Va. Code Ann. § 64.2-779.5 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.5
Notice; exercise of decanting power
Status: in_force

A. In this section, a notice period begins on the day notice is given under subsection C and ends 59 days after the day notice is given.

B. Except as otherwise provided in this article, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.

C. Except as otherwise provided in subsection F, an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than 60 days before the exercise to (i) each settlor of the first trust, if living or then in existence; (ii) each qualified beneficiary of the first trust; (iii) each holder of a presently exercisable power of appointment over any part or all of the first trust; (iv) each person that currently has the right to remove or replace the authorized fiduciary; (v) each other fiduciary of the first trust; (vi) each fiduciary of the second trust; (vii) each person acting as an advisor or protector of the first trust; (viii) each person holding an adverse interest who has the power to consent to the revocation of the first trust; and (ix) the Attorney General, if subsection B of § 64.2-779.11 applies.

D. An authorized fiduciary is not required to give notice under subsection C to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence.

E. A notice under subsection C shall (i) specify the manner in which the authorized fiduciary intends to exercise the decanting power, (ii) specify the proposed effective date for exercise of the power, (iii) include a copy of the first-trust instrument, and (iv) include a copy of all second-trust instruments.

F. The decanting power may be exercised before expiration of the notice period under subsection A if all persons entitled to receive notice waive the period in a signed record.

G. The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file an application under § 64.2-779.6 asserting that (i) an attempted exercise of the decanting power is ineffective because it did not comply with this article or was an abuse of discretion or breach of fiduciary duty or (ii) § 64.2-779.19 applies to the exercise of the decanting power.

H. An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under subsection C if the authorized fiduciary acted with reasonable care to comply with subsection C.

I. The decanting power under this article may be exercised by a majority of the authorized fiduciaries. If no trustee is an authorized fiduciary or upon request of any of the trustees, the court may appoint a special fiduciary pursuant to § 64.2-779.6 with authority to exercise the decanting power under this article.

2017, c. 592 ; 2018, c. 476 .
Va. Code Ann. § 64.2-1052 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 5 / Section 64.2-1052
Rental property
Status: in_force

To the extent a fiduciary does not account for the management of rental property as a business under § 64.2-1050 , the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:

1. Shall be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and

2. Is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.

2022, c. 354 .
Va. Code Ann. § 64.2-1421 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 1 / Section 64.2-1421
What judgment or decree based upon service upon clerk shall specifically adjudicate
Status: in_force

Any judgment or decree based upon service of notice, process, or rule upon the clerk of the circuit court shall specifically adjudicate that due diligence has been used and that the person thus served cannot be found and served within the Commonwealth, that the requirements of § 64.2-1420 have been complied with, and that the fiduciary's final account does not stand confirmed as provided in § 64.2-1212 or by order of court.

1954, c. 601, § 26-7.3; 2012, c. 614 .
Va. Code Ann. § 64.2-1206 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1206
Settlement of fiduciaries' accounts
Status: in_force

Every fiduciary referred to in this part shall account before the commissioner of accounts of the jurisdiction wherein he qualified as provided in this part. Every account shall be signed by all fiduciaries. A statement in a separate document, signed by the fiduciary and attached to an account, that a fiduciary has received, read, and agrees with the account shall be treated as a signature to the account.

1993, c. 689, § 26-17.3; 1997, c. 842 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1043 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 3 / Section 64.2-1043
Unitrust policy
Status: in_force

A. In administering a unitrust under this article, a fiduciary shall follow a unitrust policy adopted under subdivision A 1 or 2 of § 64.2-1041 or amended or replaced under subdivision A 2 of § 64.2-1041 .

B. A unitrust policy shall provide:

1. The unitrust rate or the method for determining the unitrust rate under § 64.2-1044 ;

2. The method for determining the applicable value under § 64.2-1045 ; and

3. The rules described in §§ 64.2-1044 through 64.2-1047 that apply in the administration of the unitrust, whether the rules are:

a. Mandatory, as provided in subsection A of § 64.2-1045 and subsection A of § 64.2-1046 ; or

b. Optional, as provided in § 64.2-1044 , subsection B of § 64.2-1045 , subsection B of § 64.2-1046 , and subsection A of § 64.2-1047 , to the extent the fiduciary elects to adopt those rules.

2022, c. 354 .
Va. Code Ann. § 64.2-2107 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 2 / Section 64.2-2107
Jurisdiction
Status: in_force

A court of the Commonwealth has jurisdiction to appoint a guardian or issue a conservatorship order for a respondent if:

1. The Commonwealth is the respondent's home state;

2. On the date the petition is filed, the Commonwealth is a significant-connection state and:

a. The respondent does not have a home state or a court of the respondent's home state has declined to exercise jurisdiction because the Commonwealth is a more appropriate forum; or

b. The respondent has a home state, a petition for an appointment or order is not pending in a court of that state or another significant-connection state, and, before the court makes the appointment or issues the order:

(1) A petition for an appointment or order is not filed in the respondent's home state;

(2) An objection to the court's jurisdiction is not filed by a person required to be notified of the proceeding; and

(3) The court in the Commonwealth concludes that it is an appropriate forum under the factors set forth in § 64.2-2110 ;

3. The Commonwealth does not have jurisdiction under either subdivision 1 or 2, the respondent's home state and all significant-connection states have declined to exercise jurisdiction because the Commonwealth is the more appropriate forum, and jurisdiction in the Commonwealth is consistent with the Constitutions of Virginia and the United States; or

4. The requirements for special jurisdiction under § 64.2-2108 are met.

2011, c. 518 , § 37.2-1039; 2012, c. 614 .
Va. Code Ann. § 64.2-1078 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 10 / Section 64.2-1078
Application to trust or estate
Status: in_force

This chapter applies to a trust or estate existing or created on or after July 1, 2022, except as otherwise expressly provided in the terms of the trust or this chapter.

2022, c. 354 .
Va. Code Ann. § 64.2-2008 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2008
Fees and costs
Status: in_force

A. The petitioner shall pay the filing fee set forth in subdivision A 42 of § 17.1-275 and costs. Service fees and court costs may be waived by the court if it is alleged under oath that the estate of the respondent is unavailable or insufficient. If a guardian or conservator is appointed and the court finds that the petition is brought in good faith and for the benefit of the respondent, the court shall order that the petitioner be reimbursed from the estate for all reasonable costs and fees if the estate of the incapacitated person is available and sufficient to reimburse the petitioner. If a guardian or conservator is not appointed and the court nonetheless finds that the petition is brought in good faith and for the benefit of the respondent, the court may direct the respondent's estate, if available and sufficient, to reimburse the petitioner for all reasonable costs and fees. The court may require the petitioner to pay or reimburse all or some of the respondent's reasonable costs and fees and any other costs incurred under this chapter if the court finds that the petitioner initiated a proceeding under this chapter that was in bad faith or not for the benefit of the respondent.

B. In any proceeding filed pursuant to this article, if the adult subject of the petition is determined to be indigent, any fees and costs of the proceeding that are fixed by the court or taxed as costs shall be borne by the Commonwealth.

1998, c. 76 , § 37.1-134.13:1; 2005, c. 716 , § 37.2-1008; 2012, c. 614 ; 2013, c. 523 ; 2021, Sp. Sess. I, c. 427 .
Va. Code Ann. § 64.2-605 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 1 / Section 64.2-605
Construction of article
Status: in_force

The remedies provided by this article shall be in addition to, and not in exclusion of, any other remedies provided by law.

2010, c. 269 , § 64.1-132.6; 2012, c. 614 .
Va. Code Ann. § 64.2-421 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-421
Construction of certain conditions of spouse's survivorship
Status: in_force

A. If property passes from the decedent or is acquired from the decedent by reason of the decedent's death under a will or trust that provides that the spouse of the decedent shall survive until the distribution of the gift, the will or trust shall be construed as requiring that the spouse survive until the earlier of the date on which the distribution occurs or the date six months after the date of the death of the testator or decedent, unless the court shall find that the decedent intended a contrary result.

B. The proceeding to determine whether the decedent intended that the spouse actually survive until the distribution of the gift shall be filed within 12 months following the death of the decedent. It may be filed by the personal representative or any affected beneficiary under the will or other instrument.

1997, c. 263 , § 64.1-66.2; 2012, c. 614 .
Va. Code Ann. § 64.2-555 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 9 / Section 64.2-555
When fiduciaries are protected by refunding bonds
Status: in_force

If any personal representative pays any legacy made in the will or distributes any of the estate of the decedent and a proper refunding bond for what is so paid or distributed, with sufficient surety at the time it was made, is filed and recorded pursuant to § 64.2-554 , such personal representative shall not be personally liable for any debt or demand against the decedent, whether it be of record or not, unless, within six months from his qualification or before such payment or distribution, he had notice of such debt or demand. However, if any creditor of the decedent establishes a debt or demand against the decedent's estate by judgment therefor or by confirmation of a report of the commissioner of accounts that allows the debt or demand, a suit may be maintained on such refunding bond, in the name of the obligee or his personal representative, for the benefit of such creditor, and a recovery shall be had thereon to the same extent that would have been had if such obligee or his personal representative had satisfied such debt or demand.

Code 1950, § 64-168; 1968, c. 656, § 64.1-178; 2012, c. 614 .
Va. Code Ann. § 64.2-779.36 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.36
Defenses in action against trust director
Status: in_force

In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.

2020, c. 768 .
Va. Code Ann. § 64.2-1006 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10 / Article 3 / Section 64.2-1006
Repealed
Status: repealed

Repealed by Acts 2022, c. 354 , cl. 2.
Va. Code Ann. § 64.2-1900 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1900
Definitions
Status: in_force

In this chapter, unless the context otherwise requires:

"Adult" means an individual who attained the age of 18 years.

"Benefit plan" means an employer's plan for the benefit of an employee or partner.

"Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.

"Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.

"Court" means the circuit court having appropriate jurisdiction.

"Custodial property" means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property.

"Custodian" means a person so designated under § 64.2-1908 or a successor or substitute custodian designated under § 64.2-1917 .

"Financial institution" means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.

"Legal representative" means an individual's personal representative or conservator.

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

"Minor" means an individual who has not attained the age of 18 years.

"Person" means an individual, corporation, organization, or other legal entity.

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

"Qualified minor's trust" means any trust, including a trust created by a custodian, that meets the requirements of § 2503(c) of the Internal Revenue Code of 1986 and the regulations implementing that section.

"State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

"Transfer" means a transaction that creates custodial property under § 64.2-1908 .

"Transferor" means a person who makes a transfer under this chapter.

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

1988, c. 516, § 31-37; 2007, c. 307 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1004 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10 / Article 2 / Section 64.2-1004
Repealed
Status: repealed

Repealed by Acts 2022, c. 354 , cl. 2.
Va. Code Ann. § 64.2-1060 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 6 / Section 64.2-1060
Marital deduction property not productive of income
Status: in_force

A. If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:

1. Make property productive of income;

2. Convert property to property productive of income within a reasonable time; or

3. Exercise the power to adjust under § 64.2-1038 .

B. The trustee may decide which action or combination of actions in subsection A to take.

2022, c. 354 .
Va. Code Ann. § 64.2-2200 — Virginia Code / Title 64.2 / Subtitle V / Chapter 22 / Section 64.2-2200
Definitions
Status: in_force

As used in this chapter:

"Co-owners with right of survivorship" includes parties to a joint account, joint tenants, tenants by the entireties, and other co-owners of property held under circumstances that entitle one or more to the whole of the property or account on the death of the other or others.

"Governing instrument" means a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), or pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or a donative, appointive, or nominative instrument of any other type.

"Payor" means a trustee, insurer, business entity, employer, government, governmental agency, subdivision, or instrumentality, or any other person authorized or obligated by law or a governing instrument to make payments.

1994, c. 475 , § 64.1-104.1; 2012, c. 614 .
Va. Code Ann. § 64.2-1911 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1911
Care of custodial property; duties of custodian
Status: in_force

A. A custodian shall take control of custodial property, register or record title to custodial property, if appropriate, and collect, hold, manage, invest, and reinvest custodial property.

B. In dealing with custodial property, a custodian shall observe the standard of care set forth in the Uniform Prudent Investor Act (§ 64.2-780 et seq.), except to the extent provided by § 64.2-1502 . However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.

C. A custodian may invest in or pay premiums on life insurance or endowment policies on (i) the life of the minor only if the minor or the minor's estate is the sole beneficiary or (ii) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the beneficiary during the period of custodianship.

D. A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for......…(name of minor) under the Virginia Uniform Transfers to Minors Act."

E. A custodian shall keep records of all transactions with respect to custodial property, including the information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years.

1988, c. 516, § 31-48; 2007, c. 517 ; 2012, c. 614 .
Va. Code Ann. § 64.2-779.38 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.38
Office of trust director
Status: in_force

Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:

1. Acceptance under § 64.2-754 ;

2. Giving of bond to secure performance under § 64.2-755 ;

3. Reasonable compensation under § 64.2-761 ;

4. Resignation under § 64.2-758 ;

5. Removal under § 64.2-759 ; and

6. Vacancy and appointment of successor under § 64.2-757 .

2020, c. 768 .
Va. Code Ann. § 64.2-321 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 3 / Section 64.2-321
Creditor's rights
Status: in_force

This article does not affect rights of creditors with respect to property to which this article applies.

1982, c. 456, § 64.1-203; 2012, c. 614 .
Va. Code Ann. § 64.2-454.1 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-454.1
Will contest; presumption of undue influence
Status: in_force

In any case contesting the validity of a decedent's will where a presumption of undue influence arises, the finder of fact shall presume that undue influence was exerted over the decedent unless, based on all the evidence introduced at trial, the finder of fact finds that the decedent did intend it to be his will.

2022, c. 265 .
Va. Code Ann. § 64.2-744 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 5 / Section 64.2-744
Exceptions to spendthrift provision
Status: in_force

A. In this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state.

B. Even if a trust contains a spendthrift provision, a beneficiary's child who has a judgment or court order against the beneficiary for support or maintenance, or a judgment creditor who has provided services for the protection of a beneficiary's interest in the trust, may obtain from a court an order attaching present or future distributions to or for the benefit of the beneficiary.

C. Subject to the limitations of § 64.2-745 , no spendthrift provision shall operate to the prejudice of the United States, the Commonwealth, or any county, city, or town.

D. A claimant against which a spendthrift provision cannot be enforced may obtain from a court an order attaching present or future distributions to or for the benefit of a beneficiary. The court may limit the award of such relief as is appropriate under the circumstances.

2005, c. 935 , § 55-545.03; 2007, c. 216 ; 2012, c. 614 .
Va. Code Ann. § 64.2-906 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-906
General duties of custodial trustee
Status: in_force

A. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care set forth in the Uniform Prudent Investor Act (§ 64.2-780 et seq.), except to the extent provided by § 64.2-1502 . However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. Subject to this subsection, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.

B. A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for ____________________ (name of beneficiary) under the Virginia Uniform Custodial Trust Act."

C. A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.

D. An agent under a power of attorney for an incapacitated beneficiary may not terminate or direct the administration of a custodial trust.

1990, c. 264, § 55-34.7; 2007, c. 517 ; 2010, cc. 455 , 632 ; 2012, c. 614 .
Va. Code Ann. § 64.2-2010 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2010
Eligibility for public guardian or conservator
Status: in_force

The circuit court may appoint a local or regional program authorized by the Department for Aging and Rehabilitative Services pursuant to Article 6 (§ 51.5-149 et seq.) of Chapter 14 of Title 51.5 as the guardian or conservator for any resident of the Commonwealth who is found to be incapacitated if the court finds that (i) the incapacitated person's resources are insufficient to fully compensate a private guardian and pay court costs and fees associated with the appointment proceeding and (ii) there is no other proper and suitable person willing and able to serve in such capacity or there is no guardian or conservator appointed within one month of adjudication pursuant to § 64.2-2015 . The court shall use the guidelines for determining indigency set forth in § 19.2-159 in determining the sufficiency of the respondent's estate. If the respondent would be eligible for the appointment of counsel pursuant to § 19.2-159 , he shall be eligible for the appointment of a public guardian or conservator pursuant to this section.

