reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-742. Rights of beneficiary's creditor or assignee

To the extent a beneficiary's interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.
2005, c. 935, § 55-545.01; 2007, c. 216; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-743. Spendthrift provision

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-744. Exceptions to spendthrift provision

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-745. Certain claims for reimbursement for public assistance

A. Notwithstanding any contrary provision in the trust instrument, if a statute or regulation of the United States or Commonwealth requires a beneficiary to reimburse the Commonwealth or any agency or instrumentality thereof, for public assistance, including medical assistance, furnished or to be furnished to the beneficiary, the Attorney General or an attorney acting on behalf of the state agency responsible for the program may file a petition in the circuit court having jurisdiction over the trustee requesting reimbursement. The petition may be filed prior to obtaining a judgment. The beneficiary, the guardian of his estate, his conservator, or his committee shall be made a party.
B. Following its review of the circumstances of the case, the court may:
1. Order the trustee to satisfy all or part of the liability out of all or part of the amounts to which the beneficiary is entitled, whether presently or in the future, to the extent the beneficiary has the right under the trust to compel the trustee to pay income or principal to or for the benefit of the beneficiary; or
2. Regardless of whether the beneficiary has the right to compel the trustee to pay income or principal to or for the benefit of the beneficiary, order the trustee to satisfy all or part of the liability out of all or part of any future payments that the trustee chooses to make to or for the benefit of the beneficiary in the exercise of discretion under the trust.
C. A duty in the trustee under the instrument to make disbursements in a manner designed to avoid rendering the beneficiary ineligible for public assistance to which he might otherwise be entitled, however, shall not be construed as a right possessed by the beneficiary to compel such payments.
D. The court shall not issue an order pursuant to this section if the beneficiary is a person who has a medically determined physical or mental disability that substantially impairs his ability to provide for his care or custody, and constitutes a substantial disability.
2005, c. 935, § 55-545.03:1; 2012, c. 614; 2023, cc. 148, 149.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-745.1. Self-settled spendthrift trusts

A. A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except as otherwise provided in this article, § 64.2-747 shall not apply to such qualified interest.
B. Section 64.2-747 shall continue to apply with respect to any interest held by a settlor in a qualified self-settled spendthrift trust, other than a qualified interest.
C. A settlor's transfer to a qualified self-settled spendthrift trust shall not, to the extent of the settlor's qualified interest, be deemed to have been made with intent to delay, hinder, or defraud creditors, for purposes of § 55.1-400, merely because it is made to a trust with respect to which the settlor retains a qualified interest and merely because it is made without consideration. A settlor's transfer to a qualified self-settled spendthrift trust may, however, be set aside under § 55.1-400 or 55.1-401 on other bases, such as if the transfer renders the settlor insolvent.
D. A settlor's creditor may bring an action under § 55.1-402 to avoid a transfer to a qualified self-settled spendthrift trust or otherwise to enforce a claim that existed on the date of the settlor's transfer to such trust within five years after the date of the settlor's transfer to such trust to which such claim relates.
E. A creditor shall have only such rights with respect to a settlor's transfer to a qualified self-settled spendthrift trust as are provided in this section. No creditor and no other person shall have any claim or cause of action against any trustee, trust adviser, trust director, or any person involved in the counseling, drafting, preparation, or execution of, or transfers to a qualified self-settled spendthrift trust.
F. If a settlor makes more than one transfer to the same qualified self-settled spendthrift trust, the following rules shall apply:
1. The settlor's making of a subsequent transfer shall be disregarded in determining whether a creditor's claim with respect to a prior transfer is valid under this section;
2. With respect to each subsequent transfer by the settlor, the five-year limitations period provided in subsection D, with respect to actions brought under Chapter 4 (§ 55.1-400 et seq.) of Title 55.1 with respect to the subsequent transfer, commences on the date of such subsequent transfer; and
3. Any distribution to a beneficiary is deemed to have been made from the latest such transfer.
G. The movement to the Commonwealth of the administration of an existing trust, which, after such movement to the Commonwealth, meets for the first time all of the requirements of a qualified self-settled spendthrift trust, shall be treated, for purposes of this section, as a transfer to this trust by the settlor on the date of such movement of all of the assets previously transferred to the trust by the settlor.
2012, c. 555, § 55-545.03:2; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-746. Discretionary trusts; effect of standard

