonwealth other than this chapter before July 1, 2016, the law continues to apply to the right.

2016, c. 266 .
Va. Code Ann. § 64.2-547 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 8 / Section 64.2-547
Revival of judgment by administrator de bonis non
Status: in_force

If an action is pending or a judgment has been rendered in the Commonwealth in favor of a personal representative upon a contract made during or for a cause of action that accrued in the lifetime of the decedent, the administrator de bonis non of the decedent may petition for execution upon such judgment, or to revive the pending action if the personal representative who brought the action could have maintained the same.

Code 1950, § 64-158; 1968, c. 656, § 64.1-168; 2012, c. 614 .
Va. Code Ann. § 64.2-556 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 9 / Section 64.2-556
Order to creditors to show cause against distribution of estate to legatees or distributees; liability of legatees or distributees to refund
Status: in_force

A. When a report of the accounts of any personal representative and of the debts and demands against the decedent's estate has been filed in the office of a clerk of a court, whether under §§ 64.2-550 and 64.2-551 or in a civil action, the court, after six months from the qualification of the personal representative, may, on motion of the personal representative, or a successor or substitute personal representative, or on motion of a legatee or distributee of the decedent, enter an order for the creditors and all other persons interested in the estate of the decedent to show cause on the day named in the order against the payment and delivery of the estate of the decedent to his legatees or distributees. A copy of the order shall be published once a week for two successive weeks, in one or more newspapers, as the court directs; the costs of such publication shall be paid by the petitioner or applicant. On or after the day named in the order, the court may order the payment and delivery to the legatees or distributees of the whole or a part of the money and other estate not before distributed, with or without a refunding bond, as it prescribes. However, every legatee or distributee to whom any such payment or delivery is made, and his representatives, may, in a suit brought against him within five years after such payment or delivery is made, be adjudged to refund a due proportion of any claims enforceable against the decedent or his estate that have been finally allowed by the commissioner of accounts or the court, or that were not presented to the commissioner of accounts, and the costs of the recovery of such claim. In the event any claim becomes known to the fiduciary after the notice for debts and demands but prior to the entry of an order of distribution, the claimant, if the claim is disputed, shall be given notice in the form provided in § 64.2-550 and the order of distribution shall not be entered until after expiration of 10 days from the giving of such notice. If the claimant, within such 10-day period, indicates his desire to pursue the claim, the commissioner of accounts shall schedule a date for hearing the claim and for reporting thereon if action thereon is contemplated under § 64.2-550 .

B. Any personal representative who has in good faith complied with the provisions of this section and has, in compliance with or, as subsequently approved by, the order of the court, paid and delivered the money or other estate in his possession to any party that the court has adjudged entitled thereto shall not be liable for any demands of creditors and all other persons.

C. Any personal representative who has in good faith complied with the provisions of this section and has, in compliance with, or as subsequently approved by, the order of the court, paid and delivered the money or other estate in his possession to any party that the court has adjudged entitled thereto, even if such distribution shall be prior to the expiration of the period of one year provided in § 64.2-302 , Article 1.1 (§ 64.2-308.1 et seq.) of Chapter 3, or § 64.2-313 , 64.2-448 , or 64.2-457 , shall not be liable for any demands of spouses, persons seeking to impeach the will or establish another will, or purchasers of real estate from the personal representative, provided that the personal representative has contacted any surviving spouse known to it having rights of renunciation and ascertained that the surviving spouse had no plan to renounce the will, such intent to be stated in writing in the case of renunciation under § 64.2-302 or Article 1.1 (§ 64.2-308.1 et seq.) of Chapter 3, as applicable, and that the personal representative has not been notified in writing of any person's intent to impeach the will or establish a later will in the case of persons claiming under § 64.2-448 or 64.2-457 or under a later will.

D. In the case of such distribution prior to the expiration of such one-year period, the personal representative shall take refunding bonds, without surety, to the next of kin or legatees to whom distribution is made, to protect against the contingencies specified in this section.

E. No personal representative who has in good faith complied with the provisions of § 64.2-508.1 shall be liable for any demands of creditors against a decedent's estate that arose before the death of the decedent.

Code 1950, § 64-169; 1966, c. 335; 1968, c. 656, § 64.1-179; 1980, c. 439; 1982, c. 588; 1989, c. 492; 1991, c. 527; 1996, c. 352 ; 2005, c. 681 ; 2012, c. 614 ; 2016, cc. 187 , 269 ; 2026, c. 382 .
Va. Code Ann. § 64.2-414 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-414
When wills deemed to speak
Status: in_force

A. A will shall be construed, with reference to the real and personal estate comprised in it, to speak and take effect as if it had been executed immediately before the death of the testator, unless a contrary intention shall appear by the will.

B. Every will reexecuted or republished, or revived by any codicil, shall be deemed to have been made at the time it was reexecuted, republished, or revived.

Code 1950, §§ 64-62, 64-71; 1968, c. 656, §§ 64.1-62, 64.1-72; 2012, c. 614 .
Va. Code Ann. § 64.2-1432 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 2 / Section 64.2-1432
Discharge from liability of resident guardian, committee, conservator, or trustee
Status: in_force

When any guardian, committee, conservator, trustee, or other person in the Commonwealth shall pay over, transfer, or deliver any estate in his possession or vested in him, under any order or decree made in pursuance of this chapter, he shall be discharged from all responsibility therefor.

Code 1919, § 5356; Code 1950, § 26-67; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-804 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 10 / Section 64.2-804
Certification of trust
Status: in_force

A. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:

1. That the trust exists and the date the trust instrument was executed;

2. The identity of the settlor;

3. The identity and address of the currently acting trustee;

4. The powers of the trustee;

5. The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust;

6. The authority of cotrustees to sign or otherwise authenticate and whether all or less than all are required in order to exercise powers of the trustee;

7. The trust's taxpayer identification number; and

8. The manner of taking title to trust property.

B. A certification of trust may be signed or otherwise authenticated by any trustee.

C. A certification of trust shall state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.

D. A certification of trust need not contain the dispositive terms of a trust.

E. A recipient of a certification of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer upon the trustee the power to act in the pending transaction.

F. A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification.

G. A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.

H. A person making a demand for the trust instrument in addition to a certification of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument.

I. This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.

2005, c. 935 , § 55-550.13; 2012, c. 614 .
Va. Code Ann. § 64.2-2501 — Virginia Code / Title 64.2 / Subtitle V / Chapter 25 / Section 64.2-2501
Slayer not to acquire property as result of slaying
Status: in_force

A slayer, or any transferee, assignee, or other person claiming through the slayer, shall not in any way acquire any property or receive any benefits as the result of the death of the decedent, but such property or benefits shall pass as provided in this chapter.

1981, c. 469, § 55-402; 2008, cc. 822 , 830l; 2012, c. 614 .
Va. Code Ann. § 64.2-308.2 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.2
Dower or curtesy abolished
Status: in_force

The interests of dower and curtesy are abolished. However, the abolition of dower and curtesy pursuant to this section shall not change or diminish the nature or right of (i) any dower or curtesy interest of a surviving spouse whose dower or curtesy vested prior to January 1, 1991, or (ii) a creditor or other interested third party in any real estate subject to a right of dower or curtesy.

The rights of all such parties, and the procedures for enforcing such rights, shall continue to be governed by the laws in force prior to January 1, 1991.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-634 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-634
Liability for creditor claims and statutory allowances
Status: in_force

A. After the death of the transferor, and subject to the transferor's right to direct the source from which liabilities will be paid, property transferred at the transferor's death by a transfer on death deed is subject to claims of the transferor's creditors, costs of administration of the transferor's estate, the expenses of the transferor's funeral and disposal of remains, and statutory allowances to a surviving spouse and children of the transferor including the family allowance, the right to exempt property, and the homestead allowance to the extent the transferor's probate estate is inadequate to satisfy those claims, costs, expenses, and allowances.

B. If more than one property is transferred by one or more transfer on death deeds, the liability under subsection A is apportioned among the properties in proportion to their net values at the transferor's death.

C. A proceeding to enforce the liability under this section shall be commenced not later than one year after the transferor's death.

2013, c. 390 .
Va. Code Ann. § 64.2-2014 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2014
Clerk to index findings of incapacity or restoration; notice of findings
Status: in_force

A. A copy of the court's findings that a person is incapacitated or has been restored to capacity, or a copy of any order appointing a conservator or guardian pursuant to § 64.2-2115 , shall be filed by the judge with the clerk of the circuit court for the county or city where the hearing took place as soon as practicable, but no later than the close of business on the next business day following the completion of the hearing. The clerk shall properly index the findings in the index to deed books by reference to the order book and page whereon the order is spread and shall immediately notify the Commissioner of Behavioral Health and Developmental Services in accordance with § 64.2-2028 , the commissioner of accounts in order to ensure compliance by a conservator with the duties imposed pursuant to §§ 64.2-2021 , 64.2-2022 , 64.2-2023 , and 64.2-2026 , and the Commissioner of Elections with the information required by § 24.2-410 . If a guardian is appointed, the clerk shall forward a copy of the court order to the local department of social services of the jurisdiction where the person then resides. If a guardianship is terminated or otherwise modified, the clerk shall forward a copy of the court order to the local department of social services to which the original order of appointment was forwarded and to the local department of social services in the jurisdiction where the person then resides, if different from the department to which the original order was forwarded.

B. The clerk shall, as soon as practicable, but no later than the close of business on the following business day, certify and forward upon receipt to the Central Criminal Records Exchange, on a form provided by the Exchange, a copy of any order adjudicating a person incapacitated under this article, any order appointing a conservator or guardian pursuant to § 64.2-2115 , and any order of restoration of capacity under § 64.2-2012 . Except as provided in subdivision A 1 of § 19.2-389 , the copy of the form and the order shall be kept confidential in a separate file and used only to determine a person's eligibility to possess, purchase, or transfer a firearm.

1997, c. 921 , § 37 .1-134.18; 1998, c. 582 ; 2001, cc. 478 , 479 , 507 ; 2005, c. 716 , § 37 .2-1014; 2011, c. 518 ; 2012, c. 614 ; 2013, c. 542 ; 2014, cc. 336 , 374 ; 2015, c. 540 ; 2016, c. 30 ; 2026, cc. 265 , 266 .
Va. Code Ann. § 64.2-2738 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 5 / Section 64.2-2738
Creditor claim; nongeneral power
Status: in_force

A. Except as otherwise provided in subsections B and C, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate.

B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder's estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of Chapter 4 (§ 55.1-400 et seq.) of Title 55.1.

C. If the initial gift in default of appointment is to the powerholder or the powerholder's estate, a nongeneral power of appointment is treated for purposes of this article as a general power.

