reglab/housing_qa huggingface dataset:
VA Code § 64.2-779.2 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.2. Fiduciary duty

A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.B. This article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this article.C. Except as otherwise provided in a first-trust instrument, for purposes of this article and § 64.2-763 and subsection A of § 64.2-764, the terms of the first trust are deemed to include the decanting power.2017, c. 592.
VA Code § 64.2-779.3 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.3. Application; governing law

This article applies to a trust created before, on, or after July 1, 2017, that:1. Has its principal place of administration in the Commonwealth, including a trust whose principal place of administration has been changed to the Commonwealth; or2. Provides by its trust instrument that it is governed by the law of the Commonwealth or is governed by the law of the Commonwealth for the purpose of:a. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of the Commonwealth;b. Construction of terms of the trust; orc. Determining the meaning or effect of terms of the trust.2017, c. 592.
VA Code § 64.2-779.4 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.4. Reasonable reliance

A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this article, a law of the Commonwealth other than this article, or the law of another jurisdiction is not liable to any person for any action or failure to act as a result of the reliance.2017, c. 592.
VA Code § 64.2-779.5 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.5. Notice; exercise of decanting power

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 § 64.2-779.6 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.6. Court involvement

A. On application of an authorized fiduciary, a person entitled to notice under subsection C of § 64.2-779.5, a beneficiary, or with respect to a charitable interest the Attorney General or other person that has standing to enforce the charitable interest, the court may (i) provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power is permitted under this article and consistent with the fiduciary duties of the authorized fiduciary; (ii) appoint a special fiduciary and authorize the special fiduciary to determine whether the decanting power should be exercised under this article and to exercise the decanting power; (iii) approve an exercise of the decanting power; (iv) determine that a proposed or attempted exercise of the decanting power is ineffective because (a) after applying § 64.2-779.19, the proposed or attempted exercise does not or did not comply with this article or (b) the proposed or attempted exercise would be or was an abuse of the fiduciary's discretion or a breach of fiduciary duty; (v) determine the extent to which § 64.2-779.19 applies to a prior exercise of the decanting power; (vi) provide instructions to the trustee regarding the application of § 64.2-779.19 to a prior exercise of the decanting power; or (vii) order other relief to carry out the purposes of this article.B. On application of an authorized fiduciary, the court may approve (i) an increase in the fiduciary's compensation under § 64.2-779.13 or (ii) a modification under § 64.2-779.15 of a provision granting a person the right to remove or replace the fiduciary.2017, c. 592.
VA Code § 64.2-779.7 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.7. Formalities

An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by § 64.2-779.5, identify the first trust and the second trust or trusts and state the property of the first trust being distributed to or held subject to the terms of each second trust and the property, if any, that remains in the first trust.2017, c. 592.
VA Code § 64.2-779.9 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.9. Decanting power under limited distributive discretion

A. As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard.B. An authorized fiduciary that has limited distributive discretion over the income or principal of the first trust for benefit of one or more current beneficiaries may exercise the decanting power over the income or principal of the first trust.C. Under this section and subject to § 64.2-779.11, a second trust may be created or administered under the law of any jurisdiction. Under this section, the second trusts, in the aggregate, must grant each beneficiary of the first trust beneficial interests that are substantially similar to the beneficial interests of the beneficiary in the first trust. A second trust that defers or postpones a contingent right of a beneficiary to receive an outright distribution of assets upon the attainment of a certain age or upon the occurrence of a specific event (a "deferred distribution") shall be substantially similar to the first trust if the second trust provides that (i) during the lifetime of the beneficiary, no portion of the income or principal attributable to the deferred distribution may be distributed to, or for the benefit of, any person other than the beneficiary and (ii) the beneficiary shall have a testamentary general power of appointment exercisable in favor of the beneficiary's estate over the deferred distribution or the deferred distribution shall be payable to the beneficiary's estate if the second trust does not terminate during the beneficiary's lifetime.D. A power to make a distribution under a second trust for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary. A distribution is for the benefit of a beneficiary if:1. The distribution is applied for the benefit of the beneficiary;2. The beneficiary is under a legal disability or the trustee reasonably believes the beneficiary is incapacitated, and the distribution is made as permitted under this chapter; or3. The distribution is made as permitted under the terms of the first-trust instrument and the second-trust instrument for the benefit of the beneficiary.E. If an authorized fiduciary has limited distributive discretion over part but not all of the income or principal of a first trust, the fiduciary may exercise the decanting power under this section over that part of the income or principal over which the authorized fiduciary has limited distributive discretion.2017, c. 592.
VA Code § 64.2-779.10 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.10. Trust for beneficiary with disability