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. Except as otherwise provided in subsection C and § 64.2-745, whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if:
1. The discretion is expressed in the form of a standard of distribution; or
2. The trustee has abused the discretion.
C. To the extent a trustee has not complied with a standard of distribution or has abused a discretion:
1. A distribution may be ordered by the court to satisfy a judgment or court order against the beneficiary for support or maintenance of the beneficiary's child; and
2. The court shall direct the trustee to pay to the child such amount as is equitable under the circumstances but not more than the amount the trustee would have been required to distribute to or for the benefit of the beneficiary had the trustee complied with the standard or not abused the discretion.
D. This section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution.
E. A creditor may not reach the interest of a beneficiary who is also a trustee or cotrustee, or otherwise compel a distribution, if the trustee's discretion to make distributions for the trustee's own benefit is limited by an ascertainable standard.
2005, c. 935, § 55-545.04; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-748. Overdue distribution

A. In this section "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (i) the discretion is expressed in the form of a standard of distribution or (ii) the terms of the trust authorizing a distribution use language of discretion with language of direction.
B. Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
2005, c. 935, § 55-545.06; 2007, c. 216; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-749. Personal obligations of trustee

Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
2005, c. 935, § 55-545.07; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-750. Capacity of settlor of revocable trust

The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
2005, c. 935, § 55-546.01; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-751. Revocation or amendment of revocable trust

A. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before July 1, 2006.
B. If a revocable trust is created or funded by more than one settlor:
1. To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
2. To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and
3. Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
C. The settlor may revoke or amend a revocable trust:
1. By substantial compliance with a method provided in the terms of the trust; or
2. If the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor's intent.
D. Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
E. A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent, acting in accordance with § 64.2-1612, under a power of attorney that expressly authorizes such action except to the extent expressly prohibited by the terms of the trust.
F. A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only (i) to the extent expressly authorized by the terms of the trust or (ii) if authorized by the court supervising the conservatorship or guardianship for good cause shown.
G. A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
2005, c. 935, § 55-546.02; 2010, cc. 455, 632; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-752. Settlor's powers; powers of withdrawal

A. While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
B. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
C. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
2005, c. 935, § 55-546.03; 2012, c. 614; 2020, c. 768.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-753. Limitation on action contesting validity of revocable trust; distribution of trust property

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-754. Accepting or declining trusteeship

A. Except as otherwise provided in subsection C, a person designated as trustee accepts the trusteeship:
1. By substantially complying with a method of acceptance provided in the terms of the trust; or
2. If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
B. A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
C. A person designated as trustee, without accepting the trusteeship, may:
1. Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and
2. Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
2005, c. 935, § 55-547.01; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-755. Trustee's bond

A. Except as otherwise provided in Part A (§ 64.2-1200 et seq.) of Subtitle IV, a trustee shall give bond, or bond with surety or other security, to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
B. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
C. A regulated financial service institution qualified to do trust business in the Commonwealth need not give bond, even if required by the terms of the trust.
2005, c. 935, § 55-547.02; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-756. Cotrustees

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-757. Vacancy in trusteeship; appointment of successor

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-758. Resignation of trustee

A. A trustee may resign:
1. Upon at least 30 days' notice to the settlor, if living, to all cotrustees, and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; or
2. With the approval of the court.
B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
C. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
2005, c. 935, § 55-547.05; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-759. Removal of trustee

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.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-760. Delivery of property by former trustee

A. Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
B. A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
C. Title to all trust property shall be owned and vested in any successor trustee, upon acceptance of the trusteeship, without any conveyance, transfer, or assignment by the prior trustee.
2005, c. 935, § 55-547.07; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-761. Compensation of trustee

A. If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
B. If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:
1. The duties of the trustee are substantially different from those contemplated when the trust was created; or
2. The compensation specified by the terms of the trust would be unreasonably low or high.
2005, c. 935, § 55-547.08; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-762. Reimbursement of expenses

A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
1. Expenses that were properly incurred in the administration of the trust; and
2. To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
B. An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
2005, c. 935, § 55-547.09; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-763. Duty to administer trust and invest