2016, c. 266 .
Va. Code Ann. § 64.2-501 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 1 / Section 64.2-501
Oath of executor or administrator with the will annexed
Status: in_force

An executor or administrator with the will annexed shall take an oath that the writing admitted to record contains the true last will of the decedent, so far as he knows, and that he will faithfully perform the duties of his office to the best of his judgment. Such oath may be taken on behalf of a corporation by its president, vice-president, secretary, treasurer, or trust officer.

Code 1950, § 64-113; 1968, c. 656, § 64.1-117; 2012, c. 614 .
Va. Code Ann. § 64.2-779.2 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.2
Fiduciary duty
Status: in_force

A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.

B. This article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this article.

C. Except as otherwise provided in a first-trust instrument, for purposes of this article and § 64.2-763 and subsection A of § 64.2-764 , the terms of the first trust are deemed to include the decanting power.

2017, c. 592 .
Va. Code Ann. § 64.2-779.29 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.29
Powers of trust director
Status: in_force

A. Subject to § 64.2-779.30 , the terms of a trust may grant a power of direction to a trust director.

B. Unless the terms of a trust provide otherwise:

1. A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the trust director under subsection A; and

2. Trust directors with joint powers must act by majority decision.

2020, c. 768 .
Va. Code Ann. § 64.2-108.1 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 2 / Section 64.2-108.1
References to former sections, articles, or chapters
Status: in_force

When any will, trust instrument, power of attorney, or other instrument refers to a section of the Code that, at the time the reference was made in the will, trust instrument, power of attorney, or other instrument, had been repealed and transferred in the same or a modified form to a new section, article, or chapter in Title 64.2, the reference shall be construed to refer to the latter in the absence of any intent to the contrary.

2013, c. 89 .
Va. Code Ann. § 64.2-105 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 2 / Section 64.2-105
Incorporation by reference of certain powers of fiduciaries into will or trust instrument
Status: in_force

A. For purposes of this section:

"Environmental law" means any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or human health.

"Estate" includes all interests in the real or personal property of a decedent passing by will or by intestate succession.

"Fiduciary" includes one or more individuals or corporations having trust powers, and includes the fiduciary of the estate of a decedent and the trustee of an inter vivos or testamentary trust. Any substitute, added, or successor fiduciary shall have all of the powers hereby provided for the fiduciary named in the will or trust instrument.

"Hazardous substances" means any substances defined as hazardous or toxic or otherwise regulated by any environmental law.

B. The following powers, in addition to all other powers granted by law, may be incorporated in whole or in part in any will or trust instrument by reference to this section:

1. To keep and retain any or all investments and property, real, personal or mixed, including stock in the fiduciary, if the fiduciary is a corporation, in the same form as they are at the time the investments and property come into the custody of the fiduciary, regardless of the character of the investments and property, whether they are such as then would be authorized by law for investment by fiduciaries, or whether a disproportionately large part of the trust or estate remains invested in one or more types of property, for such time as the fiduciary deems best, and to dispose of such property by sale, exchange, or otherwise as and when such fiduciary deems advisable.

2. At the discretion of the fiduciary, to receive additions to the estate from any source, in cash or in kind, and to hold, administer, and distribute such additions as a part of and under the same terms and conditions as the estate then currently held.

3. To sell, assign, exchange, transfer and convey, or otherwise dispose of, any or all of the investments and property, real, personal or mixed, that are included in, or may at any time become part of the trust or estate upon such terms and conditions as the fiduciary, in his absolute discretion, deems advisable, at either public or private sale, either for cash or deferred payments or other consideration, as the fiduciary determines. For the purpose of selling, assigning, exchanging, transferring, or conveying such investments and property, the fiduciary has the power to make, execute, acknowledge, and deliver any and all instruments of conveyance, deeds of trust, or assignments in such form and with warranties and covenants as the fiduciary deems expedient and proper; and in the event of any sale, conveyance, exchange, or other disposition of any of the trust or estate, the purchaser shall not be obligated in any way to see to the application of the purchase money or other consideration passing in connection therewith.

4. To grant, sell, transfer, exchange, purchase, or acquire options of any kind on property held by such trust or estate or acquired or to be acquired by such trust or estate or held or owned by any other person.

5. To lease any or all of the real estate that is included in or may at any time become a part of the trust or estate upon such terms and conditions as the fiduciary in his sole judgment and discretion deems advisable. Any lease made by the fiduciary may extend beyond the term of the trust or administration of the estate and, for the purpose of leasing such real estate, the fiduciary has the power to make, execute, acknowledge, and deliver any and all instruments, in such form and with such covenants and warranties as the fiduciary deems expedient and proper.

6. To vote any stocks, bonds, or other securities held by the fiduciary at any meeting of stockholders, bondholders, or other security holders, and to delegate the power to so vote to attorneys-in-fact or proxies under power of attorney, restricted or unrestricted.

7. To borrow money for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as to the fiduciary seems advisable, including the power to borrow from the fiduciary, if the fiduciary is a bank, for the purpose of paying (i) debts, taxes, or other charges against the trust or estate or any part thereof and (ii) with prior approval of the court for any proper purpose of the trust or estate. The fiduciary has the power to mortgage or pledge such portion of the trust or estate as may be required to secure such loans and, as maker or endorser, to renew existing loans.

8. To make loans or advancements to the executor or other representative of the grantor's estate in case such executor or other representative is in need of cash with which to pay taxes, claims, or other indebtedness of the grantor's estate; but no assets acquired from a qualified retirement benefit plan under § 2039(c) of the Internal Revenue Code shall be used to make such loans or advancements, and such assets shall be segregated and held separately until all claims against the estate for debts of the decedent or claims of administration have been satisfied. Such loans or advancements may be secured or unsecured, and the trustee is not liable in any way for any loss resulting to the trust or estate by reason of the exercise of this authority.

9. To compromise, adjust, arbitrate, sue on or defend, abandon, or otherwise deal with and settle claims in favor of or against the trust or estate as the fiduciary deems best, and his decision is conclusive.

10. To make distributions in cash or in kind or partly in each at valuations to be determined by the fiduciary, whose decision as to values shall be conclusive.

11. To repair, alter, improve, renovate, reconstruct, or demolish any of the buildings on the real estate held by the fiduciary and to construct such buildings and improvements thereon as the fiduciary in his discretion deems advisable.

12. To employ and compensate, out of the principal or income, or both as to the fiduciary seems proper, agents, accountants, brokers, attorneys-in-fact, attorneys-at-law, tax specialists, licensed real estate brokers, licensed salesmen, and other assistants and advisors deemed by the fiduciary to be needful for the proper administration of the trust or estate, and to do so without liability for any neglect, omission, misconduct, or default of any such agent or professional representative provided he was selected and retained with reasonable care.

13. To rely upon any affidavit, certificate, letter, notice, telegram, or other paper or upon any telephone conversation believed by the fiduciary to be genuine and upon any other evidence believed by the fiduciary to be sufficient, and to be protected and held harmless for all payments or distributions required to be made hereunder if made in good faith and without actual notice or knowledge of the changed condition or status of any person receiving payments or other distributions upon a condition.

14. To retain any interest held by the fiduciary in any business, whether as a stockholder or security holder of a corporation, a partner, a sole proprietor, or otherwise, for any length of time, without limitations, solely at the risk of the trust or estate and without liability on the part of the fiduciary for any losses resulting therefrom; including the power to (i) participate in the conduct of such business and take or delegate to others discretionary power to take any action with respect to its management and affairs that an individual could take as the owner of such business, including the voting of stock and the determination of any or all questions of policy; (ii) participate in any incorporation, reorganization, merger, consolidation, recapitalization, or liquidation of the business; (iii) invest additional capital in, subscribe to additional stock or securities of, and loan money or credit with or without security to, such business out of the trust or estate property; (iv) elect or employ as directors, officers, employees, or agents of such business, and compensate, any persons, including the fiduciary or a director, officer, or agent of the fiduciary; (v) accept as correct financial or other statements rendered by the business from time to time as to its conditions and operations except when having actual notice to the contrary; (vi) regard the business as an entity separate from the trust or estate with no duty to account to any court as to its operations; (vii) deal with and act for the business in any capacity, including any banking or trust capacity and the loaning of money out of the fiduciary's own funds, and to be compensated therefor; and (viii) sell or liquidate such interest or any part thereof at any time. If any business shall be unincorporated, contractual and tort liabilities arising out of such business shall be satisfied, first, out of the business, and second, out of the trust or estate; but in no event shall there be a liability of the fiduciary, and if the fiduciary is held liable, the fiduciary is entitled to indemnification from, first, the business, and second, the trust or estate. The fiduciary is entitled to such additional compensation as is commensurate with the time, effort, and responsibility involved in his performance of services with respect to such business. Such compensation for services rendered to the business may be paid by the fiduciary from the business or from other assets or from both as the fiduciary, in his discretion, determines to be advisable; however, the amount of such additional compensation is subject to the final approval of the court.

15. To do all other acts and things not inconsistent with the provisions of the will or trust in which these powers are incorporated that the fiduciary deems necessary or desirable for the proper management of the trusts herein created, in the same manner and to the same extent as an individual could do with respect to his own property.

16. To hold property in the fiduciary's name or in the name of nominees.

17. During the minority, incapacity, or the disability of any beneficiary, and in the sole discretion of the fiduciary, to distribute income and principal to the beneficiary in any of the following ways: (i) directly to the beneficiary; (ii) to a relative, friend, guardian, conservator, or committee, to be expended by such person for the education, maintenance, support, or benefit of the beneficiary; (iii) by the fiduciary expending the same for the education, maintenance, support, or benefit of the beneficiary; (iv) to an adult person or bank authorized to exercise trust powers as custodian for a minor beneficiary under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.) to be held by such custodian under the terms of such act; or (v) to an adult person or bank authorized to exercise trust powers as custodial trustee for a beneficiary who is incapacitated as defined in § 64.2-900 , under the Uniform Custodial Trust Act (§ 64.2-900 et seq.) to be held as custodial trustee under the terms of such act.