1998, c. 787 , § 37.1-134.14:1; 2005, cc. 712 , 716 , § 37.2-1010; 2012, cc. 614 , 803 , 835 .
Va. Code Ann. § 64.2-614 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 3 / Section 64.2-614
Origination of registration in beneficiary form
Status: in_force

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.

1994, c. 422 , § 64.1-206.3; 2012, c. 614 .
Va. Code Ann. § 64.2-2609 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2609
Disclaimer of power held in fiduciary capacity
Status: in_force

A. If a fiduciary disclaims a power held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.

B. If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the last exercise of the power.

C. A disclaimer under this section is effective as to another fiduciary if the disclaimer so provides and the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.

2003, c. 253 , § 64.1-196.10; 2012, c. 614 .
Va. Code Ann. § 64.2-779.23 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.23
Later-discovered property
Status: in_force

A. Except as otherwise provided in subsection C, if exercise of the decanting power was intended to distribute all the income or principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the trust estate of the second trust or trusts.

B. Except as otherwise provided in subsection C, if exercise of the decanting power was intended to distribute less than all the income or principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power remains part of the trust estate of the first trust.

C. An authorized fiduciary may provide in an exercise of the decanting power or by the terms of a second trust for disposition of later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power.

2017, c. 592 .
Va. Code Ann. § 64.2-1914 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1914
Custodian's expenses, compensation, and bond
Status: in_force

A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.

B. A custodian, other than one who is a transferor under § 64.2-1903 , has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.

C. Except upon petition as provided in subsection F of § 64.2-1917 , a custodian need not give a bond.

1988, c. 516, § 31-51; 2012, c. 614 .
Va. Code Ann. § 64.2-513 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-513
Effect of death, resignation, or removal of sole executor
Status: in_force

Upon the death, resignation, or removal of the sole surviving executor under any last will, administration of the estate of the testator not already administered may be granted, with the will annexed, to any person the court deems appropriate.

Code 1950, § 64-129; 1968, c. 656, § 64.1-137; 2012, c. 614 .
Va. Code Ann. § 64.2-1629 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1629
Banks and other financial institutions
Status: in_force

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to:

1. Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal;

2. Establish, modify, and terminate an account or other banking arrangement with a bank, trust company, savings and loan association, credit union, thrift company, brokerage firm, or other financial institution selected by the agent;

3. Contract for services available from a financial institution, including renting a safe deposit box or space in a vault;

4. Withdraw, by check, order, electronic funds transfer, or otherwise, money or property of the principal deposited with or left in the custody of a financial institution;

5. Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them;

6. Enter a safe deposit box or vault and withdraw or add to the contents;

7. Borrow money and pledge as security personal property of the principal necessary to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;

8. Make, assign, draw, endorse, discount, guarantee, and negotiate promissory notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or payable to the principal or the principal's order, transfer money, receive the cash or other proceeds of those transactions, and accept a draft drawn by a person upon the principal and pay it when due;

9. Receive for the principal and act upon a sight draft, warehouse receipt, or other document of title whether tangible or electronic, or other negotiable or nonnegotiable instrument;

10. Apply for, receive, and use letters of credit, credit and debit cards, electronic transaction authorizations, and traveler's checks from a financial institution and give an indemnity or other agreement in connection with letters of credit; and

11. Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.

2010, cc. 455 , 632 , § 26-102; 2012, c. 614 .
Va. Code Ann. § 64.2-300 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1 / Section 64.2-300
Applicability; definitions
Status: in_force

A. The provisions of this article shall apply to determining the elective share of a surviving spouse for decedents dying before January 1, 2017.

B. As used in this article, the terms "estate" and "property" shall include insurance policies, retirement benefits exclusive of federal social security benefits, annuities, pension plans, deferred compensation arrangements, and employee benefit plans to the extent owned by, vested in, or subject to the control of the decedent on the date of his death or the date of an irrevocable transfer by him during his lifetime. All such insurance policies and other benefits are included in the terms "estate" and "property" notwithstanding the presence of language contained in any statute otherwise providing that neither they nor their proceeds shall be liable to attachment, garnishment, levy, execution, or other legal process or be seized, taken, appropriated, or applied by any legal or equitable process or operation of law or any other such similar language.

1990, c. 831, §§ 64.1-16.1, 64.1-16.2; 1992, cc. 617, 647; 1998, c. 234 ; 1999, c. 38 ; 2007, c. 308 ; 2012, c. 614 ; 2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-915 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-915
Limitations of action against custodial trustee
Status: in_force

A. Except as otherwise provided in subsection C, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee who (i) has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement or (ii) has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust.

B. Except as otherwise provided in subsection C, a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust.

C. A claim for relief is not barred by this section if the claimant:

1. Is a minor, until the earlier of two years after the claimant becomes an adult or dies;

2. Is an incapacitated adult, until the earliest of two years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or

3. Was an adult, now deceased, who was not incapacitated, until two years after the claimant's death.

1990, c. 264, § 55-34.16; 2012, c. 614 .
Va. Code Ann. § 64.2-1800 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 18 / Section 64.2-1800
Custody, care, and education of ward; ward's estate
Status: in_force

Unless a guardian of the person of a minor is appointed by a parent, the circuit court, or the circuit court clerk, and except as otherwise provided in §§ 64.2-1700 and 64.2-1701 , a guardian of a minor's estate who is appointed pursuant to Chapter 17 (§ 64.2-1700 et seq.) shall have custody of his ward. The guardian of a minor's estate shall have the possession, care, and management of the minor's estate, real and personal, and, after first taking into account the minor's other sources of income, support rights, and other reasonably available resources of which the guardian is aware, shall provide for the minor's health, education, maintenance, and support from the income of the minor's estate and, if income is not sufficient, from the corpus of the minor's estate.

Code 1919, § 5320; 1930, p. 686; Code 1950, § 31-8; 1989, c. 535; 1999, c. 16 ; 2011, c. 113 ; 2012, c. 614 .
Va. Code Ann. § 64.2-2705 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 1 / Section 64.2-2705
Governing law
Status: in_force

Unless the terms of the instrument creating a power of appointment manifest a contrary intent:

1. The creating, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and

2. The exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, release, or disclaimer of the power is governed by the law of the powerholder's domicile at the relevant time.

2016, c. 266 .
Va. Code Ann. § 64.2-1638 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 2 / Section 64.2-1638
Gifts
Status: in_force

A. In this section, a gift "for the benefit of" a person includes a gift to a trust, a custodial trust under the Uniform Custodial Trust Act (§ 64.2-900 et seq.), an account under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.), and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code 26 U.S.C. § 529, as amended.

B. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to:

1. Make outright to, or for the benefit of, a person a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code 26 U.S.C. § 2503 (b), as amended, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and

2. Consent, pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.

C. An agent may make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including:

1. The value and nature of the principal's property;

2. The principal's foreseeable obligations and need for maintenance;

3. Minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes;

4. Eligibility for a benefit, a program, or assistance under a statute or regulation; and

5. The principal's personal history of making or joining in making gifts.

2010, cc. 455 , 632 , § 26-111; 2012, c. 614 .
Va. Code Ann. § 64.2-779.34 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.34
No duty to monitor, inform, or advise
Status: in_force

A. Unless the terms of a trust provide otherwise:

1. A trustee does not have a duty to:

a. Monitor a trust director; or

b. Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the trust director; and

2. By taking an action described in subdivision 1, a trustee does not assume the duty excluded by subdivision 1.

B. Unless the terms of a trust provide otherwise:

1. A trust director does not have a duty to:

a. Monitor a trustee or another trust director; or

b. Inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the trust director might have acted differently than a trustee or another trust director; and

2. By taking an action described in subdivision 1, a trust director does not assume the duty excluded by subdivision 1.

2020, c. 768 .
Va. Code Ann. § 64.2-522 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 4 / Section 64.2-522
Personal representatives to pay over sale proceeds and rents to persons entitled
Status: in_force

An executor or administrator shall faithfully pay the rents and profits or proceeds of sale of real estate that lawfully come into his possession, or into the possession of any person for him, to such persons entitled thereto.

Code 1950, § 64-141; 1968, c. 656, § 64.1-151; 2012, c. 614 .
Va. Code Ann. § 64.2-1222 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1222
Commissioners of accounts to post list of fiduciaries whose accounts are before them for settlement
Status: in_force

Every commissioner of accounts shall, on the first day of the term of the circuit court that appointed him, or during the first week of each month, post at the front door of the courthouse of the circuit court a list of the fiduciaries whose accounts are before him for settlement. The list shall contain (i) the names of the fiduciaries; (ii) the nature of their accounts, whether as a personal representative, guardian, conservator, curator, committee, or trustee; and (iii) the name of their decedents or of the persons for whom they are guardians, conservators, curators, or committees or under whose deed or other trust instrument they are acting. The commissioner of accounts shall not settle and approve the account of any fiduciary until 10 days after posting the list containing the name of the fiduciary as provided by this section.

Code 1919, § 5423; 1924, p. 9; Code 1950, § 26-27; 1966, c. 324; 1991, c. 147; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1616 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1616
Agent's resignation; notice
Status: in_force

Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated:

1. To the conservator or guardian, if one has been appointed for the principal, and a coagent or successor agent;

2. If there is no person described in subdivision 1, to an adult who is a spouse, child or other descendant, parent, brother, or sister of the principal;

3. If none of the foregoing persons is reasonably available, another person reasonably believed by the agent to have sufficient interest in the principal's welfare; or

4. If none of the foregoing persons is reasonably available, the adult protective services unit of the local department of social services for the county or city where the principal resides or is located.

2010, cc. 455 , 632 , § 26-89; 2012, c. 614 .
Va. Code Ann. § 64.2-730 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-730
Modification or termination because of unanticipated circumstances or inability to administer trust effectively
Status: in_force

A. The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification shall be made in accordance with the settlor's probable intention.

B. The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.

C. Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

2005, c. 935 , § 55-544.12; 2012, c. 614 .
Va. Code Ann. § 64.2-1503 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 15 / Section 64.2-1503
Investment in bonds or other obligations issued, guaranteed, or assured by Inter-American Development Bank
Status: in_force

Executors, administrators, trustees, and other fiduciaries, both individual and corporate, may invest the funds held by them in a fiduciary capacity in bonds and other obligations issued, guaranteed, or assured by the Inter-American Development Bank, which are and shall be considered lawful investments.

1968, c. 65, § 26-40.1; 2012, c. 614 .
Va. Code Ann. § 64.2-548 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 8 / Section 64.2-548
Action against surety of personal representative; procedure
Status: in_force

A. An action may be brought against the surety of the personal representative for failure of the personal representative to discharge his duties faithfully if an execution on a judgment against a personal representative is returned unsatisfied.

B. The surety may plead any pleas and offer any evidence that the personal representative could have made or offered in an action against the surety of the personal representative for a devastavit.

Code 1950, §§ 64-159, 64-160; 1968, c. 656, §§ 64.1-169, 64.1-170; 2012, c. 614 .
Va. Code Ann. § 64.2-1617 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1617
Acceptance of and reliance upon acknowledged power of attorney
Status: in_force

A. For purposes of this section and § 64.2-1618 , "acknowledged" means verified before a notary public or other individual authorized to take acknowledgments.

B. A person that in good faith accepts an acknowledged power of attorney that has been signed in accordance with § 64.2-1603 without actual knowledge that the power of attorney is void, invalid, or terminated, that the purported agent's authority is void, invalid, or terminated, or that the agent is exceeding or improperly exercising the agent's authority may rely upon the power of attorney as if the power of attorney were genuine, valid, and still in effect, the agent's authority were genuine, valid, and still in effect, and the agent had not exceeded and had properly exercised the authority. The preceding sentence shall not apply to an acknowledged power of attorney that contains a forged signature of the principal.

C. A person that is asked to accept an acknowledged power of attorney may request, and rely upon, without further investigation, any or all of the following:

1. An agent's certification under oath of any factual matter concerning the principal, agent, or power of attorney;

2. An English translation of the power of attorney if the power of attorney contains, in whole or in part, language other than English; and

3. An opinion of the counsel for the principal or the agent, or the opinion of counsel for the person, as to any matter of law concerning the power of attorney if the person making the request provides in a writing or other record the reason for the request.

D. An English translation or an opinion of counsel for the principal or the agent requested under this section shall be provided at the principal's expense.

E. An agent's certification, an English translation, or an opinion of counsel shall be in recordable form if the exercise of the power requires recordation of any instrument under the laws of the Commonwealth.

F. For purposes of this section and § 64.2-1618 , a person that conducts activities through employees and exercises commercially reasonable procedures to communicate information concerning powers of attorney among its employees is without actual knowledge of a fact relating to a power of attorney, a principal, or an agent if the employee conducting the transaction involving the power of attorney has followed such procedures and is nonetheless without actual knowledge of the fact.

2010, cc. 455 , 632 , § 26-90; 2012, c. 614 .
Va. Code Ann. § 64.2-401 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-401
Who may make a will; what estate may be disposed of
Status: in_force

A. Except as provided in subsection B, any individual may make a will to dispose of all or part of his estate at his death that, if not disposed of, would otherwise pass by intestate succession, including any estate, right, or interest that the testator may subsequently become entitled to after the execution of the will.

B. An individual is not capable of making a will if he is (i) of unsound mind or (ii) an unemancipated minor.

Code 1950, §§ 64-48, 64-49; 1968, c. 656, §§ 64.1-46, 64.1-47; 1972, c. 825; 2000, c. 161 ; 2012, c. 614 .
Va. Code Ann. § 64.2-788 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-788
Delegation of investment and management functions
Status: in_force

A. A trustee may delegate investment and management functions 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 the requirements of subsection A is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.

D. By accepting the delegation of a trust function 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.

1999, c. 772 , § 26-45.10; 2012, c. 614 .
Va. Code Ann. § 64.2-779.14 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.14
Relief from liability and indemnification
Status: in_force

A. Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.

B. A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.

C. A second-trust instrument may not reduce fiduciary liability in the aggregate.

D. Subject to subsection C, a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by law of the Commonwealth other than this article.

2017, c. 592 .
Va. Code Ann. § 64.2-2509 — Virginia Code / Title 64.2 / Subtitle V / Chapter 25 / Section 64.2-2509
Persons acquiring from slayer protected
Status: in_force

The provisions of this chapter shall not affect the right of any person who, before the interests of the slayer have been adjudicated, acquires from the slayer for adequate consideration property or an interest therein that the slayer would have received except for the terms of this chapter, provided that such property or interest is acquired without notice of circumstances tending to bring it within the provisions of this chapter. All consideration received by the slayer shall be held by him in trust for the persons entitled to the property under the provisions of this chapter, and the slayer shall be liable for any portion of such consideration that he may have dissipated and for any difference between the actual value of the property and the amount of such consideration.

1981, c. 469, § 55-412; 2008, cc. 822 , 830 ; 2012, c. 614 .
Va. Code Ann. § 64.2-2120 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 5 / Section 64.2-2120
Relation to electronic signatures in global and national commerce act
Status: in_force

This chapter 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)).