Upon acceptance of a trusteeship, the trustee shall administer the trust and invest trust assets in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter. In administering, managing and investing trust assets, the trustee shall comply with the provisions of the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and the Uniform Principal and Income Act (§ 64.2-1000 et seq.).
2005, c. 935, § 55-548.01; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-765. Impartiality

If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
2005, c. 935, § 55-548.03; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-766. Prudent administration

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
2005, c. 935, § 55-548.04; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-767. Costs of administration

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
2005, c. 935, § 55-548.05; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-768. Trustee's skills

A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
2005, c. 935, § 55-548.06; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-769. Delegation by trustee

A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
1. Selecting an agent;
2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
C. A trustee who complies with subsection A is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
D. By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth.
2005, c. 935, § 55-548.07; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-772. Recordkeeping and identification of trust property

A. A trustee shall keep adequate records of the administration of the trust.
B. A trustee shall keep trust property separate from the trustee's own property.
C. Except as otherwise provided in subsection D, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
D. If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.
E. A deed or other instrument purporting to convey or transfer real or personal property to a trust instead of to the trustee or trustees of the trust shall be deemed to convey or transfer such property to the trustee or trustees as fully as if made directly to the trustee or trustees.
2005, c. 935, § 55-548.10; 2007, c. 197; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-773. Enforcement and defense of claims

A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
2005, c. 935, § 55-548.11; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-774. Collecting trust property

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust or duty known to the trustee to have been committed by a former trustee or other fiduciary.
2005, c. 935, § 55-548.12; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-775. Duty to inform and report

A. A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust. A trustee who fails to furnish information to a beneficiary or respond to a request for information regarding the administration of the trust in a good faith belief that to do so would be unreasonable under the circumstances or contrary to the purposes of the settlor shall not be subject to removal or other sanctions therefor.
B. A trustee:
1. Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
2. Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;
3. Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection C; and
4. Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.
C. A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report shall be sent to the qualified beneficiaries by the former trustee. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.
D. A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.
E. Subdivisions B 2 and B 3 and subsection C apply only to an irrevocable trust created on or after the effective date of this chapter, and to a revocable trust that becomes irrevocable on or after the effective date of this chapter.
2005, c. 935, § 55-548.13; 2007, c. 254; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-776. Discretionary powers; tax savings

A. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole," or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
B. Subject to subsection D, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:
1. A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and
2. A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.
For purposes of this subsection, "trustee" includes a person who is deemed to have any power of a trustee, whether because such person has the right to remove or replace any trustee or because a reciprocal trust or power doctrine applies.
C. A power whose exercise is limited or prohibited by subsection B may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.
D. Subsection B does not apply to:
1. A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in § 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended, was previously allowed;
2. Any trust during any period that the trust may be revoked or amended by its settlor; or
3. A trust if contributions to the trust qualify for the annual exclusion under § 2503(c) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended.
2005, c. 935, § 55-548.14; 2012, c. 614; 2013, c. 324.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-777. General powers of trustee

A. A trustee, without authorization by the court, may exercise:
1. Powers conferred by the terms of the trust; and
2. Except as limited by the terms of the trust:
a. All powers over the trust property that an unmarried competent owner has over individually owned property;
b. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
c. Any other powers conferred by this chapter.
B. The exercise of a power is subject to the fiduciary duties prescribed by this article.
C. Any reference in a trust instrument incorporating the powers authorized under § 64.2-105 shall not be construed to limit powers a trustee may exercise pursuant to this section, unless the settlor expressly states in the trust instrument that such reference should be so construed.
2005, c. 935, § 55-548.15; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-779. Distribution upon termination

A. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.
B. Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.
C. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:
1. It was induced by improper conduct of the trustee; or
2. The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.
2005, c. 935, § 55-548.17; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 7 - Uniform Trust Code › § 64.2-779.1. Scope

A. Except as otherwise provided in subsections B and C, this article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
B. This article does not apply to a trust held solely for charitable purposes.
C. Subject to § 64.2-779.12, a trust instrument may restrict or prohibit exercise of the decanting power.
D. This article does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of the Commonwealth other than this article, common law, a court order, or a nonjudicial settlement agreement.
E. This article does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
2017, c. 592.
2023 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.
2023 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; or
2. 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; or
c. Determining the meaning or effect of terms of the trust.
2017, c. 592.
2023 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.
2023 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.
2023 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.
2023 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.