A. As used in this section:"Beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been determined to be an incapacitated person."Governmental benefits" means financial aid or services from a state, federal, or other public agency."Special-needs fiduciary" means, with respect to a trust that has a beneficiary with a disability:1. A trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the principal of a first trust to one or more current beneficiaries;2. If no trustee or fiduciary has discretion under subdivision 1, a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the income of the first trust to one or more current beneficiaries; or3. If no trustee or fiduciary has discretion under subdivisions 1 and 2, a trustee or other fiduciary, other than a settlor, that is required to distribute part or all of the income or principal of the first trust to one or more current beneficiaries."Special-needs trust" means a trust the trustee believes would not be considered a resource for purposes of determining whether a beneficiary with a disability is eligible for governmental benefits.B. A special-needs fiduciary may exercise the decanting power under § 64.2-779.8 over the income or principal of a first trust, including a first trust under which the fiduciary has only limited distributive discretion as defined in subsection A of § 64.2-779.9, as if the fiduciary had authority to distribute income or principal to a beneficiary with a disability subject to expanded distributive discretion if:1. A second trust is a special-needs trust that benefits the beneficiary with a disability; and2. The special-needs fiduciary determines that exercise of the decanting power will further the purposes of the first trust.C. In an exercise of the decanting power under this section, the following rules apply:1. Notwithstanding subdivision C 2 of § 64.2-779.8, the interest in the second trust of a beneficiary with a disability may:a. Be a pooled trust as defined by Medicaid law for the benefit of the beneficiary with a disability under 42 U.S.C. § 1396p(d)(4)(C); orb. Contain payback provisions complying with reimbursement requirements of Medicaid law under 42 U.S.C. § 1396p(d)(4)(A).2. Subdivision C 3 of § 64.2-779.8 does not apply to the interests of the beneficiary with a disability.3. Except as affected by any change to the interests of the beneficiary with a disability, the second trust, or if there are two or more second trusts, the second trusts in the aggregate, must grant each other beneficiary of the first trust beneficial interests in the second trusts that are substantially similar to the beneficiary's beneficial interests in the first trust.2017, c. 592.
VA Code § 64.2-779.11 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.11. Protection of charitable interest

A. As used in this section:"Determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes."Unconditional" means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986 on the date of the distribution, if the charitable organization meets the requirement on the date of determination.B. If a first trust contains a determinable charitable interest, the Attorney General has the rights of a qualified beneficiary and may represent and bind the charitable interest.C. If a first trust contains a charitable interest, the second trust or trusts may not:1. Diminish the charitable interest;2. Diminish the interest of an identified charitable organization that holds the charitable interest;3. Alter any charitable purpose stated in the first-trust instrument; or4. Alter any condition or restriction related to the charitable interest.D. If there are two or more second trusts, the second trusts shall be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection C.E. If a first trust contains a determinable charitable interest, the second trust or trusts that include a charitable interest pursuant to subsection C must be administered under the law of the Commonwealth unless:1. The Attorney General, after receiving notice under § 64.2-779.5, fails to object in a signed record delivered to the authorized fiduciary within the notice period;2. The Attorney General consents in a signed record to the second trust or trusts being administered under the law of another jurisdiction; or3. The court approves the exercise of the decanting power.F. This article does not limit the powers and duties of the Attorney General under law of the Commonwealth other than this article.2017, c. 592.
VA Code § 64.2-779.12 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.12. Trust limitation on decanting

A. An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of:1. The decanting power; or2. A power granted by state law to the fiduciary to distribute part or all of the income or principal of the trust to another trust or to modify the trust.B. Exercise of the decanting power is subject to any restriction in the first-trust instrument that expressly applies to exercise of:1. The decanting power; or2. A power granted by state law to a fiduciary to distribute part or all of the income or principal of the trust to another trust or to modify the trust.C. A general prohibition of the amendment or revocation of a first trust, a spendthrift clause, or a clause restraining the voluntary or involuntary transfer of a beneficiary's interest does not preclude exercise of the decanting power.D. Subject to subsections A and B, an authorized fiduciary may exercise the decanting power under this article even if the first-trust instrument permits the authorized fiduciary or another person to modify the first-trust instrument or to distribute part or all of the income or principal of the first trust to another trust.E. If a first-trust instrument contains an express prohibition described in subsection A or an express restriction described in subsection B, the provision must be included in the second-trust instrument.2017, c. 592.
VA Code § 64.2-779.13 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.13. Change in compensation

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; or2. 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; or2. 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 § 64.2-779.14 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.14. Relief from liability and indemnification

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 § 64.2-779.15 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.15. Removal or replacement of authorized fiduciary

An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:1. The person holding the power consents to the modification in a signed record and the modification applies only to the person;2. The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or3. The court approves the modification and the modification grants a substantially similar power to another person.2017, c. 592.
VA Code § 64.2-779.17 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.17. Duration of second trust

A. Subject to subsection B, a second trust may have a duration that is the same as or different from the duration of the first trust.B. To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject to any rules governing maximum perpetuity, accumulation, or suspension of the power of alienation that apply to property of the first trust.2017, c. 592.
VA Code § 64.2-779.18 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.18. Need to distribute not required

An authorized fiduciary may exercise the decanting power whether or not under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of income or principal at the time of the exercise.2017, c. 592.
VA Code § 64.2-779.19 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.19. Savings provision

A. If exercise of the decanting power would be effective under this article except that the second-trust instrument in part does not comply with this article, the exercise of the power is effective and the following rules apply with respect to the income or principal of the second trust attributable to the exercise of the power:1. A provision in the second-trust instrument which is not permitted under this article is void to the extent necessary to comply with this article.2. A provision required by this article to be in the second-trust instrument which is not contained in the instrument is deemed to be included in the instrument to the extent necessary to comply with this article.B. If a trustee or other fiduciary of a second trust determines that subsection A applies to a prior exercise of the decanting power, the fiduciary shall take corrective action consistent with the fiduciary's duties.2017, c. 592.
VA Code § 64.2-779.20 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.20. Trust for care of animal

A. As used in this section:"Animal trust" means a trust or an interest in a trust created to provide for the care of one or more animals."Protector" means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.B. The decanting power may be exercised over an animal trust that has a protector to the extent that the trust could be decanted under this article if each animal that benefits from the trust were an individual, if the protector consents in a signed record to the exercise of the power.C. A protector for an animal has the rights under this article of a qualified beneficiary.D. Notwithstanding any other provision of this article, if a first trust is an animal trust, in an exercise of the decanting power, the second trust must provide that trust property may be applied only to its intended purpose for the period the first trust benefited the animal.2017, c. 592.
VA Code § 64.2-779.21 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.21. Terms of second trust

A reference in this chapter to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust.2017, c. 592.