2011, c. 518 , § 37.2-1052; 2012, c. 614 .
Va. Code Ann. § 64.2-2306 — Virginia Code / Title 64.2 / Subtitle V / Chapter 23 / Section 64.2-2306
Distribution of property; refunding bond
Status: in_force

Before any distribution of the proceeds of the estate of a person determined to be dead pursuant to this chapter or the payment or transfer of any of his other property is made, and before the sale of any real or personal property passing in kind by persons claiming such property as heirs at law, devisees, next of kin, legatees, beneficiaries, survivors, or other successors in interest, the persons entitled to receive such proceeds or property in kind shall give a refunding bond without surety upon condition that if the person determined to be dead is in fact alive at that time, they will respectively refund to such person the proceeds or property, or proceeds of such property, received by each on demand, without interest thereon.

Code 1950, § 64-108; 1962, c. 115; 1968, c. 656, § 64.1-112; 1996, cc. 675 , 684 ; 2006, c. 351 ; 2012, c. 614 .
Va. Code Ann. § 64.2-534 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 6 / Section 64.2-534
Liability of heir or devisee for value of real estate sold and conveyed; validity of premature conveyances
Status: in_force

A. Any heir or devisee who sells and conveys any real estate that is an asset for the payment of a decedent's debts or lawful demands against his estate pursuant to § 64.2-532 is liable for the value of such real estate, with interest, to those persons entitled to be paid out of the real estate.

B. Notwithstanding the provisions of subsection A, the real estate sold or conveyed is not liable to those persons entitled to be paid out of the real estate provided that (i) the sale was made more than one year after the death of the decedent, (ii) the conveyance was bona fide, and (iii) at the time of such conveyance, no action has been commenced for the administration of the real estate and no reports have been filed of the debts and demands of such creditors.

C. No sale and conveyance of such real estate made by an heir or devisee within one year after the death of the decedent is valid against creditors of such decedent, except as otherwise provided in § 64.2-535 , provided that any sale and conveyance made within one year after the death of a decedent is valid against creditors as if it were made more than one year after the death of the decedent if no action has been commenced for the administration of the real estate and no report of the debts and demands has been filed within one year after the death of the decedent.

Code 1950, § 64-173; 1950, p. 606; 1968, c. 656, § 64.1-183; 2012, c. 614 ; 2015, c. 332 .
Va. Code Ann. § 64.2-2005 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2005
Evaluation report; filed in separate confidential addendum
Status: in_force

A. A report evaluating the condition of the respondent shall be filed with the court in a separate confidential addendum and provided, within a reasonable time prior to the hearing on the petition, to the guardian ad litem, the respondent, and any other person or entity that becomes a party to the action. The report shall be prepared by one or more licensed physicians or psychologists or licensed professionals skilled in the assessment and treatment of the physical or mental conditions of the respondent as alleged in the petition. If a report is not available, the court may proceed to hold the hearing without the report for good cause shown, absent any objection by the guardian ad litem, or may order a report and delay the hearing until the report is prepared, filed, and provided.

B. The report shall evaluate the condition of the respondent and shall contain, to the best information and belief of its signatory:

1. A description of the nature, type, and extent of the respondent's incapacity, including the respondent's specific functional impairments;

2. A diagnosis or assessment of the respondent's mental and physical condition, including a statement as to whether the individual is on any medications that may affect his actions or demeanor, and, where appropriate and consistent with the scope of the evaluator's license, an evaluation of the respondent's ability to learn self-care skills, adaptive behavior, and social skills and a prognosis for improvement;

3. The date or dates of the examinations, evaluations, and assessments upon which the report is based; and

4. The signature of the person conducting the evaluation and the nature of the professional license held by that person.

C. In the absence of bad faith or malicious intent, a person performing the evaluation shall be immune from civil liability for any breach of patient confidentiality made in furtherance of his duties under this section.

D. A report prepared pursuant to this section shall be admissible as evidence in open court of the facts stated in the report and the results of the examination or evaluation referred to in the report, unless counsel for the respondent or the guardian ad litem objects.

1997, c. 921 , § 37.1-134.11; 2005, c. 716 , § 37.2-1005; 2012, c. 614 ; 2014, c. 402 ; 2023, c. 16 .
Va. Code Ann. § 64.2-1051 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 5 / Section 64.2-1051
Principal receipts
Status: in_force

A fiduciary shall allocate to principal:

1. To the extent not allocated under this chapter, an asset received from:

a. An individual during the individual's lifetime;

b. An estate;

c. A trust on termination of an income interest; or

d. A payor under a contract naming the fiduciary as beneficiary;

2. Except as otherwise provided in this article, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;

3. An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in subsection A of § 64.2-1065 or for another reason to the extent not based on loss of income;

4. Proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period;

5. Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and

6. Other receipts as provided in Article 6 (§ 64.2-1055 et seq.).

2022, c. 354 .
Va. Code Ann. § 64.2-1802 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 18 / Section 64.2-1802
Parental duty of support; limited authority of commissioner of accounts
Status: in_force

A commissioner of accounts for the jurisdiction where a guardian qualifies may authorize the same distributions under the same circumstances as the circuit court may authorize under subsection A of § 64.2-1801 , except that (i) the total distributions authorized in any one year shall not exceed $7,000 and (ii) the commissioner of accounts shall, in his report to the court on the guardian's next accounting, explain the necessity for the distributions so authorized. The provisions of subsection B of § 64.2-1801 shall not apply to proceedings under this section, but the commissioner shall give five days' written notice of the scheduled hearing date to any minor who is 14 years of age or older. The commissioner of accounts shall not charge a fee in excess of $100 for such hearing.

1999, c. 16 , § 31-8.2; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-610 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 2 / Section 64.2-610
When court may allow another to qualify on estate
Status: in_force

A. Except during the pendency of a suit to contest the decedent's will or during the infancy or absence of the executor, the court where the will was admitted to probate or that has jurisdiction to grant administration on the decedent's estate, or the clerk of such court, shall, if there has been no executor or administrator on the decedent's estate for more than two months and on the motion of any person, order any person of the county or city to take into his possession the estate of such decedent and administer the same after requiring such person post a proper bond. However, any sheriff so ordered may decline the appointment if the appointment interferes with his current duties or obligations. The person ordered to take possession of the decedent's estate shall be the administrator, or administrator de bonis non, of the decedent, with his will annexed, if there be a will, and shall be entitled to all the rights and bound to perform all the duties of such administrator.

B. The court may, on reasonable notice to the person appointed, revoke the order made by it or its clerk and the court may, after reasonable notice to the parties in interest, permit the person to resign and allow any other person to qualify as executor or administrator.

C. When an estate is committed to a person pursuant to subsection A on the motion of a creditor or other person, the state tax due for such administration shall be paid by the party who made the motion and such tax shall be repaid to him by the administrator so appointed out of the first funds received by him for such estate.

Code 1950, § 64-124; 1968, c. 656, § 64.1-131; 1971, Ex. Sess., c. 155; 1980, c. 438; 1996, c. 317 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1074 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 9 / Section 64.2-1074
Apportionment of receipts and disbursements when decedent dies or income interest begins
Status: in_force

A. A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which subsection B of § 64.2-1071 applies, to principal if its due date occurs before the date on which:

1. For an estate, the decedent died; or

2. For a trust or successive interest, an income interest begins.

B. If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income.

C. If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall treat the receipt or disbursement under this section as accruing from day to day. The fiduciary shall allocate to principal the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins and to income the balance.

D. A receipt or disbursement is periodic under subsections B and C if:

1. The receipt or disbursement must be paid at regular intervals under an obligation to make payments; or

2. The payor customarily makes payments at regular intervals.

E. An item of income or obligation is due under this section on the date the payor is required to make a payment. If a payment date is not stated, there is no due date.

F. Distributions to shareholders or other owners from an entity to which § 64.2-1048 applies are due:

1. On the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution;

2. If no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or

3. If no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.

2022, c. 354 .
Va. Code Ann. § 64.2-2726 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 3 / Section 64.2-2726
Powerholder's authority to revoke or amend exercise
Status: in_force

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

1. The powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment, and if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit the reservation; or

2. The terms of the instrument creating the power of appointment provide that the exercise is revocable or amendable.

2016, c. 266 .
Va. Code Ann. § 64.2-406 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-406
Repealed
Status: repealed

Repealed by Acts 2016, c. 266 , cl. 2.
Va. Code Ann. § 64.2-2011 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2011
Qualification of guardian or conservator; clerk to record order and issue certificate; reliance on certificate
Status: in_force

A. A guardian or conservator appointed in the court order shall qualify before the clerk upon the following:

1. Subscribing to an oath promising to faithfully perform the duties of the office in accordance with all provisions of this chapter;

2. Posting of bond, but no surety shall be required on the bond of the guardian, and the conservator's bond may be with or without surety, as ordered by the court; and

3. Acceptance in writing by the guardian or conservator of any educational materials provided by the court.

B. Upon qualification, the clerk shall issue to the guardian or conservator a certificate with a copy of the order of appointment appended thereto. The clerk shall record the order in the same manner as a power of attorney would be recorded and shall, in addition to the requirements of § 64.2-2014 , provide a copy of the order to the commissioner of accounts. It shall be the duty of a conservator having the power to sell real estate to record the order in the office of the clerk of any jurisdiction where the respondent owns real property. If the order appoints a guardian, the clerk shall promptly forward a copy of the order of appointment and a copy of the certificate of qualification to the local department of social services in the jurisdiction where the respondent then resides.

C. A conservator shall have all powers granted pursuant to § 64.2-2021 as are necessary and proper for the performance of his duties in accordance with this chapter, subject to the limitations that are prescribed in the order. The powers granted to a guardian shall only be those powers enumerated in the court order.

D. Any individual or entity conducting business in good faith with a guardian or conservator who presents a currently effective certificate of qualification may presume that the guardian or conservator is properly authorized to act as to any matter or transaction, except to the extent of any limitations upon the fiduciary's powers contained in the court's order of appointment.

1. A person that refuses in violation of this subsection to accept a certificate of qualification is subject to (i) a court order mandating acceptance of the certificate of qualification and (ii) liability for reasonable attorney fees and costs incurred in any action or proceeding that confirms the validity of the certificate of qualification or mandates acceptance of the certificate of qualification.

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

a. Engaging in the transaction with the guardian or conservator would be inconsistent with state or federal law;

b. The person has actual knowledge of the termination of the authority of the guardian or conservator or of the certificate of qualification before exercise of the power;

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

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

1997, c. 921 , § 37 .1-134.15; 1998, c. 582 ; 2005, c. 716 , § 37 .2-1011; 2012, c. 614 ; 2016, c. 30 ; 2020, c. 702 ; 2024, cc. 17 , 156 ; 2026, cc. 265 , 266 .
Va. Code Ann. § 64.2-518 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 3 / Section 64.2-518
When personal representative may renew obligation of decedent
Status: in_force

A. When a decedent is obligated on any note, bond, or other obligation for the payment of money that is due at the time of the decedent's death, or becomes due prior to the settlement of the decedent's estate, the decedent's personal representative may execute, in the same capacity as the decedent was obligated, a new note, bond, or other obligation for the payment of money for no more than the same amount as the sum due on the original obligation, including both principal and interest, which shall be in lieu of the obligation of the decedent, whether made payable to the original holder or another. Any note, bond, or other obligation executed by the personal representative shall be binding upon the estate of the decedent to the same extent and in the same manner as the original note, bond, or other obligation executed by the decedent.

B. The personal representative may renew such note, bond, or other obligation for the payment of money from time to time, provided, that the time for final payment of the note, bond, or other obligation, or any renewal thereof, shall not exceed two years from the qualification of the original personal representative, unless otherwise ordered by a court of competent jurisdiction.

C. The personal representative is not personally liable for any note, bond, or other obligation for the payment of money executed pursuant to this section.

Code 1950, § 64-133; 1968, c. 656, § 64.1-143; 2012, c. 614 .
Va. Code Ann. § 64.2-747 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 5 / Section 64.2-747
Creditor's claim against settlor
Status: in_force

A. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:

1. During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors.

2. With respect to an irrevocable trust, except to the extent otherwise provided in §§ 64.2-745.1 and 64.2-745.2 , a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution. A trustee's discretionary authority to pay directly or to reimburse the settlor for any tax on trust income or principal that is payable by the settlor shall not be considered to be an amount that can be distributed to or for the settlor's benefit, and a creditor or assignee of the settlor shall not be entitled to reach any amount solely by reason of this discretionary authority.

3. After the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that was revocable at the settlor's death is subject to claims of the settlor's creditors, costs of administration of the settlor's estate, the expenses of the settlor's funeral and disposal of remains, and statutory allowances to a surviving spouse and children including the family allowance, the right to exempt property, and the homestead allowance to the extent the settlor's probate estate is inadequate to satisfy those claims, costs, expenses, and allowances. This section shall not apply to life insurance proceeds under § 38.2-3122 . No proceeding to subject a trustee, trust assets, or distributees of such assets to such claims, costs, and expenses shall be commenced unless the personal representative of the settlor has received a written demand by a surviving spouse, a creditor, or one acting for a minor or dependent child of the settlor, and no proceeding shall be commenced later than two years following the death of the settlor. This section shall not affect the right of a trustee to make distributions required or permitted by the terms of the trust prior to being served with process in a proceeding brought by the personal representative.

B. For purposes of this section:

1. During the period the power may be exercised, the holder of a power of withdrawal is treated in the same manner as the settlor of a revocable trust to the extent of the property subject to the power; and

2. Upon the lapse, release, or waiver of the power, the holder is treated as the settlor of the trust only to the extent the value of the property affected by the lapse, release, or waiver exceeds the greatest of (i) the amount specified in § 2041(b)(2) or 2514(e) of the Internal Revenue Code of 1986, (ii) the amount specified in § 2503(b) of the Internal Revenue Code of 1986, or (iii) two times the amount specified in § 2503(b) of the Internal Revenue Code of 1986 if the donor was married at the time of the transfer to which the power of withdrawal applies.

3. The assets in a trust that are attributable to a contribution to an inter vivos marital deduction trust described in either § 2523(e) or (f) of the Internal Revenue Code of 1986, after the death of the spouse of the settlor of the inter vivos marital deduction trust shall be deemed to have been contributed by the settlor's spouse and not by the settlor.

2005, c. 935 , § 55-545.05; 2011, c. 354 ; 2012, cc. 555 , 614 , 718 ; 2013, c. 784 .
Va. Code Ann. § 64.2-1606 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1606
Nomination of conservator or guardian; relation of agent to court-appointed fiduciary
Status: in_force

A. In a power of attorney, a principal may nominate a conservator or guardian of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of attorney.

B. If, after a principal executes a power of attorney, a court appoints a conservator or guardian of the principal's estate or other fiduciary charged with the management of some or all of the principal's property, the agent is accountable to the fiduciary as well as to the principal. The power of attorney is not terminated and the agent's authority continues unless limited, suspended, or terminated by the court.

2010, cc. 455 , 632 , § 26-79; 2012, c. 614 .
Va. Code Ann. § 64.2-636 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-636
Optional form of revocation
Status: in_force

The following form may be used to create an instrument of revocation under this article.

THIS REVOCATION MUST BE RECORDED BEFORE YOU DIE OR IT WILL NOT BE EFFECTIVE. THIS REVOCATION IS EFFECTIVE ONLY AS TO THE INTERESTS IN THE PROPERTY OF OWNERS WHO SIGN THIS REVOCATION.

THIS DEED IS EXEMPT FROM RECORDATION TAXES UNDER § 58.1-811(J) OF THE CODE OF VIRGINIA OF 1950, AS AMENDED.