18. To continue and carry on any farming operation transferred to the fiduciary and to operate such farms and any other farm which may be acquired, including the power to (i) operate the farm with hired labor, tenants, or sharecroppers; (ii) hire a farm manager or a professional farm management service to supervise the farming operations; (iii) lease or rent the farm for cash or for a share of the crops; (iv) purchase or otherwise acquire farm machinery, equipment, and livestock; (v) construct, repair, and improve farm buildings of all sorts necessary, in the fiduciary's judgment, for the operation of the farm; (vi) make loans or advances or to obtain loans or advances from any source, including the fiduciary at the prevailing rate of interest for farm purposes including for production, harvesting, or marketing, for the construction, repair, or improvement of farm buildings, or for the purchase of farm machinery, equipment, or livestock; (vii) employ approved soil conservation practices in order to conserve, improve, and maintain the fertility and productivity of the soil; (viii) protect, manage, and improve the timber and forest on the farm and sell the timber and forest products when it is to the best interest of the estate or trust; (ix) ditch and drain damp or wet fields and areas of the farm when needed; (x) engage in livestock production, if it is deemed advisable, and to construct such fences and buildings and plant such pastures and crops as may be necessary to carry on a livestock program; (xi) execute contracts, notes, and chattel mortgages relating to agriculture with the Commodity Credit Corporation, the United States Secretary of Agriculture, or any other officer or agency of the federal or state government, to enter into acreage reduction agreements, to make soil conservation commitments, and to do all acts necessary to cooperate with any governmental agricultural program; and (xii) in general, employ the methods of carrying on the farming operation that are in common use by the community in which the farm is located. As the duties that the fiduciary is requested to assume with respect to farming operations may considerably enlarge and increase the fiduciary's usual responsibility and work as fiduciary, the fiduciary is entitled to such additional reasonable compensation as is commensurate with the time, effort, and responsibility involved in his performance of such services.

19. To purchase and hold life insurance policies on the life of any beneficiary, or any person in whom the beneficiary has an insurable interest, and pay the premiums thereon out of income or principal as the fiduciary deems appropriate; provided, however, that the decision of the beneficiary of any trust otherwise meeting the requirements of § 2056(b)(5) of the Internal Revenue Code of 1954, as amended, shall control in respect to the purchase or holding of a life insurance policy by the trustee of such trust.

20. To make any election, including any election permitted by statutes enacted after the date of execution of the will or trust instrument, authorized under any law requiring, or relating to the requirement for, payment of any taxes or assessments on assets or income of the estate or in connection with any fiduciary capacity, regardless of whether any property or income is received by or is under the control of the fiduciary, including, elections concerning the timing of payment of any such tax or assessment, the valuation of any property subject to any such tax or assessment, and the alternative use of items of deduction in computing any tax or assessment.

21. To comply with environmental law:

a. To inspect property held by the fiduciary, including interests in sole proprietorships, partnerships, or corporations and any assets owned by any such business enterprise, for the purpose of determining compliance with environmental law affecting such property and to respond to a change in, or any actual or threatened violation of, any environmental law affecting property held by the fiduciary;

b. To take, on behalf of the estate or trust, any action necessary to respond to a change in, or prevent, abate, or otherwise remedy any actual or threatened violation of, any environmental law affecting property held by the fiduciary, either before or after the initiation of an enforcement action by any governmental body;

c. To refuse to accept property in trust if the fiduciary determines that any property to be transferred to the trust either is contaminated by any hazardous substance or is being used or has been used for any activity directly or indirectly involving any hazardous substance which could result in liability to the trust or otherwise impair the value of the assets held therein;

d. To disclaim any power granted by any document, statute, or rule of law that, in the sole discretion of the fiduciary, may cause the fiduciary to incur personal liability under any environmental law; and

e. To charge the cost of any inspection, review, abatement, response, cleanup, or remedial action authorized herein against the income or principal of the trust or estate.

22. To resign as fiduciary if the fiduciary reasonably believes that there is or may be a conflict of interest between him in his fiduciary capacity and in his individual capacity because of potential claims or liabilities which may be asserted against him on behalf of the trust or estate because of the type or condition of assets held therein.

C. For the purposes of this section, unless the will or trust instrument expresses a contrary intention, the incorporation by reference of powers enumerated by this statute shall refer to those powers existing at the time of death and reference to powers under the Uniform Gifts to Minors Act in an instrument executed prior to July 1, 1989, shall be construed to refer to the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.).

D. This section shall not be construed to affect the application of the standard of judgment and care as set forth in the Uniform Prudent Investor Act (§ 64.2-780 et seq.).

E. In the event that the will or trust instrument contains a provision in favor of a surviving spouse of the testator or grantor, the powers enumerated in this section shall not be construed or interpreted to cause the bequest to fail to qualify for the marital deduction permitted under the federal estate tax law, unless the will or trust instrument shall specifically provide to the contrary. A fiduciary acting under a construction or interpretation of a power, where such action is otherwise reasonable under the circumstances, shall incur no responsibility for acts taken in good faith that are otherwise thereafter contended to cause disqualification for the marital deduction. This subsection applies without regard to when the will or trust was executed or probated or when the testator died in relation to the effective date of this section or amendments thereto.

Code 1950, § 64-57.2; 1966, c. 425; 1968, c. 656, § 64.1-57; 1970, cc. 65, 296; 1972, c. 788; 1973, c. 94; 1974, c. 659; 1976, c. 419; 1982, cc. 525, 549, 551; 1989, c. 736; 1990, c. 782; 1992, c. 584; 1994, c. 476 ; 1997, c. 801 ; 1999, cc. 772 , 975 ; 2003, cc. 30 , 42 , 253 ; 2012, c. 614 .
Va. Code Ann. § 64.2-779.12 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.12
Trust limitation on decanting
Status: in_force

A. An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of:

1. The decanting power; or

2. A power granted by state law to the fiduciary to distribute part or all of the income or principal of the trust to another trust or to modify the trust.

B. Exercise of the decanting power is subject to any restriction in the first-trust instrument that expressly applies to exercise of:

1. The decanting power; or

2. A power granted by state law to a fiduciary to distribute part or all of the income or principal of the trust to another trust or to modify the trust.

C. A general prohibition of the amendment or revocation of a first trust, a spendthrift clause, or a clause restraining the voluntary or involuntary transfer of a beneficiary's interest does not preclude exercise of the decanting power.

D. Subject to subsections A and B, an authorized fiduciary may exercise the decanting power under this article even if the first-trust instrument permits the authorized fiduciary or another person to modify the first-trust instrument or to distribute part or all of the income or principal of the first trust to another trust.

E. If a first-trust instrument contains an express prohibition described in subsection A or an express restriction described in subsection B, the provision must be included in the second-trust instrument.

2017, c. 592 .
Va. Code Ann. § 64.2-1642 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 4 / Section 64.2-1642
Effect on existing powers of attorney
Status: in_force

Except as otherwise provided in this chapter, on July 1, 2010:

1. This chapter applies to a power of attorney created before, on, or after July 1, 2010;

2. This chapter applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2010;

3. This chapter applies to a judicial proceeding concerning a power of attorney commenced before July 1, 2010, unless the court finds that application of a provision of this chapter would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of a party, in which case that provision does not apply and the superseded law applies; and

4. Notwithstanding any other provision of this chapter, an act done before July 1, 2010, is not affected by this chapter.

2010, cc. 455 , 632 , § 26-116; 2012, c. 614 .
Va. Code Ann. § 64.2-917 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-917
Methods and forms for creating custodial trusts
Status: in_force

A. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 64.2-901 are satisfied by either:

1. The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:

TRANSFER UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT

I, ____________________ (name of transferor or name and representative capacity if a fiduciary), transfer to ____________________ (name of trustee other than transferor), as custodial trustee for ____________________ (name of beneficiary) as beneficiary and ____________________ (name of distributee) as distributee on termination of the trust in absence of direction by the beneficiary under the Virginia Uniform Custodial Trust Act, the following: ____________________ (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property).

Dated: ____________________

________________________________________ (signature of transferor or fiduciary)

2. The execution and the recording or giving notice of its execution to the beneficiary of an instrument in substantially the following form:

DECLARATION OF TRUST UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT

I, ____________________ (name of owner of property), declare that henceforth I hold as custodial trustee for ____________________ (name of beneficiary other than transferor) as beneficiary and ____________________ (name of distributee) as distributee on termination of the trust in absence of direction by the beneficiary under the Virginia Uniform Custodial Trust Act, the following: ____________________ (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property).

Dated: ____________________

________________________________________ (signature of owner)

3. Either form may be modified by the owner to include, for example, a designation of an alternate or successor trustee or the recipient of the custodial property upon termination of the trust.

B. Customary methods of transferring or evidencing ownership of property may be used to create a custodial trust, including any of the following:

1. Registration of a security in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

2. Delivery of a certificated security, or a document necessary for the transfer of an uncertificated security, together with any necessary endorsement, to an adult other than the transferor or to a trust company as custodial trustee, accompanied by an instrument in substantially the form prescribed in subdivision A 1;

3. Payment of money or transfer of a security held in the name of a broker or a financial institution or its nominee to a broker or financial institution for credit to an account in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

4. Registration of ownership of a life or endowment insurance policy or annuity contract with the issuer in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

5. Delivery of a written assignment to an adult other than the transferor or to a trust company whose name in the assignment is designated in substance by the words "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

6. Irrevocable exercise of power of appointment, pursuant to its terms, in favor of a trust company, an adult other than the donee of the power, or the donee who holds the power if the beneficiary is other than the donee, whose name in the appointment is designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

7. Delivery of a written notification or assignment of a right to future payment under a contract to an obligor that transfers the right under the contract to a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, whose name in the notification or assignment is designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

8. Execution, delivery, and recordation of a conveyance of an interest in real property in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act";

9. Issuance of a certificate of title by an agency of a state or of the United States that evidences title to tangible personal property (i) issued in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance "as custodial trustee for ____________________(name of beneficiary) under the Virginia Uniform Custodial Trust Act," or (ii) delivered to a trust company or an adult other than the transferor or endorsed by the transferor to that person, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act"; or

10. Execution and delivery of an instrument of gift to a trust company or an adult other than the transferor, designated in substance "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act."

1990, c. 264, § 55-34.18; 2012, c. 614 .
Va. Code Ann. § 64.2-911 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-911
Liability to third person; exceptions
Status: in_force

A. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.

B. A custodial trustee is not personally liable to a third person (i) on a contract properly entered into in a fiduciary capacity, unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract, or (ii) for an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.

C. This section does not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.

1990, c. 264, § 55-34.12; 2012, c. 614 .
Va. Code Ann. § 64.2-1214 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1214
Recordation of report
Status: in_force

The clerk shall record every report so confirmed, whether by order of the circuit court upon exceptions filed or by the lapse of the time without exceptions filed, and note at the foot of it the order of confirmation or the clerk's certificate that no exceptions were filed, as the case may be, in the will book or the book in which the fiduciary accounts in the clerk's office are recorded and index it according to the provisions of § 17.1-249 .

