Title 64.2, Wills, Trusts, and Fiduciaries

A. Except as otherwise provided in subsection C or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust…

A. A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly…

A. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: 1. That the trust exists and the date the trust instrument was executed; 2. The ident…

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

The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of § 102 of the Electronic Signature…

A. Except as otherwise provided in this chapter: 1. This chapter applies to all trusts created before, on, or after July 1, 2006; 2. This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2006; 3. This chapter applies to judicial proceedi…

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…

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 individua…

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 he…

A. An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: 1. The decanting power; or 2. A power granted by state law to the fiduciary to distribute part or all of the income or principal of the trust …

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 …

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…

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 modifica…

A. As used in this section: "Grantor trust" means a trust as to which a settlor of a first trust is considered the owner under §§ 671 through 677 of the Internal Revenue Code or § 679 of the Internal Revenue Code. "Internal Revenue Code" means the United States Internal Revenue C…

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 an…

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.

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 secon…

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 inf…

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 th…

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.

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 deca…

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 t…

A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.

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

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 instrumen…

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 i…

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…

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) provi…

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 tr…

A. As used in this section: "Noncontingent right" means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. "Noncontingent right" does not include a right held by a beneficiary if any person has 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 princip…

As used in this article, unless the context requires a different meaning: "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that trust director or trustee by the terms of the trust, this article, or law of the Commonwealth other than this …

A. Except as otherwise provided in subsection B and § 64.2-779.28, this article applies to a trust that has its principal place of administration in the Commonwealth and that: 1. Is created on or after July 1, 2020; 2. Is amended by a settlor on or after July 1, 2020; 3. Is amend…

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…

A. Subject to § 64.2-779.30, the terms of a trust may grant a power of direction to a trust director. B. Unless the terms of a trust provide otherwise: 1. A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to…

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 n…

A. Subject to subsection B, with respect to a power of direction or further power under subdivision B 1 of § 64.2-779.29: 1. A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: a. If the power is held individually, as a sole tru…

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

A. Subject to § 64.2-779.34, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: 1. The powers or duties of the trustee; and 2. The powers or duties of the trust director. B. Subject to § 64.2-779.34, a trust direct…

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…

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

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.

A. By accepting appointment as a trust director of a trust subject to this article, the trust director submits to personal jurisdiction of the courts of the Commonwealth regarding any matter related to a power or duty of the trust director. B. This section does not preclude other…

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. Re…