REVOCATION OF TRANSFER ON DEATH DEED

THIS REVOCATION OF TRANSFER ON DEATH DEED, dated as of the __________ day of _______________, is made by TRANSFEROR OR TRANSFERORS (the Grantor(s)), whose address is ________________________________________.

This Revocation of Transfer on Death Deed is made pursuant to the provisions of the Uniform Real Property Transfer on Death Act, Virginia Code, § 64.2-621 et seq.

In accordance with the provisions of the Uniform Real Property Transfer on Death Act, I revoke all my previous transfers of the below described property by transfer on death deed:

INSERT LEGAL DESCRIPTION

Witness the following signature and seals:

________________________________________ (SEAL) TRANSFEROR

COMMONWEALTH OF VIRGINIA

CITY/COUNTY OF ____________________, to wit:

The foregoing instrument was acknowledged before me in the City/County of ____________________, Virginia this __________ day of _______________, by TRANSFEROR.

________________________________________ Notary Public

My commission expires: ____________________

Registration number: ____________________

2013, c. 390 .
Va. Code Ann. § 64.2-793 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 10 / Section 64.2-793
Damages for breach of trust
Status: in_force

A. A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:

1. The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or

2. The profit the trustee made by reason of the breach.

B. Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.

2005, c. 935 , § 55-550.02; 2012, c. 614 .
Va. Code Ann. § 64.2-759 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 7 / Section 64.2-759
Removal of trustee
Status: in_force

A. The settlor, a cotrustee, or a beneficiary, or, in the case of a charitable trust, the Attorney General may petition the court to remove a trustee, or a trustee may be removed by the court on its own initiative.

B. The court may remove a trustee if:

1. The trustee has committed a serious breach of trust;

2. Lack of cooperation among cotrustees substantially impairs the administration of the trust;

3. Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or

4. There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.

C. Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under subsection B of § 64.2-792 as may be necessary to protect the trust property or the interests of the beneficiaries.

2005, c. 935 , § 55-547.06; 2012, c. 614 .
Va. Code Ann. § 64.2-1603 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1603
Execution of power of attorney
Status: in_force

A power of attorney shall be signed by the principal or in the principal's conscious presence by another individual directed by the principal to sign the principal's name on the power of attorney. A signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized by law to take acknowledgments. A power of attorney in order to be recordable shall satisfy the requirements of § 55.1-600 .

2010, cc. 455 , 632 , § 26-76; 2012, c. 614 .
Va. Code Ann. § 64.2-2606 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2606
Disclaimer of interest by trustee
Status: in_force

If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.

2003, c. 253 , § 64.1-196.7; 2012, c. 614 .
Va. Code Ann. § 64.2-2110 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 21 / Article 2 / Section 64.2-2110
Appropriate forum
Status: in_force

A. A court of the Commonwealth having jurisdiction under § 64.2-2107 to appoint a guardian or issue a conservatorship order may decline to exercise its jurisdiction if it determines at any time that a court of another state is a more appropriate forum.

B. If a court of the Commonwealth declines to exercise its jurisdiction under subsection A, it shall either dismiss or stay the proceeding. The court may impose any condition the court considers just and proper, including the condition that a petition for the appointment of a guardian or issuance of a conservatorship order be filed promptly in another state.

C. In determining whether it is an appropriate forum, the court shall consider all relevant factors, including:

1. Any expressed preference of the respondent;

2. Whether abuse, neglect, or exploitation of the respondent has occurred or is likely to occur and which state could best protect the respondent from the abuse, neglect, or exploitation;

3. The length of time the respondent was physically present in or was a legal resident of the Commonwealth or another state;

4. The distance of the respondent from the court in each state;

5. The financial circumstances of the respondent's estate;

6. The nature and location of the evidence;

7. The ability of the court in each state to decide the issue expeditiously and the procedures necessary to present evidence;

8. The familiarity of the court of each state with the facts and issues in the proceeding; and

9. If an appointment were made, the court's ability to monitor the conduct of the guardian or conservator.

2011, c. 518 , § 37.2-1042; 2012, c. 614 .
Va. Code Ann. § 64.2-1102 — Virginia Code / Title 64.2 / Subtitle III / Chapter 11 / Section 64.2-1102
Appropriation for expenditure or accumulation of endowment fund; rules of construction
Status: in_force

A. Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:

1. The duration and preservation of the endowment fund;

2. The purposes of the institution and the endowment fund;

3. General economic conditions;

4. The possible effect of inflation or deflation;

5. The expected total return from income and the appreciation of investments;

6. Other resources of the institution; and

7. The investment policy of the institution.

B. To limit the authority to appropriate for expenditure or accumulate under subsection A, a gift instrument shall specifically state the limitation.

C. Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or words of similar import:

1. Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purposes of the fund; and

2. Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection A.

1973, c. 167, §§ 55-268.2, 55-268.3; 2008, c. 184 , § 55-268.14; 2012, c. 614 .
Va. Code Ann. § 64.2-1917 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1917
Renunciation, resignation, death, or removal of custodian; designation of successor custodian
Status: in_force

A. A person nominated under § 64.2-1902 or designated under § 64.2-1908 as custodian may decline to serve by delivering written notice to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under § 64.2-1902 , the person who made the nomination may nominate a substitute custodian under § 64.2-1902 . Otherwise, the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer. In either case the nomination or designation shall be made from among the persons eligible to serve as custodian for that kind of property under subsection A of § 64.2-1908 . The custodian so designated has the rights of a successor custodian.

B. A custodian at any time may designate a trust company or an adult other than a transferor under § 64.2-1903 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, or becomes incapacitated.

C. A custodian may resign at any time by (i) delivering written notice to the minor, if the minor has attained the age of 14 years, and to the successor custodian and (ii) delivering the custodial property to the successor custodian.

D. If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of 14 years, the minor may designate as successor custodian, in the manner prescribed in subsection B, an adult member of the minor's family, a conservator of the minor, or a trust company. If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian.

E. A custodian who declines to serve under subsection A or resigns under subsection C or the legal representative of a deceased or incapacitated custodian shall, as soon as practicable, put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.

F. A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor, or the minor, if the minor has attained the age of 14 years, may petition the court to (i) remove the custodian for cause and to designate a successor custodian other than a transferor under § 64.2-1903 or (ii) require the custodian to give appropriate bond.

1988, c. 516, § 31-54; 2012, c. 614 .
Va. Code Ann. § 64.2-308.8 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1.1 / Section 64.2-308.8
Surviving spouse's property and non-probate transfers to others
Status: in_force

A. Except to the extent included in the augmented estate under § 64.2-308.5 or 64.2-308.7 , the value of the augmented estate includes the value of:

1. Property that was owned by the decedent's surviving spouse at the decedent's death, including:

a. The surviving spouse's fractional interest in property held in joint tenancy with the right of survivorship;

b. The surviving spouse's ownership interest in property or accounts held in co-ownership registration with the right of survivorship; and

c. Property that passed to the surviving spouse by reason of the decedent's death, but not including the spouse's right to homestead allowance, family allowance, exempt property, or payments under the federal social security system.

2. Property that would have been included in the surviving spouse's non-probate transfers to others, other than the spouse's fractional and ownership interests included under subdivision 1 a or b, had the spouse been the decedent.

B. Property included under this section is valued at the decedent's death, taking the fact that the decedent predeceased the spouse into account, but, for purposes of subdivision A 1 a or b, the values of the spouse's fractional and ownership interests are determined immediately before the decedent's death if the decedent was then a joint tenant or a co-owner of the property or accounts. For purposes of subdivision A 2, proceeds of insurance that would have been included in the spouse's non-probate transfers to others under subdivision 1 d of § 64.2-308.6 are not valued as if the spouse were deceased.

C. The value of property included under this section is reduced by enforceable claims against the surviving spouse.

2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-427 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-427
Testamentary additions to trusts by testator dying after June 30, 1999
Status: in_force

A. A will may validly devise or bequeath property, including by the exercise of a power of appointment, to the trustee of a trust established or to be established (i) during the testator's lifetime by the testator, by the testator and some other person, or by some other person including a funded or unfunded life insurance trust, although the settlor has reserved any or all rights of ownership of the insurance contracts or (ii) at the testator's death by the testator's devise or bequest to the trustee, if the trust is identified in the testator's will and its terms are set forth in a written instrument, other than a will, executed before, concurrently with, or after the execution of the testator's will or in another individual's will if that other individual has predeceased the testator, regardless of the existence, size, or character of the corpus of the trust. The devise or bequest is not invalid because the trust is amendable or revocable, or because the trust was amended after the execution of the will or the testator's death.

B. Unless the testator's will provides otherwise, property devised or bequeathed to a trust described in subsection A is not held under a testamentary trust of the testator but it becomes a part of the trust to which it is devised or bequeathed, and shall be administered and disposed of in accordance with the provisions of the governing instrument setting forth the terms of the trust, including any amendments thereto made before or after the testator's death.

C. Unless the testator's will provides otherwise, a revocation or termination of the trust before the testator's death causes the devise or bequest to lapse.

D. Unless at least one trustee of the trust is an individual resident of the Commonwealth or an entity authorized to do a trust business in the Commonwealth, at the time the devise or bequest is to be distributed to the trust, the testator's personal representative shall not make any distribution to the trust until each nonresident individual or entity files with the clerk of the circuit court of the jurisdiction wherein the testator's will was admitted to probate, a consent in writing that service of process in any action against the trustee or any other notice with respect to administration of the trust in the trustee's charge 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. No further requirement shall be imposed upon any nonresident individual or entity as a condition to receiving the devise or bequest.

E. This section applies to a will of a testator who dies after June 30, 1999, and it shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this section among states enacting it.

1999, c. 252 , § 64.1-73.1; 2012, c. 614 .
Va. Code Ann. § 64.2-779.28 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.28
Exclusions
Status: in_force

A. This article does not apply to a:

1. Power of appointment;

2. Power to appoint or remove a trustee or trust director;

3. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;

4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:

a. The beneficiary; or

b. Another beneficiary represented by the beneficiary under Article 3 (§ 64.2-714 et seq.) with respect to the exercise or nonexercise of the power;

5. Power over a trust if:

a. The terms of the trust provide that the power is held in a nonfiduciary capacity; and

b. The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code; or

6. Power over a trust if the terms of the trust provide that the Uniform Directed Trust Act does not apply to the trust.

B. Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.

2020, c. 768 .
Va. Code Ann. § 64.2-703 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 1 / Section 64.2-703
Default and mandatory rules
Status: in_force

A. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

1. The requirements for creating a trust;

2. Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34 , the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734 ;

5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);

6. The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;

7. The power of the court under subsection B of § 64.2-761 to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high;

8. The effect of an exculpatory term under § 64.2-799 ;

9. The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;

10. Periods of limitation for commencing a judicial proceeding; and

11. The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.

2005, c. 935 , § 55-541.05; 2007, c. 216 ; 2012, c. 614 ; 2020, c. 768 .
Va. Code Ann. § 64.2-2026 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 2 / Section 64.2-2026
Surrender of incapacitated person's estate
Status: in_force

A. If the incapacitated person is restored to capacity, the fiduciary shall surrender the incapacitated person's estate or that portion for which he is accountable to the incapacitated person.

B. If the incapacitated person dies prior to being restored to capacity, the fiduciary shall surrender the real estate to the incapacitated person's heirs or devisees and the personal estate to his executors or administrators. If, at the time of the death of the incapacitated person, (i) the value of the personal estate in the custody of the fiduciary is $35,000 or less, (ii) a personal representative has not qualified within 60 days of the incapacitated person's death, and (iii) the fiduciary does not anticipate that anyone will qualify, the fiduciary may pay the balance of the incapacitated person's estate to the incapacitated person's surviving spouse or, if there is no surviving spouse, to the distributees of the incapacitated person or other persons entitled thereto, including any person or entity entitled to payment for funeral or burial services provided. The distribution shall be noted in the fiduciary's final accounting submitted to the commissioner of accounts.

Code 1950, § 37-151; 1968, c. 477, § 37.1-144; 1995, c. 344 ; 1997, c. 921 ; 2003, c. 195 ; 2005, c. 716 , § 37.2-1027; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1430 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 2 / Section 64.2-1430
When bond may be dispensed with
Status: in_force

In any case in which the circuit court finds that the laws of the state or country in which the infant or incapacitated person resides and the foreign guardian, conservator, or committee was appointed and qualified do not provide for the giving of a bond by the guardian, conservator, or committee, the court, in its discretion, may permit the money and other estate of the infant or incapacitated person to be paid and delivered to the foreign fiduciary although he has not given the bond required by § 64.2-1429 .

Code 1919, § 5352; 1930, p. 736; Code 1950, § 26-63; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1063 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 6 / Section 64.2-1063
Other financial instrument or arrangement
Status: in_force

A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this chapter. The allocation must be consistent with §§ 64.2-1061 and 64.2-1062 .

2022, c. 354 .
Va. Code Ann. § 64.2-727 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-727
Noncharitable trust without ascertainable beneficiary
Status: in_force

Except as otherwise provided in § 64.2-726 or by another statute, the following rules apply:

1. A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 21 years.

2. A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court.

3. Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use shall be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.

2005, c. 935 , § 55-544.09; 2012, c. 614 .
Va. Code Ann. § 64.2-907 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-907
General powers of custodial trustee
Status: in_force

A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, which shall include but not be limited to those powers set forth in § 64.2-105 as of the date the custodian acts, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.

B. This section does not relieve a custodial trustee from liability for a violation of § 64.2-906 .

1990, c. 264, § 55-34.8; 2012, c. 614 .
Va. Code Ann. § 64.2-1921 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1921
Effect on existing custodianships
Status: in_force

A. Any transfer of custodial property as now defined in this chapter made before July 1, 1988, is validated notwithstanding that there was no specific authority in the Virginia Uniform Gifts to Minors Act (former §§ 31-26 through 31-36) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

B. This chapter applies to all transfers made before July 1, 1988, in a manner and form prescribed in the Virginia Uniform Gifts to Minors Act (former §§ 31-26 through 31-36) except insofar as the application impairs constitutionally vested rights.

1988, c. 516, § 31-58; 2012, c. 614 .
Va. Code Ann. § 64.2-118 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-118
User direction for disclosure of digital assets
Status: in_force

A. A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user's digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at all times, a direction regarding disclosure using an online tool overrides a contrary direction by the user in a will, trust, power of attorney, or other record.

B. If a user has not used an online tool to give direction under subsection A or if the custodian has not provided an online tool, the user may allow or prohibit in a will, trust, power of attorney, or other record disclosure to a fiduciary of some or all of the user's digital assets, including the content of electronic communications sent or received by the user.

C. A user's direction under subsection A or B overrides a contrary provision in a terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user's assent to the terms of service.

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-1304 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1304
Personal representatives
Status: in_force

A. Within 16 months from the date of the qualification, personal representatives shall exhibit before the commissioner of accounts a statement of all money and other property that the fiduciary has received, has become chargeable with, or has disbursed within 12 months from the date of qualification.

B. After the first account of the fiduciary has been filed and settled, the second and subsequent accounts for each succeeding 12-month period shall be due within four months from the last day of the 12-month period commencing on the terminal date of the preceding account unless the commissioner of accounts extends the period for filing upon reasonable cause.

C. Notwithstanding subsections A and B, a personal representative may file a first or subsequent account at an earlier date, and the commissioner of accounts or the circuit court may require the personal representative to file a first or subsequent account at an earlier date upon reasonable cause shown.

1993, c. 689, § 26-17.5; 2012, c. 614 .
Va. Code Ann. § 64.2-612 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 3 / Section 64.2-612
Definitions
Status: in_force

In this article, unless the context otherwise requires:

"Beneficiary form" means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.