Code 1919, § 5428; 1922, p. 873; 1928, p. 23; 1940, p. 614; 1944, p. 107; Code 1950, § 26-35; 2012, c. 614 .
Va. Code Ann. § 64.2-1200 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1200
Commissioners of accounts
Status: in_force

A. The judges of each circuit court shall appoint as many commissioners of accounts as may be necessary to carry out the duties of that office. The commissioner of accounts shall have general supervision of all fiduciaries admitted to qualify in the court or before the clerk of the circuit court and shall make all ex parte settlements of the fiduciaries' accounts. The person appointed as a commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.

B. In the event more than one commissioner of accounts is appointed, each commissioner of accounts shall maintain his own office and keep his own books, records, and accounts. Each commissioner of accounts shall retain the power of supervision over every account, matter, or thing referred to him until a final account is approved for such account, matter, or thing, unless he resigns, retires, or is removed from office, in which case his successor shall continue such duties.

C. For any given service performed, each commissioner of accounts shall have the authority to establish a lesser fee than that prescribed by the court or to waive one or more fees.

Code 1919, § 5401; 1946, p. 324; Code 1950, § 26-8; 1966, c. 329; 1973, c. 544; 2003, c. 194 ; 2005, c. 400 ; 2012, c. 614 .
Va. Code Ann. § 64.2-631 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-631
Effect of transfer on death deed during transferor's life
Status: in_force

During a transferor's life, a transfer on death deed does not:

1. Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;

2. Affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;

3. Affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed;

4. Affect the transferor's or designated beneficiary's eligibility for any form of public assistance;

5. Create a legal or equitable interest in favor of the designated beneficiary; or

6. Subject the property to claims or process of a creditor of the designated beneficiary.

2013, c. 390 .
Va. Code Ann. § 64.2-423 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-423
Repealed
Status: repealed

Repealed by Acts 2016, c. 266 , cl. 2.
Va. Code Ann. § 64.2-1105 — Virginia Code / Title 64.2 / Subtitle III / Chapter 11 / Section 64.2-1105
Reviewing compliance
Status: in_force

Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.

2008, c. 184 , § 55-268.17; 2012, c. 614 .
Va. Code Ann. § 64.2-902 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-902
Custodial trustee for future payment or transfer
Status: in_force

A. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for.................… (name of beneficiary) under the Virginia Uniform Custodial Trust Act."

B. Persons may be designated as substitute or successor custodial trustees to whom the property shall be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.

C. A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation shall be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.

1990, c. 264, § 55-34.3; 2012, c. 614 .
Va. Code Ann. § 64.2-754 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 7 / Section 64.2-754
Accepting or declining trusteeship
Status: in_force

A. Except as otherwise provided in subsection C, a person designated as trustee accepts the trusteeship:

1. By substantially complying with a method of acceptance provided in the terms of the trust; or

2. If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.

B. A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.

C. A person designated as trustee, without accepting the trusteeship, may:

1. Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and

2. Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.

2005, c. 935 , § 55-547.01; 2012, c. 614 .
Va. Code Ann. § 64.2-1067 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 7 / Section 64.2-1067
Reimbursement of income from principal
Status: in_force

A. If a fiduciary makes or expects to make an income disbursement described in subsection B, the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income.

B. To the extent the fiduciary has not been and does not expect to be reimbursed by a third party, income disbursements to which subsection A applies include:

1. An amount chargeable to principal but paid from income because principal is illiquid;

2. A disbursement made to prepare property for sale, including improvements and commissions; and

3. A disbursement described in subsection A of § 64.2-1065 .

C. If an asset whose ownership gives rise to an income disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection A.

2022, c. 354 .
Va. Code Ann. § 64.2-779.35 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.35
Limitation of action against trust director
Status: in_force

A. An action against a trust director for breach of trust must be commenced within the same limitation period as under § 64.2-796 for an action for breach of trust against a trustee in a like position and under similar circumstances.

B. A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under § 64.2-796 in an action for breach of trust against a trustee in a like position and under similar circumstances.

2020, c. 768 .
Va. Code Ann. § 64.2-1702 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 17 / Section 64.2-1702
Appointment of guardians
Status: in_force

The circuit court or the circuit court clerk of any county or city in which a minor resides or, if the minor is an out-of-state resident, in which the minor has any estate may appoint a guardian for the estate of the minor and may appoint a guardian for the person of the minor unless a guardian has been appointed for the minor pursuant to § 64.2-1701 .

Code 1919, § 5316; 1926, p. 588; 1928, pp. 25, 1085; 1930, p. 686; 1938, p. 4; 1942, p. 205; 1944, p. 28; Code 1950, § 31-4; 1989, c. 55; 1999, c. 16 ; 2012, c. 614 .
Va. Code Ann. § 64.2-202 — Virginia Code / Title 64.2 / Subtitle II / Chapter 2 / Section 64.2-202
When persons take per capita and when per stirpes; collaterals of the half blood
Status: in_force

A. A decedent's estate, or each half portion of such estate when division is required by subdivision A 5 of § 64.2-200 , shall, except when otherwise provided in subdivision A 1 of § 64.2-200 , be divided into as many equal shares as there are (i) heirs and distributees who are in the closest degree of kinship to the decedent and (ii) deceased persons, if any, in the same degree of kinship to the decedent who, if living, would have been heirs and distributees and who left descendants surviving at the time of the decedent's death. One share of the estate or half portion thereof shall descend and pass to each such heir and distributee and one share shall descend and pass per stirpes to such descendants.

B. Notwithstanding the provisions of subsection A, collaterals of the half blood shall inherit only half as much as those of the whole blood.

Code 1950, §§ 64-2, 64-3; 1968, c. 656, §§ 64.1-2, 64.1-3; 1986, c. 305; 2012, c. 614 .
Va. Code Ann. § 64.2-1317 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1317
Disposition of papers relating to estates
Status: in_force

A. The circuit court or the clerk at the time of the confirmation of an account shall return all inventories and original accounts of sales filed with the clerk of the circuit court as required by §§ 64.2-1205 and 64.2-1310 , all reports filed with the clerk under § 64.2-1214 when the reports have been actually recorded by the clerk, compared, indexed, and confirmed as required by law, and all vouchers or other evidence filed with the commissioner of accounts upon request made at the time of such filing, or in the discretion of the commissioner of accounts if no request is made, to the fiduciary or other person who filed such inventories, accounts, reports, vouchers, or other evidence, provided, however, that such inventories, accounts, reports, vouchers, or other evidence is not required as evidence of any further matter of inquiry pending before the court or the commissioner of accounts.

B. The clerk of court may destroy any papers mentioned in subsection A or any other papers relating to estates, when the matter concerned has been closed with a final settlement for more than three years and appropriate recordations have been made. However, nothing in this section shall apply to original documents recorded by binding. If recordation is done by facsimile or microfilm reproduction process, such papers may be destroyed if the return of such papers was not requested at the time of filing for recordation.

C. The commissioner of accounts may destroy any papers mentioned in subsection A or any other papers relating to estates when the matter concerned has been closed with a confirmed final accounting for more than one year.

Code 1919, § 5428; 1922, p. 873; 1928, p. 24; 1940, p. 614; 1944, p. 107; 1950, p. 818, § 26-37; 1962, c. 111; 1977, c. 96; 1997, c. 842 ; 2012, c. 614 .
Va. Code Ann. § 64.2-737 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-737
Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation
Status: in_force

Every trust that is a private foundation, as defined in § 509 of the Internal Revenue Code, or a charitable trust, as described in § 4947(a)(1) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall distribute its income, and if necessary principal, for each taxable year at such time and in such manner as not to subject such trust to tax under § 4942 of the Internal Revenue Code, and such trust 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, 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.

2005, c. 935 , § 55-544.19; 2012, c. 614 .
Va. Code Ann. § 64.2-1035 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 1 / Section 64.2-1035
Governing law
Status: in_force

Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when the Commonwealth is the principal place of administration of a trust or estate or the situs of property that is not held in a trust or estate and is subject to a life estate or other term interest described in subdivision 2 of § 64.2-1034 . By accepting the trusteeship of a trust having its principal place of administration in the Commonwealth or by moving the principal place of administration of a trust to the Commonwealth, the trustee submits to the application of this chapter to any matter within the scope of this chapter involving the trust.

2022, c. 354 .
Va. Code Ann. § 64.2-2115 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 3 / Section 64.2-2115
Accepting guardianship or conservatorship transferred from another state
Status: in_force

A. To confirm transfer of a guardianship or conservatorship transferred to the Commonwealth under provisions similar to § 64.2-2114 , the guardian or conservator shall petition the court in the Commonwealth to accept the guardianship or conservatorship. The petition shall include a certified copy of the other state's provisional order of transfer.

B. Notice of a petition under subsection A shall be given to those persons that would be entitled to notice if the petition were a petition for the appointment of a guardian or issuance of a conservatorship order in both the transferring state and the Commonwealth. The notice shall be given in the same manner as notice is required to be given in the Commonwealth.

C. On the court's own motion or on request of the guardian or conservator, the incapacitated or protected person, or other person required to be notified of the proceeding, the court shall hold a hearing on a petition filed pursuant to subsection A.

D. The court shall issue an order provisionally granting a petition filed under subsection A unless:

1. An objection is made and the objector establishes that transfer of the proceeding would be contrary to the interests of the incapacitated or protected person; or

2. The guardian or conservator is ineligible for appointment in the Commonwealth.

E. The court shall issue a final order accepting the proceeding and appointing the guardian or conservator as guardian or conservator in the Commonwealth upon its receipt from the court from which the proceeding is being transferred of a final order issued under provisions similar to § 64.2-2114 transferring the proceeding to the Commonwealth.

The final order accepting transfer of a guardianship or conservatorship shall contain a determination of whether the guardianship or conservatorship needs to be modified to conform to the laws of the Commonwealth.

F. In granting a petition under this section, the court shall recognize a guardianship or conservatorship order from the other state, including the determination of the incapacitated or protected person's incapacity and the appointment of the guardian or conservator.

G. The denial by a court of the Commonwealth of a petition to accept a guardianship or conservatorship transferred from another state does not affect the ability of the guardian or conservator to seek appointment as guardian or conservator in the Commonwealth under Chapter 20 (§ 64.2-2000 et seq.) if the court has jurisdiction to make an appointment other than by reason of the provisional order of transfer.