"Devisee" means any person designated in a will to receive a disposition of real or personal property.

"Heirs" means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent.

"Personal representative" includes an executor, administrator, successor, personal representative, special administrator, and a person who performs substantially the same function under the law governing his status.

"Property" includes both real and personal property or any interest therein and means anything that may be the subject of ownership.

"Register," including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.

"Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

"Security" means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account.

"Security account" means (i) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death, or (ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.

1994, c. 422 , § 64.1-206.1; 2012, c. 614 .
Va. Code Ann. § 64.2-403 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-403
Execution of wills; requirements
Status: in_force

A. No will shall be valid unless it is in writing and signed by the testator, or by some other person in the testator's presence and by his direction, in such a manner as to make it manifest that the name is intended as a signature.

B. A will wholly in the testator's handwriting is valid without further requirements, provided that the fact that a will is wholly in the testator's handwriting and signed by the testator is proved by at least two disinterested witnesses.

C. A will not wholly in the testator's handwriting is not valid unless the signature of the testator is made, or the will is acknowledged by the testator, in the presence of at least two competent witnesses who are present at the same time and who subscribe the will in the presence of the testator. No form of attestation of the witnesses shall be necessary.

Code 1950, § 64-51; 1968, c. 656, § 64.1-49; 2012, c. 614 .
Va. Code Ann. § 64.2-602 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 1 / Section 64.2-602
Payment or delivery of small asset valued at $35,000 or less without affidavit
Status: in_force

A. Notwithstanding the provisions of § 64.2-601 , any person having possession of a small asset valued at $35,000 or less may pay or deliver the small asset to any successor provided that:

1. At least 60 days have elapsed since the decedent's death; and

2. No application for the appointment of a personal representative is pending or has been granted in any jurisdiction.

B. The designated successor shall have a fiduciary duty to safeguard and promptly pay or deliver the small asset as required by the laws of the Commonwealth to the other successors, if any.

1981, c. 281, § 64.1-132.3; 2010, c. 269 ; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-717 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 3 / Section 64.2-717
Representation by person having substantially identical interest
Status: in_force

Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another having a substantially identical interest with respect to the particular question or dispute, but only to the extent there is no conflict of interest with respect to the particular question or dispute between the representative and the person represented.

2005, c. 935 , § 55-543.04; 2012, c. 614 .
Va. Code Ann. § 64.2-2707 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 2 / Section 64.2-2707
Creation of power of appointment
Status: in_force

A. A power of appointment is created only if:

1. The instrument creating the power:

a. Is valid under applicable law; and

b. Except as otherwise provided in subsection B, transfers the appointive property; and

2. The terms of the instrument creating the power manifest the donor's intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.

B. Subdivision A 1 b does not apply to the creation of a power of appointment by the exercise of a power of appointment.

C. A power of appointment may not be created in a deceased individual.

D. Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.

2016, c. 266 .
Va. Code Ann. § 64.2-807 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 11 / Section 64.2-807
Repealed
Status: repealed

Repealed by Acts 2015, c. 709 , cl. 2.
Va. Code Ann. § 64.2-753 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 6 / Section 64.2-753
Limitation on action contesting validity of revocable trust; distribution of trust property
Status: in_force

A. A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of:

1. Two years after the settlor's death; or

2. Six months after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding.

B. Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless:

1. The trustee knows of a pending judicial proceeding contesting the validity of the trust; or

2. A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 60 days after the contestant sent the notification.

C. A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received.

2005, c. 935 , § 55-546.04; 2007, c. 218 ; 2012, c. 614 .
Va. Code Ann. § 64.2-625 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 5 / Section 64.2-625
Transfer on death deed revocable
Status: in_force

A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.

2013, c. 390 .
Va. Code Ann. § 64.2-1615 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1615
Agent's liability
Status: in_force

An agent that violates this chapter is liable to the principal or the principal's successors in interest for the amount required to:

1. Restore the value of the principal's property to what it would have been had the violation not occurred; and

2. Reimburse the principal or the principal's successors in interest for the attorney fees and costs paid on the agent's behalf.

2010, cc. 455 , 632 , § 26-88; 2012, c. 614 .
Va. Code Ann. § 64.2-456 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 6 / Section 64.2-456
Bona fide purchaser of real estate without notice of devise protected
Status: in_force

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

Code 1950, § 64-91; 1968, c. 656, § 64.1-95; 2012, c. 614 .
Va. Code Ann. § 64.2-733 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-733
Reformation to correct mistakes
Status: in_force

The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement.

2005, c. 935 , § 55-544.15; 2012, c. 614 .
Va. Code Ann. § 64.2-422 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-422
When omitted spouse to take intestate portion
Status: in_force

If a testator fails to provide by will for a surviving spouse who married the testator after the execution of the will, the omitted spouse shall receive the same share of the estate such spouse would have received if the decedent left no will, unless it appears from the will or from the provisions of a valid premarital or marital agreement that the omission was intentional.

1985, c. 430, § 64.1-69.1; 1991, c. 441; 2012, c. 614 .
Va. Code Ann. § 64.2-905 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-905
Multiple beneficiaries; separate custodial trusts; survivorship
Status: in_force

A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of spouses, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship or survivorship is required as to marital property.

B. Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.

C. A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to §§ 64.2-906 and 64.2-914 for the administration of the custodial trust.

1990, c. 264, § 55-34.6; 2012, c. 614 ; 2020, c. 900 .
Va. Code Ann. § 64.2-1918 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1918
Accounting by and determination of liability of custodian
Status: in_force

A. A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor, or the minor, if the minor has attained the age of 14 years, may petition the court (i) for an accounting by the custodian or the custodian's legal representative or (ii) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under § 64.2-1916 to which the minor or the minor's legal representative was a party.

B. A successor custodian may petition the court for an accounting by the predecessor custodian.

C. The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.

D. If a custodian is removed under subsection F of § 64.2-1917 , the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.

1988, c. 516, § 31-55; 2012, c. 614 .
Va. Code Ann. § 64.2-741 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-741
Powers of courts not impaired by §§ 64.2-736 through 64.2-740
Status: in_force

Nothing in §§ 64.2-736 through 64.2-740 shall impair the power of a court of competent jurisdiction with respect to any such foundation or trust.

2005, c. 935 , § 55-544.23; 2012, c. 614 ; 2015, c. 709 .
Va. Code Ann. § 64.2-2614 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2614
Application to existing relationships
Status: in_force

Except as otherwise provided in § 64.2-2611 , an interest in or power over property existing on July 1, 2003, as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after the effective date of this chapter.

2003, c. 253 , § 64.1-196.15; 2012, c. 614 .
Va. Code Ann. § 64.2-1906 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1906
Transfer by obligor
Status: in_force

A. Subject to subsections B and C, a person not subject to § 64.2-1904 or who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 64.2-1908 .

B. If a person having the right to do so under § 64.2-1902 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.

C. If no custodian has been nominated under § 64.2-1902 , or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $35,000 in value, in which event the transfer may be made if authorized by the court.

1988, c. 516, § 31-43; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1212 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1212
Exceptions to report; examination, correction, and confirmation
Status: in_force

A. If no exceptions have been filed, the report shall stand confirmed on the day next following the expiration of the period of 15 days after the day on which the report was filed in the clerk's office.

B. If exceptions have been filed, the circuit court, after 15 days from the time the report has been filed in its office, shall examine such exceptions that have been timely filed. The court shall correct any errors that appear on the exceptions and to this end may (i) commit the report to the same or another commissioner of accounts, as often as it sees cause, (ii) cause a jury to be empaneled to inquire into any matter that in its opinion should be ascertained in that way, or (iii) confirm the report in whole or in a qualified manner. The court shall certify in the order that it has made a personal examination of the exceptions.

Code 1919, § 5428; 1922, p. 873; 1928, p. 23; 1940, p. 614; 1944, p. 107; Code 1950, § 26-33; 1966, c. 335; 2012, c. 614 .
Va. Code Ann. § 64.2-453 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 5 / Section 64.2-453
How will may be made self-proved; acknowledgment of witnesses
Status: in_force

A will, at the time of its execution or at any subsequent date, may be made self-proved by the acknowledgment thereof by the testator and the attesting witnesses, each made before an officer authorized to administer oaths under the laws of the Commonwealth or the laws of the state where the acknowledgment occurred, or before an officer of the foreign service of the United States, a consular agent, or any other person authorized by regulation of the United States Department of State to perform notarial acts in the place in which the act is performed, and evidenced by the officer's certificate, attached or annexed to the will. The officer's certificate shall be substantially as follows in form and content:

STATE OF VIRGINIA

CITY/COUNTY OF _____________________

Before me, the undersigned authority, on this day personally appeared _____________________, _____________________, and _____________________, known to me to be the testator and the witnesses, respectively, whose names are signed to the attached or foregoing instrument and, all of these persons being by me first duly sworn, _____________________, the testator, declared to me and to the witnesses in my presence that said instrument is his last will and testament and that he had willingly signed or directed another to sign the same for him, and executed it in the presence of said witnesses as his free and voluntary act for the purposes therein expressed; that said witnesses stated before me that the foregoing will was executed and acknowledged by the testator as his last will and testament in the presence of said witnesses who, in his presence and at his request, and in the presence of each other, did subscribe their names thereto as attesting witnesses on the day of the date of said will, and that the testator, at the time of the execution of said will, was over the age of eighteen years and of sound and disposing mind and memory.

Sworn and acknowledged before me by _____________________, the testator, and _____________________ and _____________________, witnesses, this __________ day of _______________ A.D.,__________.

SIGNED ________________________________________

________________________________________ (OFFICIAL CAPACITY OF OFFICER)

Any codicil that is self-proved under the provisions of this section that, by its terms, expressly confirms, ratifies, and republishes a will except as altered by the codicil shall have the effect of self-proving the will whether or not the will was so executed originally.

1983, c. 83, § 64.1-87.2; 1985, c. 429; 1990, c. 64; 2012, c. 614 .
Va. Code Ann. § 64.2-2729 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 4 / Section 64.2-2729
Method of release
Status: in_force

A powerholder of a releasable power of appointment may release the power in whole or in part:

1. By substantial compliance with a method provided in the terms of the instrument creating the power; or

2. If the terms of the instrument creating the power do not provide a method or the method provided in the terms of the instrument is not expressly made exclusive, by a record manifesting the powerholder's intent by clear and convincing evidence.

2016, c. 266 .
Va. Code Ann. § 64.2-404 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 1 / Section 64.2-404
Writings intended as wills
Status: in_force

A. Although a document, or a writing added upon a document, was not executed in compliance with § 64.2-403 , the document or writing shall be treated as if it had been executed in compliance with § 64.2-403 if the proponent of the document or writing establishes by clear and convincing evidence that the decedent intended the document or writing to constitute (i) the decedent's will, (ii) a partial or complete revocation of the will, (iii) an addition to or an alteration of the will, or (iv) a partial or complete revival of his formerly revoked will or of a formerly revoked portion of the will.

B. The remedy granted by this section (i) may not be used to excuse compliance with any requirement for a testator's signature, except in circumstances where two persons mistakenly sign each other's will, or a person signs the self-proving certificate to a will instead of signing the will itself and (ii) is available only in proceedings brought in a circuit court under the appropriate provisions of this title, filed within one year from the decedent's date of death and in which all interested persons are made parties.

2007, c. 538 , § 64.1-49.1; 2012, c. 614 .
Va. Code Ann. § 64.2-800 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 10 / Section 64.2-800
Beneficiary's consent, release, or ratification
Status: in_force

A. A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:

1. The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or

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

B. A beneficiary shall be deemed to have released a trustee and ratified all actions of a trustee for the administration of the trust if, when the trust terminates or the trustee ceases to serve:

1. The trustee sends the beneficiary the following:

a. A report as described in subsection C of § 64.2-775 , for the immediately preceding two years;

b. The amount of any taxes, expenses, or fees, including trustee fees and any reserves, remaining to be paid;

c. Notice that (i) the trust is terminating or that the trustee is ceasing to serve; (ii) if the beneficiary does not object in writing to the trustee within 60 days after the trustee sent the notice and information, the beneficiary shall be deemed to have released the trustee and ratified all actions of the trustee; and (iii) the trustee is unaware of any undisclosed information that could give rise to a claim by the beneficiary; and

d. If the trust is terminating, a description of any trust property or interests reasonably anticipated but not yet received and a proposal for distribution; and

2. The beneficiary does not notify the trustee of the beneficiary's objection in writing within 60 days after the trustee sent the notice and information pursuant to subdivision 1.

C. The provisions of subsection B shall not apply to a transaction pursuant to Article 8.1 (§ 64.2-779.1 et seq.) of Chapter 7.

D. In the event the trustee is not released and his actions ratified pursuant to the process provided by subsection B, the trustee shall not be precluded from obtaining a release of liability by another permitted method.

E. When a trustee complies with the provisions of subsection B, has received no objection or has resolved any objection, and distributes the assets of a terminating trust to a beneficiary or to a successor trustee, such action shall have the same legal and preclusive effect as if a court had entered a final order approving the trustee's final account or approving the trustee's interim accounts. A beneficiary or other party who received the notice and statements and either consented or did not object shall be prohibited from bringing a claim against the trustee.

2005, c. 935 , § 55-550.09; 2012, c. 614 ; 2024, cc. 446 , 600 .
Va. Code Ann. § 64.2-543 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 7 / Section 64.2-543
Contrary provisions of will or other instrument to govern
Status: in_force

A. For purposes of this section:

"Includable beneficial interest" means any property, interest, or benefit included in a person's estate for estate tax purposes that passes pursuant to an instrument other than such person's will.

B. The provisions of this article shall not impair the right or power of any person by will or by written instrument executed inter vivos to make direction for the payment of estate taxes and to designate the fund or property out of which such payment shall be made. Such designated funds or property may, in addition to any property passing by testate or intestate succession, include any includable beneficial interest. Unless a larger amount is charged to a specific includable beneficial interest by the instrument creating the interest, the maximum amount of tax that each such includable beneficial interest may be charged shall be limited to its share, as determined pursuant to § 64.2-540 for the apportionment of taxes.

Code 1950, § 64-155; 1968, c. 656, § 64.1-165; 1994, c. 917 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1618 — Virginia Code / Title 64.2 / Subtitle IV / Part B / Chapter 16 / Article 1 / Section 64.2-1618
Liability for refusal to accept acknowledged power of attorney
Status: in_force

A. Except as otherwise provided in subsection B:

1. A person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under subsection C of § 64.2-1617 no later than seven business days after presentation of the power of attorney for acceptance;

2. If a person requests a certification, a translation, or an opinion of counsel under subsection C of § 64.2-1617 , the person shall accept the power of attorney no later than five business days after receipt of the certification, translation, or opinion of counsel; and

3. A person may not require an additional or different form of power of attorney for authority granted in the power of attorney presented.

B. A person is not required to accept an acknowledged power of attorney for a transaction if:

1. The person is not otherwise required to engage in the transaction with the principal in the same circumstances, or the principal has otherwise relieved the person from an obligation to engage in the transaction with an agent representing the principal under a power of attorney;

2. Engaging in the transaction with the agent or the principal in the same circumstances would be inconsistent with federal law;

3. The person has actual knowledge of the termination of the agent's authority or of the power of attorney before exercise of the power;

4. A request for a certification, a translation, or an opinion of counsel under subsection C of § 64.2-1617 is refused;

5. The person in good faith believes that the power is not valid or that the agent does not have the authority to perform the act requested, whether or not a certification, a translation, or an opinion of counsel under subsection C of § 64.2-1617 has been requested or provided; or

6. The person makes, or has actual knowledge that another person has made, a report to the local adult protective services department or adult protective services hotline stating a good faith belief that the principal may be subject to physical or financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent.