2011, c. 518 , § 37.2-1047; 2012, c. 614 .
Va. Code Ann. § 64.2-628 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-628
Requirements
Status: in_force

A transfer on death deed:

1. Except as otherwise provided in subdivision 2, shall contain the essential elements and formalities of a properly recordable inter vivos deed or document to convey a cooperative interest created pursuant to the Virginia Real Estate Cooperative Act (§ 55.1-2100 et seq.);

2. Shall state that the transfer to the designated beneficiary is to occur at the transferor's death;

3. Shall be recorded before the transferor's death in the land records of the clerk's office of the circuit court in the jurisdiction where the property is located;

4. Shall comply with the requirements for recordation set forth in Chapter 6 (§ 55.1-600 et seq.) of Title 55.1 and shall be indexed by the clerk of court under the name of the transferor as grantor;

5. Unless the transfer is for consideration, shall be exempt from recordation tax as provided by subsection J of § 58.1-811 ;

6. For property owned by joint owners to be effective, shall be executed by all joint owners; and

7. Shall be considered a deed for purposes of complying with the requirements of § 17.1-223 .

2013, c. 390 ; 2022, c. 309 .
Va. Code Ann. § 64.2-553 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 9 / Section 64.2-553
When court to order payment of debts
Status: in_force

A. Upon confirmation of a report of the accounts of any personal representative and of the debts and demands against the decedent's estate pursuant to Chapter 12 (§ 64.2-1200 et seq.), the court shall order that so much of the estate in the possession of the personal representative as is proper be applied to the payment of such debts and demands. The court, in its discretion, may order that a portion of the estate be reserved to pay all or a proportion of a claim of a surety for the decedent or any other contingent claim against the estate, or to pay all or a proportion of any other claim not finally passed upon, provided that creditors of the same class shall be paid in the same proportion.

B. For any claim allowed subsequent to any dividend where the court ordered that a portion of the estate be reserved to pay such a claim, the court shall order that the claim be paid from the estate in the possession of the personal representative, regardless of the existence of any debt or demand of superior dignity for which no reservation has been ordered. The claim shall be paid in the same proportion as creditors of the same class, provided, however, that whether there be enough reserved to pay the claim pursuant to this subsection shall not affect any dividend already paid.

C. If there are assets remaining in the possession of the personal representative after claims are paid pursuant to subsections A and B, or if further assets come into the possession of the personal representative, such surplus shall be divided among all the decedent's creditors who have proved debts and demands against the decedent's estate in the order and proportion in which they may be entitled.

Code 1950, §§ 64-164, 64-165, 64-166; 1968, c. 656, §§ 64.1-174, 64.1-175, 64.1-176; 2012, c. 614 .
Va. Code Ann. § 64.2-2007 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2007
Hearing on petition to appoint
Status: in_force

A. The respondent is entitled to a jury trial upon request, and may compel the attendance of witnesses, present evidence on his own behalf, and confront and cross-examine witnesses.

B. The court or the jury, if a jury is requested, shall hear the petition for the appointment of a guardian or conservator. The hearing may be held at such convenient place as the court directs, including the place where the respondent is located. The hearing shall be conducted within 120 days from the filing of the petition unless the court postpones it for cause. The proposed guardian or conservator shall attend the hearing except for good cause shown and, where appropriate, shall provide the court with a recommendation as to living arrangements and a treatment plan for the respondent. The respondent is entitled to be present at the hearing and all other stages of the proceedings. The respondent shall be present if he so requests or if his presence is requested by the guardian ad litem. Whether or not present, the respondent shall be regarded as having denied the allegations in the petition.

C. In determining the need for a guardian or a conservator and the powers and duties of any guardian or conservator, if needed, consideration shall be given to the following factors: (i) the limitations of the respondent; (ii) the development of the respondent's maximum self-reliance and independence; (iii) the availability of less restrictive alternatives, including advance directives, supported decision-making agreements, and durable powers of attorney; (iv) the extent to which it is necessary to protect the respondent from neglect, exploitation, or abuse; (v) the actions needed to be taken by the guardian or conservator; (vi) the suitability of the proposed guardian or conservator; and (vii) the best interests of the respondent.

D. If, after considering the evidence presented at the hearing, the court or jury determines on the basis of clear and convincing evidence that the respondent is incapacitated and in need of a guardian or conservator, the court shall appoint a suitable person, who may be the spouse of the respondent, to be the guardian or the conservator or both, giving due deference to the wishes of the respondent. If a guardian or conservator is appointed, the court shall inform him of his duties and powers pursuant to Article 2 (§ 64.2-2019 et seq.) and shall further inform the guardian or conservator that, to the extent feasible, the respondent should be encouraged to participate in decisions, act on his own behalf, and develop or maintain the capacity to manage his personal affairs if he retains any decision-making rights. Except for good cause shown, including a determination by the court that there is no acceptable alternative available to serve, the court shall not appoint as guardian or conservator for the respondent an attorney who has been engaged by the petitioner to represent the petitioner within three calendar years of the appointment. Such prohibition also applies to all other attorneys and employees of the law firm with which such attorney is associated. The court shall require the proposed guardian or conservator to certify at the time of appointment that he has disclosed to the court any such representation of the petitioner or association with a law firm that represented the petitioner within the three calendar years preceding the appointment. Compensation paid by a petitioner to an attorney or law firm for serving as a guardian or conservator shall not constitute representation of the petitioner by such attorney or law firm. In the case of a petitioner that is a medical care facility as defined in § 32.1-3 , the court may, for good cause shown, order that the reasonable costs for the guardian or conservator be paid by the petitioner during the time the respondent is under the care of such medical care facility.

The court in its order shall make specific findings of fact and conclusions of law in support of each provision of any orders entered. The order of appointment shall be made in a form that complies with the requirements set out in § 64.2-2009 .

1997, c. 921 , § 37.1-134.13; 2005, c. 716 , § 37.2-1007; 2009, c. 433 ; 2012, c. 614 ; 2013, c. 523 ; 2020, cc. 649 , 855 ; 2021, Sp. Sess. I, c. 232 .
Va. Code Ann. § 64.2-779.32 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.32
Duty and liability of directed trustee
Status: in_force

A. Subject to subsection B, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29 , and the trustee is not liable for the action.

B. A directed trustee must not comply with a trust director's exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29 to the extent that by complying the trustee would engage in willful misconduct.

C. An exercise of a power of direction under which a trust director may release a trustee or another trust director from liability for breach of trust is not effective if:

1. The breach involved the trustee's or other trust director's willful misconduct;

2. The release was induced by improper conduct of the trustee or other trust director in procuring that release; or

3. At the time of the release, the trust director did not know the material facts relating to the breach.

D. A directed trustee that has reasonable doubt about its duty under this section may petition the court for instructions.

E. The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities under this section.

2020, c. 768 .
Va. Code Ann. § 64.2-720 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-720
Requirements for creation
Status: in_force

A. A trust is created only if:

1. The settlor has capacity to create a trust; or when the trust is created by the settlor's agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor's behalf;

2. The settlor or his agent indicates an intention to create the trust;

3. The trust has a definite beneficiary or is:

a. A charitable trust;

b. A trust for the care of an animal, as provided in § 64.2-726 ; or

c. A trust for a noncharitable purpose, as provided in § 64.2-727 ;

4. The trustee has duties to perform; and

5. The same person is not the sole trustee and sole beneficiary.

B. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

C. A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.

2005, c. 935 , § 55-544.02; 2010, cc. 455 , 632 ; 2012, c. 614 .
Va. Code Ann. § 64.2-440 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-440
Source and construction
Status: in_force

Sections 64.2-433 through 64.2-439 derive from Annex to Convention of October 26, 1973, Providing a Uniform Law on the Form of an International Will. In interpreting and applying this article, regard shall be had to its international origin and to the need for uniformity in its interpretation.

1995, c. 443 , § 64.1-96.9; 2012, c. 614 .
Va. Code Ann. § 64.2-2711 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 2 / Section 64.2-2711
Rules of classification
Status: in_force

A. As used in this section, "adverse party" means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.

B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.

C. Only a power of appointment whose permissible appointees are defined and limited can be nonexclusionary.

2016, c. 266 .
Va. Code Ann. § 64.2-1505 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 15 / Section 64.2-1505
Investments that cease to be eligible may be retained
Status: in_force

Investments made under the provisions of § 64.2-1502 , if in conformity with the requirements of that section at the time the investments were made, may be retained even though they cease to be eligible for purchase under the provisions of that section, but shall be subject to the provisions of the Uniform Prudent Investor Act (§ 64.2-780 et seq.).

Code 1919, § 5431; 1942, p. 662; Code 1950, § 26-44; 1992, c. 810; 1999, c. 772 ; 2012, c. 614 .
Va. Code Ann. § 64.2-2116 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 4 / Section 64.2-2116
Registration of guardianship orders
Status: in_force

If a guardian has been appointed in another state and a petition for the appointment of a guardian is not pending in the Commonwealth, the guardian appointed in the other state, after giving notice to the appointing court of an intent to register, may register the guardianship order in the Commonwealth by filing as a foreign judgment in a court, in any appropriate county or city of the Commonwealth, certified copies of the order and letters of office.

2011, c. 518 , § 37.2-1048; 2012, c. 614 .
Va. Code Ann. § 64.2-1208 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1208
Expenses and commissions allowed fiduciaries
Status: in_force

A. In stating and settling the account, the commissioner of accounts shall allow the fiduciary any reasonable expenses incurred by him and, except in cases in which it is otherwise provided, a reasonable compensation in the form of a commission on receipts or otherwise. Unless otherwise provided by the court, any guardian appointed pursuant to Chapter 20 (§ 64.2-2000 et seq.) or Chapter 21 (§ 64.2-2100 et seq.) shall also be allowed reasonable compensation for his services. If a committee or other fiduciary renders services with regard to real estate owned by the ward or beneficiary, compensation may also be allowed for the services rendered with regard to the real estate and the income from or the value of such real estate.

B. Notwithstanding subsection A or any provision under Chapter 7 (§ 64.2-700 et seq.), where the compensation of an institutional fiduciary is specified under the terms of the trust or will by reference to a standard published fee schedule, the commissioner of accounts shall not reduce the compensation below the amount specified unless there is sufficient proof that (i) the settlor or testator was not competent when the trust instrument or will was executed or (ii) such compensation is excessive in light of the compensation institutional fiduciaries generally receive in similar situations.

Code 1919, § 5425; Code 1950, § 26-30; 1985, c. 402; 1997, c. 921 ; 2005, c. 935 ; 2011, c. 518 ; 2012, c. 614 .
Va. Code Ann. § 64.2-607 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 2 / Section 64.2-607
Transfer of evidences of indebtedness, securities, and stock held in decedents' estates
Status: in_force

When any executor or administrator duly appointed and qualified under this title has completed the distribution of the estate with the exception of transferring any evidences of indebtedness, securities, or stock in any corporation constituting a portion of such estate, such executor or administrator may file with the clerk of the court in which such executors or administrators qualified, a petition describing any such evidences of indebtedness, securities, and stock, stating that all debts of the decedent have been paid, and stating that a final accounting has been filed and approved. Upon receipt of the petition, the clerk shall issue a certificate certifying that the powers of such executor or administrator continue in full force and effect.

Code 1950, § 64-121.1; 1952, c. 329; 1968, c. 656, § 64.1-128; 2012, c. 614 .
Va. Code Ann. § 64.2-308.14 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.14
Waiver of right to elect and of other rights; defenses
Status: in_force

A. The right of election of a surviving spouse and the rights of the surviving spouse to homestead allowance, exempt property, and family allowance, or any of them, may be waived, wholly or partially, before or after marriage, by a written contract, agreement, or waiver signed by the surviving spouse.

B. A surviving spouse's waiver is not enforceable if the surviving spouse proves that:

1. The waiver was not executed voluntarily; or

2. The waiver was unconscionable when it was executed and before execution of the waiver because:

a. A fair and reasonable disclosure of the property or financial obligations of the decedent was not provided;

b. Any right to disclosure of the property or financial obligations of the decedent beyond the disclosure provided was not voluntarily and expressly waived, in writing; and

c. The surviving spouse did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the decedent.

C. An issue of unconscionability of a waiver is for decision by the court as a matter of law.

D. Unless it provides to the contrary, a waiver of all rights, or equivalent language, in the property or estate of a present or prospective spouse or a complete property settlement entered into after or in anticipation of separation or divorce is a waiver of all rights of elective share, homestead allowance, exempt property, and family allowance by each spouse in the property of the other and a renunciation by each of all benefits that would otherwise pass to one spouse from the other by intestate succession or by virtue of any will executed before the waiver or property settlement.

E. If a spouse willfully deserts or abandons the other spouse and such desertion or abandonment continues until the death of the other spouse, the party who deserted or abandoned the deceased spouse shall be barred of all interest in the decedent's estate by intestate succession, elective share, exempt property, family allowance, and homestead allowance.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-745.1 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 5 / Section 64.2-745.1
Self-settled spendthrift trusts
Status: in_force

A. Except as otherwise provided in this article, § 64.2-747 shall not apply to qualified interest in a qualified self-settled spendthrift trust.

B. Section 64.2-747 shall continue to apply with respect to any interest held by a settlor in a qualified self-settled spendthrift trust, other than a qualified interest.

C. A settlor's transfer to a qualified self-settled spendthrift trust shall not, to the extent of the settlor's qualified interest, be deemed to have been made with intent to delay, hinder, or defraud creditors, for purposes of § 55.1-400 , merely because it is made to a trust with respect to which the settlor retains a qualified interest and merely because it is made without consideration. A settlor's transfer to a qualified self-settled spendthrift trust may, however, be set aside under § 55.1-400 or 55.1-401 on other bases, such as if the transfer renders the settlor insolvent.

D. A settlor's creditor may bring an action under § 55.1-402 to avoid a transfer to a qualified self-settled spendthrift trust or otherwise to enforce a claim that existed on the date of the settlor's transfer to such trust within five years after the date of the settlor's transfer to such trust to which such claim relates.

E. A creditor shall have only such rights with respect to a settlor's transfer to a qualified self-settled spendthrift trust as are provided in this section. No creditor and no other person shall have any claim or cause of action against any trustee, trust adviser, trust director, or any person involved in the counseling, drafting, preparation, or execution of, or transfers to a qualified self-settled spendthrift trust.

F. If a settlor makes more than one transfer to the same qualified self-settled spendthrift trust, the following rules shall apply:

1. The settlor's making of a subsequent transfer shall be disregarded in determining whether a creditor's claim with respect to a prior transfer is valid under this section;

2. With respect to each subsequent transfer by the settlor, the five-year limitations period provided in subsection D, with respect to actions brought under Chapter 4 (§ 55.1-400 et seq.) of Title 55.1 with respect to the subsequent transfer, commences on the date of such subsequent transfer; and

3. Any distribution to a beneficiary is deemed to have been made from the latest such transfer.

G. The movement to the Commonwealth of the administration of an existing trust, which, after such movement to the Commonwealth, meets for the first time all of the requirements of a qualified self-settled spendthrift trust, shall be treated, for purposes of this section, as a transfer to this trust by the settlor on the date of such movement of all of the assets previously transferred to the trust by the settlor.

2012, c. 555 , § 55-545.03:2; 2012, c. 614 ; 2026, c. 476 .
Va. Code Ann. § 64.2-620 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 4 / Section 64.2-620
Nonprobate transfers on death
Status: in_force

A. A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, marital property agreement, or other written instrument of a similar nature is nontestamentary.

Nontestamentary transfers also include writings stating that (i) money or other benefits due to, controlled by, or owned by a decedent before death shall be paid after the decedent's death to a person whom the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later; (ii) money due or to become due under the instrument ceases to be payable in the event of death of the promisee or the promisor before payment or demand; or (iii) any property controlled by or owned by the decedent before death that is the subject of the instrument passes to a person the decedent designates either in the instrument or in a separate writing, including a will, executed either before or at the same time as the instrument, or later.

B. This section does not limit rights of creditors under other laws of the Commonwealth.

2001, c. 583 , § 64.1-45.3; 2012, c. 614 .
Va. Code Ann. § 64.2-2301 — Virginia Code / Title 64.2 / Subtitle V / Chapter 23 / Section 64.2-2301
Distribution of fund when presumption of death not applicable
Status: in_force

A. In any civil action wherein any estate or fund is to be distributed, if the interest of any person to the estate or fund depends upon his having been alive at a particular time and it is not known and cannot be shown by the exercise of reasonable diligence whether such person was alive at that time, and if the legal presumption of death does not apply, the court may enter an order distributing the estate or fund to those who would be otherwise entitled thereto if it were shown that such person was dead at such particular time.

B. Before any distribution is made pursuant to subsection A, the court shall require that, until the person is determined to be dead in accordance with § 64.2-2300 , the heir at law, devisee, next of kin, legatee, beneficiary, survivor, or other successor in interest shall give a refunding bond with surety in such form as the court directs upon condition to account for the estate or fund to any person who may establish title thereto adverse to that of such heir at law, devisee, next of kin, legatee, beneficiary, survivor, or other successor in interest.

C. No motion shall be made hereunder except after reasonable notice to all parties upon whom service may be had. Nothing in this section shall be construed to affect in any way any requirement of law as to service of process.

Code 1950, § 64-102; 1968, c. 656, § 64.1-106; 1996, cc. 675 , 684 ; 2005, c. 681 ; 2006, c. 351 ; 2012, c. 614 .
Va. Code Ann. § 64.2-441 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-441
Persons authorized to act in relation to international will; eligibility; recognition by authorizing agency
Status: in_force

Individuals who have been admitted to practice law before the courts of the Commonwealth and who are members in good standing of the Virginia State Bar are hereby declared to be authorized persons in relation to international wills.

1995, c. 443 , § 64.1-96.10; 2012, c. 614 .
Va. Code Ann. § 64.2-444 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-444
Clerks may probate wills
Status: in_force

A. The clerk of any circuit court, or any duly qualified deputy of such clerk, may admit wills to probate, appoint and qualify executors, administrators, and curators of decedents, and require and take from them the necessary bonds, in the same manner and with like effect as the circuit court.

B. The clerk shall keep an order book, in which shall be entered all orders made by him, or his deputy, in performance of his duties pursuant to subsection A, except probate orders that are recorded in the will book need not be entered in the order book.

C. All wills heretofore admitted to probate by any duly qualified deputy clerk of any circuit court are deemed to have been properly admitted to probate to the same extent as if the clerk had acted in the proceeding.

Code 1950, § 64-73; 1968, c. 656, § 64.1-77; 1973, c. 217; 2012, c. 614 .
Va. Code Ann. § 64.2-308.9 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.9
Exclusions, valuation, and overlapping application
Status: in_force

A. The value of any property is excluded from the decedent's non-probate transfers to others:

1. To the extent that the decedent received adequate and full consideration in money or money's worth for a transfer of the property; or

2. If the property was transferred with the written joinder of, or if the transfer was consented to in writing before or after the transfer by, the surviving spouse.

B. 1. The value of any property otherwise included under § 64.2-308.5 , 64.2-308.6 , or 64.2-308.7 , and its income or proceeds, is excluded from the decedent's net probate estate, decedent's non-probate transfers to others, and decedent's non-probate transfers to the surviving spouse to the extent that such property was transferred to or for the benefit of the decedent, before or during the marriage to the surviving spouse, by gift, will, transfer in trust, intestate succession, or any other method or form of transfer to the extent that it was (i) transferred without full consideration in money or money's worth from a person other than the surviving spouse and (ii) maintained by the decedent as separate property.

2. The value of any property otherwise included under § 64.2-308.8 , and its income or proceeds, is excluded from the surviving spouse's property and non-probate transfers to others to the extent that such property was transferred to or for the benefit of the surviving spouse, before or during the marriage to the decedent, by gift, will, transfer in trust, intestate succession, or any other method or form of transfer to the extent that it was (i) transferred without full consideration in money or money's worth from a person other than the decedent and (ii) maintained by the surviving spouse as separate property.

C. The value of property:

1. Included in the augmented estate under § 64.2-308.5 , 64.2-308.6 , 64.2-308.7 , or 64.2-308.8 is reduced in each category by enforceable claims against the included property; and

2. Includes the commuted value of any present or future interest and the commuted value of amounts payable under any trust, life insurance settlement option, annuity contract, public or private pension, disability compensation, death benefit or retirement plan, or any similar arrangement, exclusive of the federal social security system. Except as provided herein for interests passing to a surviving spouse, life estates and remainder interests are valued in the manner prescribed in Chapter 5 (§ 55.1-500 et seq.) of Title 55.1 and deferred payments and estates for years are discounted to present value using the interest rate specified in § 55.1-500 . In valuing partial and contingent interests passing to the surviving spouse, and beneficial interests in trust, the following special rules apply:

a. The value of the beneficial interest of a spouse shall be the entire fair market value of any property held in trust if the decedent was the settlor of the trust, if the trust is held for the exclusive benefit of the surviving spouse during the surviving spouse's lifetime, and if the terms of the trust meet the following requirements:

(1) During the lifetime of the surviving spouse, the trust is controlled by the surviving spouse or one or more trustees who are non-adverse parties;

(2) The trustee shall distribute to or for the benefit of the surviving spouse the entire net income of the trust at least annually;

(3) The trustee is permitted to distribute to or for the benefit of the surviving spouse out of the principal of the trust such amounts and at such times as the trustee, in its discretion, determines for the health, maintenance, and support of the surviving spouse; and

(4) In exercising discretion, the trustee may be authorized or required to take into consideration all other income assets and other means of support available to the surviving spouse.

b. To the extent that the partial or contingent interest is dependent upon the occurrence of any contingency that is not subject to the control of the surviving spouse and that is not subject to valuation by reference to the mortality and annuity tables set forth in §§ 55.1-501 through 55.1-506 , the contingency will be conclusively presumed to result in the lowest possible value passing to the surviving spouse.

c. To the extent that the valuation of a partial or contingent interest is dependent upon the life expectancy of the surviving spouse, that life expectancy shall be conclusively presumed to be no less than 10 years, regardless of the actual attained age of the surviving spouse at the decedent's death.