C. A person that refuses in violation of this section to accept an acknowledged power of attorney is subject to:

1. A court order mandating acceptance of the power of attorney; and

2. Liability for reasonable attorney fees and costs incurred in any action or proceeding that confirms the validity of the power of attorney or mandates acceptance of the power of attorney.

D. For purposes of this section, "business day" shall refer to any day other than Saturday, Sunday, or any day designated as a holiday by the Commonwealth or the federal government.

2010, cc. 455 , 632 , § 26-91; 2012, c. 614 .
Va. Code Ann. § 64.2-430 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-430
Certain marital deduction formula clauses to be construed to refer to federal marital deduction allowable if decedent had died on December 31, 1981
Status: in_force

A. If property passes from the decedent or is acquired from the decedent by reason of the decedent's death under a will executed before September 12, 1981, or a trust created before September 12, 1981, and such will or trust contains a formula providing that the spouse of the decedent is to receive the maximum amount of property qualifying for the marital deduction allowable under federal law, then such formula provision shall be construed as referring to the maximum amount of property eligible for the marital deduction as was allowable under the Internal Revenue Code as if the decedent had died on December 31, 1981, unless the court shall find that the decedent intended to refer to the maximum marital deduction of the Internal Revenue Code in effect at the time of his death, provided that such will or trust is not amended on or after September 12, 1981, and before the death of the decedent to refer specifically to an unlimited marital deduction or an amount qualifying for such deduction, or to otherwise manifest an intent to have the estate qualify for the unlimited marital deduction.

B. If property passes from the decedent or is acquired from the decedent by reason of the decedent's death under a will executed before September 12, 1981, or a trust created before September 12, 1981, and such will or trust contains a formula providing that the spouse of the decedent is to receive the maximum amount of property qualifying for the marital deduction allowable under federal law, but no more than will reduce such federal estate tax to zero or any other pecuniary or fractional share of property determined with reference to the marital deduction, then such provision reducing such bequest to such amount necessary to reduce the federal tax to zero or any other pecuniary or fractional share of property determined with reference to the marital deduction, shall be construed as referring to a computation done as of December 31, 1981, that would have reduced the federal estate tax to zero if the decedent had died on December 31, 1981, unless the court shall find that the decedent intended the computation to be made as of the date of death, provided that such will or trust is not amended on or after September 12, 1981, and before the death of the decedent to refer to the federal estate tax on a date later than September 12, 1981.

C. The proceeding to determine whether the decedent intended that the computation under subsection A or B be made as of the date of death, rather than the earlier 1981 date, shall be filed within 12 months following the death of the testator or grantor. It may be filed by the personal representative or any affected beneficiary under the will or other instrument.

1982, c. 622, § 64.1-62.1; 1983, c. 512; 1987, c. 504; 2012, c. 614 .
Va. Code Ann. § 64.2-313 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 2 / Section 64.2-313
When and how exempt property and allowances may be claimed; title to real estate of a bona fide purchaser
Status: in_force

Any election to take a family allowance, exempt property, or homestead allowance shall be made no later than one year after the later of the (i) time of admission of the decedent's will to probate or (ii) qualification of an administrator of the decedent's intestate estate. The election shall be made either in person before the court having jurisdiction over probate or administration of the decedent's estate, or by a writing recorded in the court, or the clerk's office thereof, upon such acknowledgment or proof as would authorize a writing to be admitted to record under Chapter 6 (§ 55.1-600 et seq.) of Title 55.1.

The title to real estate of a bona fide purchaser, as defined in § 64.2-100 , acquired without notice of such election, shall not be affected by such election unless the election is recorded in the clerk's office of the circuit court in which the real estate lies within one year after the decedent's death.

1981, c. 580, § 64.1-151.5; 2012, c. 614 ; 2026, c. 381 .
Va. Code Ann. § 64.2-2723 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 3 / Section 64.2-2723
Disposition of unappointed property under released or unexercised nongeneral power
Status: in_force

To the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

1. The gift-in-default clause controls the disposition of the unappointed property; or

2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property:

a. Passes to the permissible appointees if:

(1) The permissible appointees are defined and limited; and

(2) The terms of the instrument creating the power do not manifest a contrary intent; or

b. If there is no taker under subdivision 2 a, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

2016, c. 266 .
Va. Code Ann. § 64.2-604 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 1 / Section 64.2-604
Payment or delivery of small asset; funeral expenses and disposition
Status: in_force

A. Notwithstanding the provisions of this article, 30 days after the death of a decedent upon whose estate there shall have been no application for the appointment of a personal representative pending or granted in any jurisdiction, any person having possession of a small asset belonging to the decedent shall, at the request of a successor, pay or deliver to the licensed funeral service establishment handling the funeral, if there is one, and the disposition of the decedent so much of the small asset as does not exceed the amount given priority by § 64.2-528 and has not already been so paid upon being presented an affidavit made by the licensed funeral service establishment, at the request of a successor, stating:

1. That it is the licensed funeral service establishment handling the funeral, if there is one, and the disposition of the decedent;

2. The legal name and business address of the licensed funeral service establishment;

3. The amount given priority by § 64.2-528 , or the amount due to it for the funeral, if there is one, and the disposition of the decedent reduced by any other payments it has received or expects to receive;

4. The reasons and supporting evidence that the person to whom the affidavit will be presented is in possession of a small asset belonging to the decedent; and

5. That a successor has represented to it in writing that at least 30 days have elapsed since the decedent's death and no application for the appointment of a personal representative is pending, has been granted, or is expected in any jurisdiction.

B. 1. Any person paying or delivering a small asset pursuant to this section is discharged and released to the same extent as if that person dealt with the personal representative of the decedent and a receipt of the payee shall be a full and final release of the payor as to such sum. Such person is not required to see the application of the small asset or to inquire into the truth of any statement in any affidavit presented pursuant to subsection A.

2. If any person to whom an affidavit is presented pursuant to subsection A refuses to pay or deliver any small asset belonging to the decedent of which he is in possession pursuant to this section, it may be recovered, or its payment or delivery compelled, and damages may be recovered, on proof of rightful claim in a proceeding brought for that purpose by or on behalf of the licensed funeral service establishment. However, no such damages may be recovered if it is established in such proceeding that the refusal to pay or deliver the small asset was made in good faith.

C. Any licensed funeral service establishment to whom payment or delivery of a small asset has been made under this section is answerable and accountable therefor to any personal representative of the decedent's estate or to any successor having an equal or superior right.

2010, c. 269 , § 64 .1-132.5; 2012, c. 614 ; 2023, cc. 414 , 494 .
Va. Code Ann. § 64.2-1202 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1202
Appointment of deputy commissioners of accounts in certain cities and counties; duties and powers
Status: in_force

In any city or county having a population in excess of 200,000, the commissioner of accounts, with the approval of the judges of the circuit court, may appoint a deputy commissioner of accounts who may discharge any of the official duties of the commissioner of accounts for such jurisdiction for so long as the commissioner of accounts continues to serve. The person appointed as a deputy commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.

Before entering upon the duties of his office, any deputy commissioner of accounts shall take and subscribe an oath similar to that provided for the commissioner of accounts. The oath shall be filed with the clerk of court and a record of the appointment and oath shall be entered in the order book of such court.

1954, c. 456, § 26-10.1; 1964, c. 458; 1966, c. 326; 1973, c. 544; 2003, c. 194 ; 2012, c. 614 .
Va. Code Ann. § 64.2-431 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-431
Certain powers of appointment construed to refer to federal gift tax exclusion in effect on date of execution
Status: in_force

If an instrument executed before September 12, 1981, provides for a power of appointment that may be exercised during any period after December 31, 1981, and such power of appointment is defined in terms of, or by reference to, the maximum amount of property qualifying for the gift tax exclusion under federal law, then such instrument shall be construed as referring to the maximum amount of property eligible for the annual gift tax exclusion as was allowable under the Internal Revenue Code in effect on the date of execution of such instrument provided that the instrument described has not been amended after September 12, 1981, to refer specifically to the federal gift tax exclusion available after December 31, 1981, or the amount qualifying for such exclusion.

1982, c. 622, § 64.1-62.2; 2012, c. 614 .
Va. Code Ann. § 64.2-455 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 6 / Section 64.2-455
Wills to be recorded; recording copies; effect; transfer to The Library of Virginia
Status: in_force

A. Every will or authenticated copy admitted to probate by any circuit court or clerk of any circuit court shall be recorded by the clerk and remain in the clerk's office, except during such time as the same may be carried to another court under a subpoena duces tecum or as otherwise provided in § 17.1-213 . A certified copy of such will or of any authenticated copy may be recorded in any county or city wherein there is any estate, real or personal, devised or bequeathed by such will.

B. The personal representative of the testator shall cause a certified copy of any will or of any authenticated copy so admitted to record to be recorded in any county or city wherein there is any real estate of which the testator possessed at the time of his death or that is devised by his will.

C. Every will or certified copy when recorded shall have the effect of notice to all persons of any devise or disposal by the will of real estate situated in a county or city in which such will or copy is so recorded.

D. With the approval of the judges of a circuit court of any county or city, the clerk of such court may transfer such original wills from his office to the Archives Division of The Library of Virginia. A copy of any will that has been microfilmed or stored in an electronic medium, prepared from such microfilmed or electronic record and certified as authentic by the clerk or his designee, shall constitute a certified copy of the will for any purpose arising under this title for which a certified copy of the will is required.

Code 1950, § 64-90; 1964, c. 169; 1966, c. 254; 1968, c. 656, § 64.1-94; 1978, c. 366; 1994, c. 64 ; 2001, c. 836 ; 2002, c. 832 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1217 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 12 / Section 64.2-1217
Forfeiture of fiduciary's commission
Status: in_force

If a fiduciary wholly fails to file an account before the commissioner of accounts containing a statement of all matters required in § 64.2-1206 , together with all other statements and items therein required for any year, within four months after the year's expiration or, though the fiduciary files an account before the commissioner of accounts, if the commissioner of accounts finds the fiduciary is chargeable for that year with any money or other property not included in the statement, the fiduciary shall receive no compensation for his services during such year or any commission on such money or other property unless allowed by the commissioner of accounts for good cause shown. The circuit court shall review the commissioner of accounts' action in such case upon the filing of timely exceptions by any interested person. This section shall not apply to a fiduciary who has filed a statement of his accounts within such year before a commissioner in chancery who in a pending suit has been ordered to settle his account.

Code 1919, § 5409; 1946, p. 326; Code 1950, § 26-19; 1999, c. 378 ; 2012, c. 614 .
Va. Code Ann. § 64.2-132 — Virginia Code / Title 64.2 / Subtitle I / Chapter 1 / Article 3.1 / Section 64.2-132
Relation to Electronic Signatures in Global and National Commerce Act
Status: in_force

This article 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).

2017, cc. 33 , 80 .
Va. Code Ann. § 64.2-323 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 3 / Section 64.2-323
Limitations on testamentary disposition
Status: in_force

This article does not authorize a person to dispose of property by will if it is held under limitations imposed by law preventing testamentary disposition by that person.

1982, c. 456, § 64.1-205; 2012, c. 614 .
Va. Code Ann. § 64.2-2739 — Virginia Code / Title 64.2 / Subtitle V / Chapter 27 / Article 6 / Section 64.2-2739
Uniformity of application and construction
Status: in_force

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

2016, c. 266 .
Va. Code Ann. § 64.2-1049 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 4 / Section 64.2-1049
Distribution from trust or estate
Status: in_force

A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under Article 3 (§ 64.2-1039 et seq.), from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity, and shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, § 64.2-1048 , 64.2-1062 , or 64.2-1063 applies to a receipt from the trust.

2022, c. 354 .
Va. Code Ann. § 64.2-1071 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 8 / Section 64.2-1071
Determination and distribution of net income
Status: in_force

A. This section applies when:

1. The death of an individual results in the creation of an estate or trust; or

2. An income interest in a trust terminates, whether the trust continues or is distributed.

B. A fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection G and Articles 4 (§ 64.2-1048 et seq.), 5 (§ 64.2-1051 et seq.), 6 (§ 64.2-1055 et seq.), 7 (§ 64.2-1064 et seq.), and 9 (§ 64.2-1073 et seq.), the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property.

C. A fiduciary shall determine the income and net income of an estate or income interest in a trust that terminates, other than the amount of net income determined under subsection B, under Articles 4 (§ 64.2-1048 et seq.), 5 (§ 64.2-1051 et seq.), 6 (§ 64.2-1055 et seq.), 7 (§ 64.2-1064 et seq.), and 9 (§ 64.2-1073 et seq.), and by:

1. Including in net income all income from property used or sold to discharge liabilities;

2. Paying from income or principal, in the fiduciary's discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent's death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent:

a. The payment of the expenses from income will not cause the reduction or loss of the deduction; or

b. The fiduciary makes an adjustment under subsection B of § 64.2-1070 ; and

3. Paying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including:

a. To the extent authorized by the decedent's will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent's death; and

b. Related penalties that are apportioned, by the decedent's will, the terms of the trust, or applicable law, to the estate or income interest that terminates.

D. If a decedent's will, the terms of a trust, or applicable law provides for the payment of interest or the equivalent of interest to a beneficiary that receives a pecuniary amount outright, the fiduciary shall make the payment from net income determined under subsection C or from principal, to the extent net income is insufficient.

E. If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends because of an income beneficiary's death, and no payment of interest or the equivalent of interest is provided for by the terms of the trust or applicable law, the fiduciary shall pay the interest or the equivalent of interest to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.

F. A fiduciary shall distribute net income remaining after payments required by subsections D and E in the manner described in § 64.2-1072 to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.

G. A fiduciary may not reduce principal or income receipts from property described in subsection B because of a payment described in § 64.2-1064 or 64.2-1065 , to the extent the decedent's will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property must be determined by including the amount the fiduciary receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent's death or an income interest's terminating event, and making a reasonable provision for an amount the estate or income interest may become obligated to pay after the property is distributed.

2022, c. 354 .
Va. Code Ann. § 64.2-437 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 4 / Section 64.2-437
Certificate
Status: in_force

The authorized person shall attach to the will a certificate to be signed by him establishing that the requirements of this article for valid execution of an international will have been complied with. The authorized person shall keep a copy of the certificate and deliver another to the testator. The certificate shall be substantially in the following form:

CERTIFICATE

(Convention of October 26, 1973)

I,................… (name, address and capacity), a person authorized to act in connection with international wills Certify that on..............…(date)............… (place) (testator)........................… (name, address, date and place of birth)in my presence and that of the witnesses (a)..........................… (name, address, date and place of birth) (b)..........................… (name, address, date and place of birth) has declared that the attached document is his will and that he knows the contents thereof.

I furthermore certify that:

(a) in my presence and in that of the witnesses

(1) the testator has signed the will or has acknowledged his signature previously affixed.

*(2) following a declaration of the testator stating that he was unable to sign his will for the following reason ..........................… I have mentioned this declaration on the will *and the signature has been affixed by (name and address)

(b) the witnesses and I have signed the will; *(c) each page of the will has been signed by ..........................… and numbered;

(d) I have satisfied myself as to the identity of the testator and of the witnesses as designated above;

(e) the witnesses met the conditions requisite to act as such according to the law under which I am acting;

(f) the testator has requested me to include the following statement

concerning the safekeeping of his will:

PLACE OF EXECUTION DATE SIGNATURE and, if necessary, SEAL.

* to be completed if appropriate

1995, c. 443 , § 64.1-96.6; 2012, c. 614 .
Va. Code Ann. § 64.2-756 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 7 / Section 64.2-756
Cotrustees
Status: in_force

A. Cotrustees who are unable to reach a unanimous decision may act by majority decision.

B. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.