D. In case of overlapping application to the same property of the subsections or subdivisions of § 64.2-308.6 , 64.2-308.7 , or 64.2-308.8 , the property is included in the augmented estate under the provision yielding the greatest value, and under only one overlapping provision if they all yield the same value.

2016, cc. 187 , 269 ; 2018, c. 301 .
Va. Code Ann. § 64.2-1640 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 4 / Section 64.2-1640
Uniformity of application and construction
Status: in_force

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.

2010, cc. 455 , 632 , § 26-114; 2012, c. 614 .
Va. Code Ann. § 64.2-2114 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 3 / Section 64.2-2114
Transfer of guardianship or conservatorship to another state
Status: in_force

A. A guardian or conservator appointed in the Commonwealth may petition the court to transfer the guardianship or conservatorship to another state.

B. Notice of a petition under subsection A shall be given to the persons that would be entitled to notice of a petition in the Commonwealth for the appointment of a guardian or conservator.

C. On the court's own motion or on request of the guardian or conservator, the incapacitated or protected person, or other person required to be notified of the petition, the court shall hold a hearing on a petition filed pursuant to subsection A.

D. The court shall issue an order provisionally granting a petition to transfer a guardianship and shall direct the guardian to petition for guardianship in the other state if the court is satisfied that the guardianship will be accepted by the court in the other state and the court finds that:

1. The incapacitated person is physically present in or is reasonably expected to move permanently to the other state;

2. An objection to the transfer has not been made or, if an objection has been made, the objector has not established that the transfer would be contrary to the interests of the incapacitated person; and

3. Plans for care and services for the incapacitated person in the other state are reasonable and sufficient.

E. The court shall issue a provisional order granting a petition to transfer a conservatorship and shall direct the conservator to petition for conservatorship in the other state if the court is satisfied that the conservatorship will be accepted by the court of the other state and the court finds that:

1. The protected person is physically present in or is reasonably expected to move permanently to the other state, or the protected person has a significant connection to the other state considering the factors in subsection B of § 64.2-2105 ;

2. An objection to the transfer has not been made or, if an objection has been made, the objector has not established that the transfer would be contrary to the interests of the protected person; and

3. Adequate arrangements will be made for management of the protected person's property.

F. The court shall issue a final order confirming the transfer and terminating the guardianship or conservatorship upon its receipt of:

1. A provisional order accepting the proceeding from the court to which the proceeding is to be transferred which is issued under provisions similar to § 64.2-2115 ; and

2. The documents required to terminate a guardianship or conservatorship in the Commonwealth.

2011, c. 518 , § 37.2-1046; 2012, c. 614 .
Va. Code Ann. § 64.2-1220 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1220
Receipt for vouchers filed in settlement; effect thereof
Status: in_force

Any commissioner of accounts having before him the accounts of a fiduciary for settlement shall, on request, execute and deliver to the fiduciary a receipt for all vouchers filed with the commissioner of accounts. The receipt, if such vouchers are subsequently lost or destroyed, shall be evidence of the delivery to the commissioner of accounts of the vouchers mentioned in the receipt in any suit or proceeding against the fiduciary.

Code 1919, § 5415; Code 1950, § 26-26; 2012, c. 614 .
Va. Code Ann. § 64.2-131 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-131
Uniformity of application and construction
Status: in_force

In applying and construing this article, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-428 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-428
Distribution of assets by fiduciaries in satisfaction of pecuniary bequests or transfers in trust of pecuniary amount
Status: in_force

A. Where a will or trust agreement authorizes or directs the fiduciary to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount, unless the instrument shall otherwise expressly provide, the assets selected by the fiduciary for that purpose shall be valued at their respective values on the date of their distribution.

B. Whenever a fiduciary under the provisions of a will or other governing instrument is required to satisfy a pecuniary bequest or transfer in trust in favor of the testator's or donor's spouse and is authorized to satisfy such bequest or transfer by selection and distribution of assets in kind, and the will or other governing instrument further provides that the assets to be so distributed shall or may be valued by some standard other than their fair market value on the date of distribution, the fiduciary, unless the will or other governing instrument otherwise specifically directs, shall distribute assets, including cash, in a manner that is fairly representative of appreciation or depreciation in the value of all property available for distribution in satisfaction of such pecuniary bequest or transfer. This subsection shall not prevent a fiduciary from carrying out the provisions of the will or other governing instrument that require the fiduciary, in order to implement such a bequest or transfer, to distribute assets, including cash, having an aggregate fair market value at the date of distribution amounting to no less than the amount of the pecuniary bequest or transfer as finally determined for federal estate tax purposes.

C. Any fiduciary having discretionary powers under a will or other governing instrument with respect to the selection of assets to be distributed in satisfaction of a pecuniary bequest or transfer in trust in favor of the testator's or donor's spouse shall be authorized to enter into agreements with the Commissioner of Internal Revenue of the U.S. Department of the Treasury and other taxing authorities requiring the fiduciary to exercise the fiduciary's discretion so that cash and other properties distributed in satisfaction of such bequest or transfer in trust will be fairly representative of the appreciation or depreciation in value of all property then available for distribution in satisfaction of such bequest or transfer in trust, and any such agreement heretofore entered into after April 1, 1964, is hereby validated. Any such fiduciary shall be authorized to enter into any other agreement not in conflict with the express terms of the will or other governing instrument that may be necessary or advisable in order to secure for federal estate tax purposes the appropriate marital deduction available under the Internal Revenue Code, and to do and perform all acts incident to securing such deduction.

D. Where a will or trust agreement directs the fiduciary to satisfy a pecuniary or fractional bequest or transfer in trust of a pecuniary amount or fractional share in favor of the testator's or donor's spouse with amounts or assets having a value equal to the maximum marital deduction available under the Internal Revenue Code, the interest of such spouse shall vest immediately upon the testator's death in the case of a will, and upon the execution of the trust agreement in the case of a trust, regardless of when the exact amount of the bequest or transfer is finally determined.

Code 1950, § 64-71.2; 1966, c. 441; 1968, c. 656, § 64.1-74; 1978, c. 481; 2012, c. 614 .
Va. Code Ann. § 64.2-638 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-638
Relation to federal Electronic Signatures in Global and National Commerce Act
Status: in_force

This article modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that Act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in § 103(b) of that Act, 15 U.S.C. § 7003 (b).

2013, c. 390 .
Va. Code Ann. § 64.2-1207 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1207
Settlement for year to include unsettled portion of preceding year
Status: in_force

When a commissioner of accounts has the account of a fiduciary for any year before him for settlement, the settlement shall also include any time prior to such year for which the fiduciary has not settled.

Code 1919, § 5424; Code 1950, § 26-28; 2012, c. 614 .
Va. Code Ann. § 64.2-458 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 6 / Section 64.2-458
Bona fide purchaser of real estate without notice of devise protected; intestacy
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 the later impeachment of the testator's will that results in intestacy, unless within one year after the testator's death a complaint is filed before the court having jurisdiction for that purpose.

1991, c. 197, § 64.1-96.1; 2012, c. 614 .
Va. Code Ann. § 64.2-1024 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10 / Article 5 / Section 64.2-1024
Repealed
Status: repealed

Repealed by Acts 2022, c. 354 , cl. 2.
Va. Code Ann. § 64.2-1919 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1919
Termination of custodianship
Status: in_force

A. Except as provided in subsection B, the custodian shall transfer the custodial property to the minor or to the minor's estate in an appropriate manner upon the earlier of:

1. The minor's attainment of 18 years of age or if the transfer was made as provided in subsection D or E of § 64.2-1908 , the minor's attainment of 21 or 25 years of age, as applicable; or

2. The minor's death.

B. If the custodial property is transferred by irrevocable gift or the exercise of an inter vivos general power of appointment in the manner provided in subsection E of § 64.2-1908 , for delivery, conveyance, or payment to the minor upon the minor's attaining the age of 25 years, the custodian shall nevertheless transfer the custodial property to the minor upon the minor's attaining the age of 21 years if the minor delivers a written request therefor to the custodian. A request under this subsection shall be valid only if it is delivered to the custodian during the period beginning 30 days before the date on which the minor attains the age of 21 years and ending 30 days after the later of (i) the date on which the minor attains the age of 21 years or (ii) the date on which the custodian delivers written notice to the minor of the minor's right to terminate the custodianship pursuant to this subsection.

1988, c. 516, § 31-56; 2012, c. 614 ; 2019, c. 527 .
Va. Code Ann. § 64.2-1075 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 9 / Section 64.2-1075
Apportionment when income interest ends
Status: in_force

A. As used in this section, "undistributed income" means net income received on or before the date on which an income interest ends. "Undistributed income" does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.

B. Except as otherwise provided in subsection C, when a mandatory income interest of a beneficiary ends, the fiduciary shall pay the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust to the beneficiary or, if the beneficiary does not survive the date the interest ends, to the beneficiary's estate.

C. If a beneficiary has an unqualified power to withdraw more than five percent of the value of a trust immediately before an income interest ends:

1. The fiduciary shall allocate to principal the undistributed income from the portion of the trust which may be withdrawn; and

2. Subsection B applies only to the balance of the undistributed income.

D. When a fiduciary's obligation to pay a fixed annuity or a fixed fraction of the value of assets ends, the fiduciary shall prorate the final payment as required to preserve an income tax, gift tax, estate tax, or other tax benefit.

2022, c. 354 .
Va. Code Ann. § 64.2-308.3 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.3
Elective share amount; effect of election on statutory benefits; non-domiciliary
Status: in_force

A. The surviving spouse of a decedent who dies domiciled in this state has a right of election, under the limitations and conditions stated in this article, to take an elective-share amount equal to 50 percent of the value of the marital-property portion of the augmented estate.

B. If the right of election is exercised by or on behalf of the surviving spouse, the surviving spouse's homestead allowance, exempt property, and family allowance, if any, are not charged against but are in addition to the elective-share amount.