C. Subject to subsection I, a cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity, or the cotrustee has properly delegated the performance of the function to another trustee.

D. If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.

E. A trustee may delegate to a cotrustee the performance of any function other than a function that the terms of the trust expressly require to be performed by the trustees jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.

F. Except as otherwise provided in subsection G, a trustee who does not join in an action of another trustee is not liable for the action.

G. Subject to subsection I, each trustee shall exercise reasonable care to:

1. Prevent a cotrustee from committing a serious breach of trust; and

2. Compel a cotrustee to redress a serious breach of trust.

H. A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.

I. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director's power of direction under §§ 64.2-779.32 , 64.2-779.33 , and 64.2-779.34 .

2005, c. 935 , § 55-547.03; 2012, c. 614 ; 2020, c. 768 .
Va. Code Ann. § 64.2-734 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 4 / Section 64.2-734
Modification to achieve settlor's tax objectives
Status: in_force

To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.

2005, c. 935 , § 55-544.16; 2012, c. 614 .
Va. Code Ann. § 64.2-1036 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 2 / Section 64.2-1036
Fiduciary duties; general principles
Status: in_force

A. In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall:

1. Act in good faith, based on what is fair and reasonable to all beneficiaries;

2. Administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries;

3. Administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this chapter; and

4. Administer the trust or estate in accordance with this chapter, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise.

B. A fiduciary's allocation, determination, or exercise of discretion under this chapter is presumed to be fair and reasonable to all beneficiaries. A fiduciary may exercise a discretionary power of administration given to the fiduciary by the terms of the trust, and an exercise of the power that produces a result different from a result required or permitted by this chapter does not create an inference that the fiduciary abused the fiduciary's discretion.

C. A fiduciary shall:

1. Add a receipt to principal, to the extent neither the terms of the trust nor this chapter allocates the receipt between income and principal; and

2. Charge a disbursement to principal, to the extent neither the terms of the trust nor this chapter allocates the disbursement between income and principal.

D. A fiduciary may exercise the power to adjust under § 64.2-1038 , convert an income trust to a unitrust under subdivision A 1 of § 64.2-1041 , change the percentage or method used to calculate a unitrust amount under subdivision A 2 of § 64.2-1041 , or convert a unitrust to an income trust under subdivision A 3 of § 64.2-1041 if the fiduciary determines the exercise of the power will assist the fiduciary to administer the trust or estate impartially.

E. Factors the fiduciary must consider in making the determination under subsection D include:

1. The terms of the trust;

2. The nature, distribution standards, and expected duration of the trust;

3. The effect of the allocation rules, including specific adjustments between income and principal, under Articles 4 (§ 64.2-1048 et seq.) through 9 (§ 64.2-1073 et seq.);

4. The desirability of liquidity and regularity of income;

5. The desirability of the preservation and appreciation of principal;

6. The extent to which an asset is used or may be used by a beneficiary;

7. The increase or decrease in the value of principal assets, reasonably determined by the fiduciary;

8. Whether and to what extent the terms of the trust give the fiduciary power to accumulate income or invade principal or prohibit the fiduciary from accumulating income or invading principal;

9. The extent to which the fiduciary has accumulated income or invaded principal in preceding accounting periods;

10. The effect of current and reasonably expected economic conditions; and

11. The reasonably expected tax consequences of the exercise of the power.

2022, c. 354 .
Va. Code Ann. § 64.2-2507 — Virginia Code / Title 64.2 / Subtitle V / Chapter 25 / Section 64.2-2507
Powers of appointment
Status: in_force

A. The slayer shall be deemed to have predeceased the decedent as to any exercise in the decedent's will of a power of appointment in favor of the slayer and the appointment shall be deemed to have lapsed.

B. Property held either presently or in remainder by the slayer subject to be divested by the exercise by the decedent of a power of revocation or a general power of appointment shall pass to the estate of the decedent. Property held by the slayer subject to be divested by the exercise by the decedent of a power of appointment to a particular person or persons or to a class of persons shall pass to such person or persons or in equal shares to the members of such class of persons, exclusive of the slayer.

1981, c. 469, § 55-410; 2012, c. 614 .
Va. Code Ann. § 64.2-790 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 9 / Section 64.2-790
Application to existing trusts
Status: in_force

This article applies to trusts existing on and created after January 1, 2000. As applied to trusts existing on its effective date, this article governs only decisions or actions occurring after that date.

1999, c. 772 , § 26-45.12; 2012, c. 614 .
Va. Code Ann. § 64.2-317 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 3 / Section 64.2-317
Disposition upon death
Status: in_force

Upon death of a married person, one-half of the property to which this article applies is the property of the surviving spouse and is not subject to testamentary disposition by the decedent or distribution under the laws of intestate succession of the Commonwealth. One-half of that property is the property of the decedent and is subject to testamentary disposition or distribution under the laws of intestate succession of the Commonwealth. With respect to property to which this article applies, the decedent's one-half of the property is not subject to the surviving spouse's right to an elective share under § 64.2-302 or Article 1.1 (§ 64.2-308.1 et seq.), as applicable.

1982, c. 456, § 64.1-199; 1990, c. 831; 2012, c. 614 ; 2016, cc. 187 , 269 .
Va. Code Ann. § 64.2-779.13 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.13
Change in compensation
Status: in_force

A. If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless:

1. All qualified beneficiaries of the second trust consent to the increase in a signed record; or

2. The increase is approved by the court.

B. If a first-trust instrument does not specify an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the compensation permitted by this chapter unless:

1. All qualified beneficiaries of the second trust consent to the increase in a signed record; or

2. The increase is approved by the court.

C. A change in an authorized fiduciary's compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary's compensation for purposes of subsections A and B.

2017, c. 592 .
Va. Code Ann. § 64.2-2613 — Virginia Code / Title 64.2 / Subtitle V / Chapter 26 / Section 64.2-2613
Recording of disclaimer
Status: in_force

If an instrument transferring title to real property is disclaimed, a copy of the disclaimer shall be recorded in the office of the clerk of the circuit court for the jurisdiction where the real property is located. If any other interest in or power over property subject to a disclaimer is required or permitted by law to be filed, recorded, or registered, the disclaimer may be so filed, recorded, or registered. Failure to file, record, or register the disclaimer does not affect its validity as between the disclaimant and persons to whom the property interest or power passes by reason of the disclaimer.

2003, c. 253 , § 64.1-196.14; 2012, c. 614 .
Va. Code Ann. § 64.2-308 — Virginia Code / Title 64.2 / Subtitle II / Chapter 3 / Article 1 / Section 64.2-308
Statutory rights barred by desertion or abandonment
Status: in_force

A. 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 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.

B. 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.

1990, c. 831, § 64.1-16.3; 1992, c. 795; 2012, c. 614 .
Va. Code Ann. § 64.2-1920 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1920
Applicability
Status: in_force

This chapter applies to a transfer within the scope of § 64.2-1901 made after July 1, 1988, if:

1. The transfer purports to have been made under the provisions of the Virginia Uniform Gifts to Minors Act (former §§ 31-26 through 31-36); or

2. The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer.

1988, c. 516, § 31-57; 2012, c. 614 .
Va. Code Ann. § 64.2-1305 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1305
Conservators, guardians of minors' estates, committees, trustees under § 64.2-2016, and receivers
Status: in_force

A. Within six months from the date of the qualification, conservators, guardians of minors' estates, committees, and trustees under § 64.2-2016 shall exhibit before the commissioner of accounts a statement of all money and other property that the fiduciary has received, has become chargeable with, or has disbursed within four months from the date of qualification.

B. After the first account of the fiduciary has been filed and settled, the second and subsequent accounts for each succeeding 12-month period shall be due within four months from the last day of the 12-month period commencing on the terminal date of the preceding account unless the commissioner of accounts extends the period for filing upon reasonable cause.

C. For fiduciaries acting on behalf of Medicaid recipients, the fees charged by the commissioners of accounts under subsection A or B shall not exceed $25.

D. Any account filed with the commissioner pursuant to this section shall be signed under oath by the fiduciary making such filing. If a fiduciary makes a false entry or statement in such a filing, he shall be subject to a civil penalty of not more than $500. Such penalty shall be collected by the attorney for the Commonwealth or the county or city attorney, and the proceeds shall be deposited into the general fund.

1993, c. 689, § 26-17.4; 1997, cc. 214 , 921 ; 1999, cc. 16 , 378 ; 2012, c. 614 ; 2020, cc. 190 , 372 .
Va. Code Ann. § 64.2-1313 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1313
Exhibition of accounts when sum does not exceed certain amount
Status: in_force

If the principal sum held by any fiduciary mentioned in § 64.2-1206 does not exceed $35,000, the fiduciary shall exhibit his accounts before the commissioner of accounts within the appropriate time period provided in §§ 64.2-1305 , 64.2-1306 , and 64.2-1307 . Thereafter, the commissioner of accounts may permit the fiduciary to exhibit his accounts every three years, which permission may be revoked by the commissioner of accounts on his own motion or upon request of any interested person. The provisions of this section shall apply to any case in which the corpus of the estate in the hands of the fiduciary has been reduced to $35,000 or less although it formerly exceeded that amount. Any fiduciary exhibiting his accounts in accordance with the provisions of this section shall be entitled to compensation for his services.

1934, p. 80; Michie Code 1942, § 5409a; 1946, p. 326; Code 1950, § 26-20; 1962, c. 148; 1976, c. 435; 1999, c. 378 ; 2002, cc. 220 , 227 ; 2003, c. 193 ; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-1429 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 14 / Article 2 / Section 64.2-1429
Notice and bond required prior to transfer
Status: in_force

No order shall be made pursuant to §§ 64.2-1427 and 64.2-1428 until (i) notice of the petition has been published once a week for four successive weeks in a newspaper published in the county or city in which the petition is filed, or if there is none, then in a newspaper published in an adjoining county; (ii) it is shown by authentic documentary evidence that the foreign guardian, conservator, or committee has, in the state or country where he qualified, given bond with surety sufficient to insure his accountability for the whole amount of the estate in his possession or that may be received by him; and (iii) the circuit court determines that the removal of such money or property from the Commonwealth will not impair the rights or be prejudicial to the interests either of the infant or incapacitated person or of any other person.

Code 1919, § 5352; 1930, p. 736; Code 1950, § 26-62; 1997, c. 801 ; 2012, c. 614 .
Va. Code Ann. § 64.2-549 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 8 / Section 64.2-549
Liability of personal representative or his surety
Status: in_force

The liability of a personal representative or his surety shall not exceed the assets of the decedent by reason of any omission or mistake in pleading or false pleading by such representative.

Code 1950, § 64-160; 1968, c. 656, § 64.1-170; 2012, c. 614 .
Va. Code Ann. § 64.2-779.30 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.2 / Section 64.2-779.30
Limitations on trust director
Status: in_force

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29 regarding:

1. A payback provision in the terms of a trust necessary to comply with the reimbursement requirements of Medicaid law in § 1917 of the Social Security Act, 42 U.S.C. § 1396p(d)(4)(A), as amended; and

2. A charitable interest in the trust, including notice regarding the interest to the Attorney General.

2020, c. 768 .
Va. Code Ann. § 64.2-1504 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 15 / Section 64.2-1504
Investments in municipal bonds by banks or trust companies
Status: in_force

Subject to the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and the common law duties of a fiduciary, unless the governing instrument or a court order specifically directs otherwise, a bank or trust company serving as personal representative, trustee, guardian, agent, or in any other fiduciary capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact that the fiduciary, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security if the fiduciary purchases the security from another syndicate member or from an affiliate thereof and not from itself or any of its affiliates.

1988, c. 347, § 26-40.2; 1999, c. 772 ; 2012, c. 614 .
Va. Code Ann. § 64.2-779.22 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 8.1 / Section 64.2-779.22
Settlor
Status: in_force

A. For purposes of law of the Commonwealth other than this article and subject to subsection B, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the income or principal of the first trust subject to the exercise of the decanting power.

B. In determining settlor intent with respect to a second trust, the intent of a settlor of the first trust, a settlor of the second trust, and the authorized fiduciary may be considered.

2017, c. 592 .
Va. Code Ann. § 64.2-509 — Virginia Code / Title 64.2 / Subtitle II / Chapter 5 / Article 2 / Section 64.2-509
List of heirs
Status: in_force

A. Every personal representative of a decedent, whether the decedent died testate or intestate, shall, at the time of his qualification, and every proponent of a will where there is no qualification of a personal representative, shall, at the time the will is presented for probate, furnish a list of heirs under oath in accordance with a form provided to each clerk of court by the Office of the Executive Secretary of the Supreme Court or a computer-generated facsimile thereof to the court or clerk where the personal representative qualifies and to the clerk of the circuit court for the jurisdiction where any real estate that is part of the decedent's estate is located.

B. If there has been no qualification of a personal representative within 30 days following the decedent's death, a list of heirs, made under oath in accordance with the form provided to each clerk or a computer-generated facsimile thereof, may be filed by any heir at law of a decedent who died intestate.

C. The clerk shall record the list of heirs in the will book and index the list in the name of the decedent and the heirs. A list of heirs made under oath and recorded pursuant to this section shall be prima facie evidence of the facts contained in the list. The cost of recording the list shall be deemed a part of the cost of administration and be paid out of the estate of the decedent.

D. The personal representative shall not receive any compensation for his services until the list of heirs is filed unless he files an affidavit before the commissioner of accounts that the heirs are unknown to him and that after diligent inquiry he has been unable to ascertain their names, ages, or addresses, as the case may be.

E. The list of heirs filed pursuant to this section shall reflect the heirs in existence on the date of the decedent's death. If there are any changes as to who should be included on the list of heirs, an additional list of heirs shall be filed that includes such changes.

Code 1950, § 64-127; 1954, c. 182; 1968, cc. 384, 656, § 64.1-134; 1984, c. 339; 1994, c. 327 ; 1998, c. 610 ; 2010, c. 585 ; 2012, c. 614 .
Va. Code Ann. § 64.2-798 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 10 / Section 64.2-798
Event affecting administration or distribution
Status: in_force

If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.

2005, c. 935 , § 55-550.07; 2012, c. 614 .
Va. Code Ann. § 64.2-1041 — Virginia Code / Title 64.2 / Subtitle III / Chapter 10.1 / Article 3 / Section 64.2-1041
Authority of fiduciary
Status: in_force

A. A fiduciary, without court approval, by complying with subsections B and F, may:

1. Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing:

a. That in administering the trust the net income of the trust will be a unitrust amount rather than net income determined without regard to this article; and

b. The percentage and method used to calculate the unitrust amount;

2. Change the percentage or method used to calculate a unitrust amount for a unitrust if the fiduciary adopts in a record a unitrust policy or an amendment or replacement of a unitrust policy providing changes in the percentage or method used to calculate the unitrust amount; or

3. Convert a unitrust to an income trust if the fiduciary adopts in a record a determination that, in administering the trust, the net income of the trust will be net income determined without regard to this article rather than a unitrust amount.

B. A fiduciary may take an action under subsection A if:

1. The fiduciary determines that the action will assist the fiduciary to administer a trust impartially;

2. The fiduciary sends a notice in a record, in the manner required by § 64.2-1042 , describing and proposing to take the action;

3. The fiduciary sends a copy of the notice under subdivision 2 to each settlor of the trust that is:

a. If an individual, living; or

b. If not an individual, in existence;

4. At least one member of each class of the qualified beneficiaries determined under § 64.2-701 , other than the Attorney General, receiving the notice under subdivision 2 is:

a. If an individual, legally competent;

b. If not an individual, in existence; or

c. Represented in the manner provided in Article 3 (§ 64.2-714 et seq.) of Chapter 7; and

5. The fiduciary does not receive, by the date specified in the notice under subdivision D 5 of § 64.2-1042 , an objection in a record to the action proposed under subdivision 2 from a person to which the notice under subdivision 2 is sent.

C. If a fiduciary receives, not later than the date stated in the notice under subdivision D 5 of § 64.2-1042 , an objection in a record described in subdivision D 4 of § 64.2-1042 to a proposed action, the fiduciary or a beneficiary may request the court to have the proposed action taken as proposed, taken with modifications, or prevented. A person described in subsection A of § 64.2-1042 may oppose the proposed action in the proceeding under this subsection, whether or not the person:

1. Consented under subsection C of § 64.2-1042 ; or

2. Objected under subdivision D 4 of § 64.2-1042 .

D. If, after sending a notice under subdivision B 2, a fiduciary decides not to take the action proposed in the notice, the fiduciary shall notify in a record each person described in subsection A of § 64.2-1042 of the decision not to take the action and the reasons for the decision.

E. If a beneficiary requests in a record that a fiduciary take an action described in subsection A and the fiduciary declines to act or does not act within 90 days after receiving the request, the beneficiary may request the court to direct the fiduciary to take the action requested.

F. In deciding whether and how to take an action authorized by subsection A, or whether and how to respond to a request by a beneficiary under subsection E, a fiduciary shall consider all factors relevant to the trust and the beneficiaries, including relevant factors in subsection E of § 64.2-1036 .

G. A fiduciary may release or delegate the power to convert an income trust to a unitrust under subdivision A 1, change the percentage or method used to calculate a unitrust amount under subdivision A 2, or convert a unitrust to an income trust under subdivision A 3, for a reason described in subsection G of § 64.2-1038 and in the manner described in subsection H of § 64.2-1038 .

2022, c. 354 .
Va. Code Ann. § 64.2-2503 — Virginia Code / Title 64.2 / Subtitle V / Chapter 25 / Section 64.2-2503
Concurrent ownership with or without survivorship
Status: in_force

A. The death of the decedent caused by the slayer results in the vesting of the slayer's interest in property held by the decedent and the slayer as tenants by the entirety or any other form of ownership with the right of survivorship in the estate of the decedent as though the slayer had predeceased the decedent.

B. The death of the decedent caused by the slayer results in the severance of the slayer's interest in property held by the decedent and the slayer as joint tenants, joint owners, or joint obligees without the right of survivorship and the share of the decedent passes as a part of his estate.

1981, c. 469, §§ 55-405, 55-406; 1992, c. 521; 2008, cc. 822 , 830 ; 2012, c. 614 .
Va. Code Ann. § 64.2-432 — Virginia Code / Title 64.2 / Subtitle II / Chapter 4 / Article 3 / Section 64.2-432
Certain formula clauses to be construed to refer to federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009, and before January 1, 2011
Status: in_force

A. A will, trust, or other instrument of a decedent who dies after December 31, 2009, and before January 1, 2011, that contains a formula referring to the "unified credit," "estate tax exemption," "applicable exemption amount," "applicable credit amount," "applicable exclusion amount," "generation-skipping transfer tax exemption," "GST exemption," "marital deduction," "maximum marital deduction," "unlimited marital deduction," "inclusion ratio," "applicable fraction," or any section of the Internal Revenue Code relating to the federal estate tax or generation-skipping transfer tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes or the amount that can pass free of federal generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be deemed to refer to the federal estate tax and generation-skipping transfer tax laws as they apply with respect to estates of decedents dying in 2010 regardless of whether the decedent's personal representative or other fiduciary elects not to have the estate tax apply with respect to the estate. This provision shall not apply with respect to a will, trust, or other instrument that manifests an intent that a contrary rule shall apply.

B. The personal representative, trustee, other fiduciary, or any affected beneficiary under the will, trust, or other instrument may bring a proceeding to determine whether the decedent intended that the will, trust, or other instrument be construed in a manner other than as provided in subsection A. A proceeding under this section shall be commenced prior to January 1, 2012. In such a proceeding, the court may consider extrinsic evidence that contradicts the plain meaning of the will, trust, or other instrument. The court shall have the power to modify a provision of a will, trust, or other instrument that refers to the federal estate tax or generation-skipping transfer tax laws as described in subsection A to (i) conform the terms to the decedent's intention or (ii) achieve the decedent's tax objectives in a manner that is not contrary to the decedent's probable intention. The court may provide that its decision, including any decision to modify a provision of a will, trust, or other instrument, shall be effective as of the date of the decedent's death. A person who commences a proceeding under this section has the burdens of proof, by clear and convincing evidence, and persuasion in establishing the decedent's intention that the will, trust, or other instrument be construed in a manner other than as provided in subsection A.

C. For purposes of this section, interested persons may enter into a binding agreement to determine whether the decedent intended that the will, trust, or other instrument shall be construed in a manner other than as provided in subsection A, and to conform the terms of the will, trust, or other instrument to the decedent's intention without court approval as provided in subsection B. Any interested person may petition the court to approve the agreement or to determine whether all interested persons are parties to the agreement, either in person or by adequate representation where permitted by law, and whether the agreement contains terms the court could have properly approved. In the case of a trust, the agreement may be by nonjudicial settlement agreement pursuant to § 64.2-709 . "Interested person" means any person whose consent is required in order to achieve a binding settlement were the settlement to be approved by the court.

2010, c. 238 , § 64.1-62.4; 2011, c. 679 ; 2012, c. 614 ; 2013, c. 784 .
Va. Code Ann. § 64.2-1905 — Virginia Code / Title 64.2 / Subtitle IV / Part C / Chapter 19 / Section 64.2-1905
Other transfer by fiduciary
Status: in_force

A. Subject to subsection C, a personal representative or trustee may make an irrevocable transfer to an adult or trust company as custodian for the benefit of a minor pursuant to § 64.2-1908 in the absence of a will or under a will or trust that does not contain an authorization to do so.

B. Subject to subsection C, a conservator may make an irrevocable transfer to an adult or trust company as custodian for the benefit of the minor pursuant to § 64.2-1908 .

C. A transfer under either subsection A or B may be made only if (i) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds $35,000 in value or is made by a conservator.

1988, c. 516, § 31-42; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .
Va. Code Ann. § 64.2-918 — Virginia Code / Title 64.2 / Subtitle III / Chapter 9 / Section 64.2-918
Applicable law
Status: in_force

A. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the Commonwealth or custodial trust property is located in the Commonwealth. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from the Commonwealth.

B. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in the Commonwealth.

1990, c. 264, § 55-34.19; 2012, c. 614 .
Va. Code Ann. § 64.2-2013 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2013
Standby guardianship or conservatorship for incapacitated persons
Status: in_force

A. For purposes of this section, the term "person" includes a child or a parent sharing a biological relationship with one another or having a relationship established by adoption, a relationship established pursuant to Chapter 9 (§ 20-156 et seq.) of Title 20, or a relationship established by a judicial proceeding that establishes parentage or orders legal guardianship. The term includes persons 18 years of age and over.

B. On petition of one or both parents, one or more children, or the legal guardian of an incapacitated person made to the circuit court for the jurisdiction where the parent, parents, child, children, or legal guardian resides, the court may appoint a standby guardian or a standby conservator, or both, of the incapacitated person. The appointment of the standby fiduciary shall be affirmed biennially by the parent, parents, child, children, or legal guardian of the person and by the standby fiduciary prior to his assuming his position as fiduciary by filing with the court an affidavit that states that the standby fiduciary remains available and capable to fulfill his duties.

C. The standby fiduciary shall be authorized without further proceedings to assume the duties of his office immediately upon the death or adjudication of incapacity of the last surviving of the parents or children of the incapacitated person or of his legal guardian, subject to confirmation of his appointment by the circuit court within 60 days following assumption of his duties. If the incapacitated person is 18 years of age or older, the court, before confirming the appointment of the standby fiduciary, shall conduct a hearing pursuant to this article. The requirements of the court and the powers, duties, and liabilities that pertain to guardians and conservators govern the confirmation of the standby fiduciary and shall apply to the standby fiduciary upon the assumption of his duties.

1997, c. 921 , § 37.1-134.17; 2004, c. 135 ; 2005, c. 716 , § 37.2-1013; 2012, c. 614 .
Va. Code Ann. § 64.2-606 — Virginia Code / Title 64.2 / Subtitle II / Chapter 6 / Article 2 / Section 64.2-606
Transfer of certain vessels registered with U.S. Coast Guard and transfer of motor vehicles
Status: in_force

A. When a resident of the Commonwealth owning a vessel registered with the U.S. Coast Guard dies and there has been no qualification on the decedent's estate, a transfer of ownership may be made by a legatee or distributee if he presents a statement made by him to the U.S. Coast Guard stating that (i) there has not been and there is not expected to be a qualification on the estate and (ii) the decedent's debts have been paid in full or that the proceeds from the sale of such vessel will be used to apply against the decedent's debts. The statement shall state the decedent's name, residence at the time of death, and date of death, and the names of all other persons, if any, having an interest in the vessel who, if they have reached the age of majority, shall signify in writing their consent to such transfer of title.

B. A transfer of ownership of a motor vehicle may be made by a legatee or distributee pursuant to § 46.2-634 .

1980, c. 731, § 64.1-123.2; 1994, c. 399 ; 2012, c. 614 .
Va. Code Ann. § 64.2-1303 — Virginia Code / Title 64.2 / Subtitle IV / Part A / Chapter 13 / Section 64.2-1303
Copies of inventories and accounts to be provided by personal representatives
Status: in_force

A. Every personal representative filing with the commissioner of accounts an inventory or account, including an affidavit of intent to file a statement in lieu of an account pursuant to § 64.2-1314 , or any document making changes to either, shall, on or before the date of such filing, send a copy thereof by first-class mail to those persons to whom notice was given pursuant to subsections A and B of § 64.2-508 and who requested the same from the personal representative in writing. Copies sent pursuant to this subsection need not include copies of any supporting vouchers and such copies need not be given to (i) persons who would take only as heirs at law in a case where all of the decedent's probate estate is disposed of by will or (ii) beneficiaries whose gifts have been satisfied in full prior to such filing. A request for copies may be made to a personal representative at any time. The request may relate to one specific filing or to all filings to be made by the personal representative but it is not effective for filings made prior to its receipt by a personal representative.

B. No commissioner of accounts shall approve any personal representative's inventory or account (i) until 21 days have elapsed from the receipt of such inventory or account and (ii) unless the inventory or account contains a statement that any copies requested pursuant to this section have been mailed and shows the names and addresses of the persons to whom they were mailed and the date of such mailing.

2001, c. 265 , § 26-12.4; 2012, c. 614 .
Va. Code Ann. § 64.2-743 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 5 / Section 64.2-743
Spendthrift provision
Status: in_force

A. A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.

B. A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.

C. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.

2005, c. 935 , § 55-545.02; 2012, c. 614 .
Va. Code Ann. § 64.2-757 — Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 7 / Section 64.2-757
Vacancy in trusteeship; appointment of successor
Status: in_force

A. A vacancy in a trusteeship occurs if:

1. A person designated as trustee rejects the trusteeship;

2. A person designated as trustee cannot be identified or does not exist;

3. A trustee resigns;

4. A trustee is disqualified or removed;

5. A trustee dies; or

6. An individual serving as trustee is adjudicated an incapacitated person.

B. If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.

C. A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:

1. By a person designated pursuant to the terms of the trust to act as successor trustee;

2. By a person appointed by unanimous agreement of the qualified beneficiaries; or

3. By a person appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 , or pursuant to § 64.2-712 .

D. A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:

1. By a person designated pursuant to the terms of the trust to act as successor trustee;

2. By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust, subject, however, to the concurrence of the Attorney General in any case in which he has previously requested of an organization so designated that he be consulted regarding the selection of successor; or

3. By a person appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 , or pursuant to § 64.2-712 .

E. Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.

F. A successor or surviving trustee shall succeed to all the rights, powers, and privileges, and shall be subject to all the duties, liabilities, and responsibilities imposed upon the original trustee without regard to the nature of discretionary powers conferred by the instrument, unless the trust instrument expressly provides to the contrary, or unless an order appointing the successor trustee provides otherwise.

2005, c. 935 , § 55-547.04; 2012, c. 614 .
Va. Code Ann. § 64.2-2016 — Virginia Code / Title 64.2 / Subtitle IV / Part D / Chapter 20 / Article 1 / Section 64.2-2016
Trustees for incapacitated veterans and their beneficiaries
Status: in_force

A. Whenever any veteran of the armed forces of the United States or the beneficiary of any veteran is found to be incapacitated by the medical authorities of the U.S. Department of Veterans Affairs, on motion of the U.S. Department of Veterans Affairs or any interested person, and after reasonable notice to the veteran or beneficiary, the circuit court of the county or the city in which the veteran or beneficiary resides, in lieu of appointing a conservator or finding him to be incapacitated, shall appoint a trustee for the veteran or the beneficiary of the veteran where it appears to the court that a trustee is needed for the purpose of receiving and administering pension, compensation, insurance, or other benefits that might be paid by the United States government. Any motion shall be accompanied by a certificate of the Secretary of Veterans Affairs or his duly authorized representative certifying that the veteran or beneficiary has been rated incapacitated by the U.S. Department of Veterans Affairs and that the appointment of a trustee is a condition precedent to the payment of any moneys due the veteran or the beneficiary.

B. Upon his qualification, the trustee, in addition to administering the funds payable through the U.S. Department of Veterans Affairs, shall administer the entire estate of the veteran or the beneficiary regardless of the source from which it is derived and, in such administration, shall have the same powers and duties and be subject to the same liabilities as are vested in or imposed upon a conservator pursuant to this chapter. The trustee, in addition to the duties and obligations imposed upon him under his trust by the federal government, shall be subject to the state laws that are applicable to the appointment and administration of conservators for incapacitated persons.

C. The court that appointed the trustee for a veteran or beneficiary pursuant to this section may subsequently find that the veteran or beneficiary has been restored to capacity.

1997, c. 921 , § 37.1-134.20; 2005, c. 716 , § 37.2-1016; 2012, c. 614 .
Va. Code Ann. § 64.2-2307 — Virginia Code / Title 64.2 / Subtitle V / Chapter 23 / Section 64.2-2307
Revocation of determination of death; effect on previous acts; title of purchasers
Status: in_force

The court, after reasonable notice to the parties interested, may revoke a determination of death at any time based on satisfactory evidence that the presumed decedent is in fact alive. If a determination of death is revoked, all powers of any personal representative shall terminate; however, if the personal representative has complied with the provisions of § 64.2-2306 , all receipts and disbursements of assets and other acts previously done by the personal representative and the title of bona fide purchasers of property under sales made by the personal representative or by any heir at law, devisee, next of kin, legatee, survivor, beneficiary, or other successor in interest shall remain as valid as if no revocation had been made. Any personal representative shall settle his account and all assets remaining in his possession or in the possession of such heir at law, devisee, next of kin, legatee, survivor, beneficiary, or other successor in interest, and the proceeds of such assets, shall be transferred to the person who had been determined to be dead or to his duly authorized agent or attorney. Nothing in this section shall validate the title of any person to any money or property received as an heir at law, devisee, next of kin, legatee, survivor, beneficiary, or other successor in interest of such presumed decedent, and such money or property may be recovered from them as if the order determining death had not been granted.

Code 1950, § 64-109; 1968, c. 656, § 64.1-113; 2006, c. 351 ; 2012, c. 614 .