C. The right, if any, of the surviving spouse of a decedent who dies domiciled outside this state to take an elective share in property in this state is governed by the law of the decedent's domicile at death.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-611 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 2 / Section 64.2-611
Disposition by sheriff of property when no person entitled thereto
Status: in_force

If any sheriff has in his possession any money or personal property of a decedent and, after reasonable diligence, is unable to ascertain the identity of any person entitled to such property, the sheriff shall sell such property at public auction within two years of coming into possession of such property. The sheriff shall post notices of the date, time, and place of the sale at least 10 days before the sale in three or more public places in his jurisdiction, or shall advertise the date, time, and place of the sale at least 10 days before the sale in a newspaper published or having general circulation in his jurisdiction. The proceeds of the sale of personal property, together with any such money of the decedent in the sheriff's possession, after the payment of all necessary expenses, shall be paid into the state treasury to the credit of the Literary Fund.

Code 1950, § 64-125; 1968, c. 656, § 64.1-132; 1971, Ex. Sess., c. 155; 2012, c. 614 .
Va. Code Ann. § 64.2-916 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-916
Distribution on termination
Status: in_force

A. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property as follows:

1. To the beneficiary, if not incapacitated or deceased;

2. To the conservator or such other recipient as is designated by the court for an incapacitated beneficiary; or

3. Upon the beneficiary's death, in the following order:

a. As last directed in writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;

b. To the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 64.2-905 ;

c. As designated in the instrument creating the custodial trust; or

d. To the estate of the deceased beneficiary.

B. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.

C. Death of the beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.

1990, c. 264, § 55-34.17; 2012, c. 614 .
Va. Code Ann. § 64.2-1066 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 7 / Section 64.2-1066
Transfer from income to principal for depreciation
Status: in_force

A. As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.

B. A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

1. Of the part of real property used or available for use by a beneficiary as a residence;

2. Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or

3. Under this section, to the extent the fiduciary accounts:

a. Under § 64.2-1057 for the asset; or

b. Under § 64.2-1050 for the business or other activity in which the asset is used.

C. An amount transferred to principal under this section need not be separately held.

2022, c. 354 .
Va. Code Ann. § 64.2-1402 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1402
Jurisdiction for qualification of certain testamentary trustees and trustees generally
Status: in_force

A. In the case of a testamentary trust for which there is no jurisdiction for probate as provided in § 64.2-1401 and in the case of any trust under any deed or other writing, other than a will, the trustee may qualify in any jurisdiction where the trustee resides, or if one trustee is a corporate trustee, then in the jurisdiction where the corporate trustee has its registered office.

B. If real estate located in the Commonwealth constitutes any of the trust assets, the qualification of the trustee under this section shall not be in lieu of any other recordation required by law.

1964, c. 464, § 26-46.3; 2012, c. 614 .
Va. Code Ann. § 64.2-714 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 3 / Section 64.2-714
Representation; basic effect
Status: in_force

A. Notice to a person who may represent and bind another person under this chapter has the same effect as if notice were given directly to the other person.

B. The consent of a person who may represent and bind another person under this chapter is binding on the person represented unless the person represented objects to the representation by notifying the trustee or the representative before the consent would otherwise have become effective.

C. Except as otherwise provided in §§ 64.2-729 and 64.2-751 , a person who under this chapter may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf.

D. A settlor may not represent and bind a beneficiary under this chapter with respect to the termination or modification of a trust under § 64.2-729 .

2005, c. 935 , § 55-543.01; 2012, c. 614 .
Va. Code Ann. § 64.2-1038 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 2 / Section 64.2-1038
Fiduciary's power to adjust
Status: in_force

A. Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust will assist the fiduciary to administer the trust or estate impartially.

B. This section does not create a duty to exercise or consider the power to adjust under subsection A or to inform a beneficiary about the applicability of this section.

C. A fiduciary that in good faith exercises or fails to exercise the power to adjust under subsection A is not liable to a person affected by the exercise or failure to exercise.

D. In deciding whether and to what extent to exercise the power to adjust under subsection A, a fiduciary shall consider all factors the fiduciary considers relevant, including relevant factors in subsection E of § 64.2-1036 and the application of subsection I of § 64.2-1048 and §§ 64.2-1055 and 64.2-1060 .

E. A fiduciary may not exercise the power under subsection A to make an adjustment or under § 64.2-1055 to make a determination that an allocation is insubstantial if:

1. The adjustment or determination would reduce the amount payable to a current income beneficiary from a trust that qualifies for a special tax benefit, except to the extent the adjustment is made to provide for a reasonable apportionment of the total return of the trust between the current income beneficiary and successor beneficiaries;

2. The adjustment or determination would change the amount payable to a beneficiary, as a fixed annuity or a fixed fraction of the value of the trust assets, under the terms of the trust;

3. The adjustment or determination would reduce an amount that is permanently set aside for a charitable purpose under the terms of the trust, unless both income and principal are set aside for the charitable purpose;

4. Possessing or exercising the power would cause a person to be treated as the owner of all or part of the trust for federal income tax purposes;

5. Possessing or exercising the power would cause all or part of the value of the trust assets to be included in the gross estate of an individual for federal estate tax purposes;

6. Possessing or exercising the power would cause an individual to be treated as making a gift for federal gift tax purposes;

7. The fiduciary is not an independent person;

8. The trust is irrevocable and provides for income to be paid to the settlor and possessing or exercising the power would cause the adjusted principal or income to be considered an available resource or available income under a public-benefit program; or

9. The trust is a unitrust under Article 3 (§ 64.2-1039 et seq.).

F. If subdivision E 4, 5, 6, or 7 applies to a fiduciary:

1. A co-fiduciary to which subdivisions E 4 through 7 does not apply may exercise the power to adjust, unless the exercise of the power by the remaining co-fiduciary or co-fiduciaries is not permitted by the terms of the trust or law other than this chapter; or

2. If there is no co-fiduciary to which subdivisions E 4 through 7 does not apply, the fiduciary may appoint a co-fiduciary to which subdivisions E 4 through 7 does not apply, which may be a special fiduciary with limited powers, and the appointed co-fiduciary may exercise the power to adjust under subsection A, unless the appointment of a co-fiduciary or the exercise of the power by a co-fiduciary is not permitted by the terms of the trust or law other than this chapter.

G. A fiduciary may release or delegate to a co-fiduciary the power to adjust under subsection A if the fiduciary determines that the fiduciary's possession or exercise of the power will or may:

1. Cause a result described in subdivision E 1 through 6 or 8; or

2. Deprive the trust of a tax benefit or impose a tax burden not described in subdivisions E 1 through 6.

H. A fiduciary's release or delegation to a co-fiduciary under subsection G of the power to adjust under subsection A:

1. Must be in a record;

2. Applies to the entire power, unless the release or delegation provides a limitation, which may be a limitation to the power to adjust:

a. From income to principal;

b. From principal to income;

c. For specified property; or

d. In specified circumstances;

3. For a delegation, may be modified by a redelegation under this subsection by the co-fiduciary to which the delegation is made; and

4. Subject to subdivision 3, is permanent, unless the release or delegation provides a specified period, including a period measured by the life of an individual or the lives of more than one individual.

I. Terms of a trust that deny or limit the power to adjust between income and principal do not affect the application of this section, unless the terms of the trust expressly deny or limit the power to adjust under subsection A.

J. The exercise of the power to adjust under subsection A in any accounting period may apply to the current period, the immediately preceding period, and one or more subsequent periods.

K. A description of the exercise of the power to adjust under subsection A must be:

1. Included in a report, if any, sent to beneficiaries under § 64.2-775 ; or

2. Communicated at least annually to the qualified beneficiaries determined under § 64.2-701 , other than the Attorney General.

2022, c. 354 .
Va. Code Ann. § 64.2-124 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-124
Disclosure of other digital assets of principal
Status: in_force

Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalog of electronic communications sent or received by the principal and digital assets, other than the content of electronic communications, of the principal if the agent gives the custodian:

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

2. An original or copy of the power of attorney that gives the agent specific authority over digital assets or general authority to act on behalf of the principal;

3. A certification by the agent that the power of attorney is in effect; 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 principal's account; or

b. Evidence linking the account to the principal.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-769 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8 / Section 64.2-769
Delegation by trustee
Status: in_force

A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:

1. Selecting an agent;

2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

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

B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.

C. A trustee who complies with subsection A is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.

D. By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth.

2005, c. 935 , § 55-548.07; 2012, c. 614 .
Va. Code Ann. § 64.2-779.10 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.10
Trust for beneficiary with disability
Status: in_force

A. As used in this section:

"Beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been determined to be an incapacitated person.

"Governmental benefits" means financial aid or services from a state, federal, or other public agency.

"Special-needs fiduciary" means, with respect to a trust that has a beneficiary with a disability:

1. A trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the principal of a first trust to one or more current beneficiaries;

2. If no trustee or fiduciary has discretion under subdivision 1, a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the income of the first trust to one or more current beneficiaries; or

3. If no trustee or fiduciary has discretion under subdivisions 1 and 2, a trustee or other fiduciary, other than a settlor, that is required to distribute part or all of the income or principal of the first trust to one or more current beneficiaries.

"Special-needs trust" means a trust the trustee believes would not be considered a resource for purposes of determining whether a beneficiary with a disability is eligible for governmental benefits.

B. A special-needs fiduciary may exercise the decanting power under § 64.2-779.8 over the income or principal of a first trust, including a first trust under which the fiduciary has only limited distributive discretion as defined in subsection A of § 64.2-779.9 , as if the fiduciary had authority to distribute income or principal to a beneficiary with a disability subject to expanded distributive discretion if:

1. A second trust is a special-needs trust that benefits the beneficiary with a disability; and

2. The special-needs fiduciary determines that exercise of the decanting power will further the purposes of the first trust.

C. In an exercise of the decanting power under this section, the following rules apply:

1. Notwithstanding subdivision C 2 of § 64.2-779.8 , the interest in the second trust of a beneficiary with a disability may:

a. Be a pooled trust as defined by Medicaid law for the benefit of the beneficiary with a disability under 42 U.S.C. § 1396p(d)(4)(C); or

b. Contain payback provisions complying with reimbursement requirements of Medicaid law under 42 U.S.C. § 1396p(d)(4)(A).

2. Subdivision C 3 of § 64.2-779.8 does not apply to the interests of the beneficiary with a disability.

3. Except as affected by any change to the interests of the beneficiary with a disability, the second trust, or if there are two or more second trusts, the second trusts in the aggregate, must grant each other beneficiary of the first trust beneficial interests in the second trusts that are substantially similar to the beneficiary's beneficial interests in the first trust.

2017, c. 592 .
Va. Code Ann. § 64.2-127 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-127
Disclosure of other digital assets 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, a catalog of electronic communications sent or received by an original or successor user and stored, carried, or maintained by the custodian in an account of the trust and any digital assets, other than the content of electronic communications, in which the trust has a right or interest 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 ;

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 .