Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 7 - Uniform Trust Code

§ 64.2-717. Representation by person having substantially identical interest - Unless otherwise represented, a minor, incapacitated, or unborn individual, or...

§ 64.2-718. Appointment of representative - A. If the court determines that an interest is not...

§ 64.2-719. Methods of creating trust - A. A trust may be created by: 1. Transfer of...

§ 64.2-720. Requirements for creation - A. A trust is created only if: 1. The settlor...

§ 64.2-721. Trusts created in other jurisdictions - A trust not created by will is validly created if...

§ 64.2-722. Trust purposes - A trust may be created only to the extent its...

§ 64.2-723. Charitable purposes; enforcement - A. A charitable trust may be created for the relief...

§ 64.2-724. Creation of trust induced by fraud, duress, or undue influence - A trust is void to the extent its creation was...

§ 64.2-725. Evidence of oral trust - Except as required by a statute other than this chapter,...

§ 64.2-726. Trust for care of animal - A. A trust may be created to provide for the...

§ 64.2-727. Noncharitable trust without ascertainable beneficiary - Except as otherwise provided in § 64.2-726 or by another...

§ 64.2-728. Modification or termination of trust; proceedings for approval or disapproval - A. In addition to the methods of termination prescribed by...

§ 64.2-729. Modification or termination of noncharitable irrevocable trust by consent - A. If upon petition the court finds that the settlor...

§ 64.2-730. Modification or termination because of unanticipated circumstances or inability to administer trust effectively - A. The court may modify the administrative or dispositive terms...

§ 64.2-731. Cy pres - A. Except as otherwise provided in subsection B, if a...

§ 64.2-732. Modification or termination of uneconomic trust - A. After notice to the qualified beneficiaries, the trustee of...

§ 64.2-733. Reformation to correct mistakes - The court may reform the terms of a trust, even...

§ 64.2-734. Modification to achieve settlor's tax objectives - To achieve the settlor's tax objectives, the court may modify...

§ 64.2-735. Combination and division of trusts - After notice to the qualified beneficiaries, a trustee may combine...

§ 64.2-736. Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust - When any such gift, grant, devise, or bequest establishes a...

§ 64.2-737. Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation - Every trust that is a private foundation, as defined in...

§ 64.2-738. Prohibitions as to trust that is deemed a split-interest trust - Every trust that is a split-interest trust, as described in...

§ 64.2-739. Application of §§ 64.2-737 and 64.2-738 - Sections 64.2-737 and 64.2-738 shall apply to any private foundation,...

§ 64.2-740. Interpretation of references to Internal Revenue Code in §§ 64.2-736 through 64.2-739 - Each reference to a section of the Internal Revenue Code...

§ 64.2-741. Powers of courts not impaired by §§ 64.2-736 through 64.2-740 - Nothing in §§ 64.2-736 through 64.2-740 shall impair the power...

§ 64.2-742. Rights of beneficiary's creditor or assignee - To the extent a beneficiary's interest is not subject to...

§ 64.2-743. Spendthrift provision - A. A spendthrift provision is valid only if it restrains...

§ 64.2-744. Exceptions to spendthrift provision - A. In this section, "child" includes any person for whom...

§ 64.2-745. Certain claims for reimbursement for public assistance - A. Notwithstanding any contrary provision in the trust instrument, if...

§ 64.2-745.1. Self-settled spendthrift trusts - A. A settlor may transfer assets to a qualified self-settled...

§ 64.2-745.2. Definitions; vacancies; right to withdraw - A. As used in this article, unless the context requires...

§ 64.2-746. Discretionary trusts; effect of standard - A. In this section, "child" includes any person for whom...

§ 64.2-747. Creditor's claim against settlor - A. Whether or not the terms of a trust contain...

§ 64.2-748. Overdue distribution - A. In this section "mandatory distribution" means a distribution of...

§ 64.2-749. Personal obligations of trustee - Trust property is not subject to personal obligations of the...

§ 64.2-750. Capacity of settlor of revocable trust - The capacity required to create, amend, revoke, or add property...

§ 64.2-751. Revocation or amendment of revocable trust - A. Unless the terms of a trust expressly provide that...

§ 64.2-752. Settlor's powers; powers of withdrawal - A. While a trust is revocable, rights of the beneficiaries...

§ 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...

§ 64.2-754. Accepting or declining trusteeship - A. Except as otherwise provided in subsection C, a person...

§ 64.2-755. Trustee's bond - A. Except as otherwise provided in Part A (§ 64.2-1200...

§ 64.2-756. Cotrustees - A. Cotrustees who are unable to reach a unanimous decision...

§ 64.2-757. Vacancy in trusteeship; appointment of successor - A. A vacancy in a trusteeship occurs if: 1. A...

§ 64.2-758. Resignation of trustee - A. A trustee may resign: 1. Upon at least 30...

§ 64.2-759. Removal of trustee - A. The settlor, a cotrustee, or a beneficiary, or, in...

§ 64.2-760. Delivery of property by former trustee - A. Unless a cotrustee remains in office or the court...

§ 64.2-761. Compensation of trustee - A. If the terms of a trust do not specify...

§ 64.2-762. Reimbursement of expenses - A. A trustee is entitled to be reimbursed out of...

§ 64.2-763. Duty to administer trust and invest - Upon acceptance of a trusteeship, the trustee shall administer the...

§ 64.2-764. Duty of loyalty - A. A trustee shall administer the trust solely in the...

§ 64.2-765. Impartiality - If a trust has two or more beneficiaries, the trustee...

§ 64.2-766. Prudent administration - A trustee shall administer the trust as a prudent person...

§ 64.2-767. Costs of administration - In administering a trust, the trustee may incur only costs...

§ 64.2-768. Trustee's skills - A trustee who has special skills or expertise, or is...

§ 64.2-769. Delegation by trustee - A. A trustee may delegate duties and powers that a...

§ 64.2-770. Repealed - Repealed by Acts 2020, c. 768, cl. 2.

§ 64.2-771. Control and protection of trust property - A trustee shall take reasonable steps to take control of...

§ 64.2-772. Recordkeeping and identification of trust property - A. A trustee shall keep adequate records of the administration...

§ 64.2-773. Enforcement and defense of claims - A trustee shall take reasonable steps to enforce claims of...

§ 64.2-774. Collecting trust property - A trustee shall take reasonable steps to compel a former...

§ 64.2-775. Duty to inform and report - A. A trustee shall keep the qualified beneficiaries of the...

§ 64.2-776. Discretionary powers; tax savings - A. Notwithstanding the breadth of discretion granted to a trustee...

§ 64.2-777. General powers of trustee - A. A trustee, without authorization by the court, may exercise:...

§ 64.2-778. Specific powers of trustee - A. Without limiting the authority conferred by § 64.2-777, a...

§ 64.2-778.1. Repealed - Repealed by Acts 2017, c. 592, cl. 2.

§ 64.2-779. Distribution upon termination - A. Upon termination or partial termination of a trust, the...

§ 64.2-779.1. Scope - A. Except as otherwise provided in subsections B and C,...

§ 64.2-779.2. Fiduciary duty - A. In exercising the decanting power, an authorized fiduciary shall...

§ 64.2-779.3. Application; governing law - This article applies to a trust created before, on, or...

§ 64.2-779.4. Reasonable reliance - A trustee or other person that reasonably relies on the...

§ 64.2-779.5. Notice; exercise of decanting power - A. In this section, a notice period begins on the...

§ 64.2-779.6. Court involvement - A. On application of an authorized fiduciary, a person entitled...

§ 64.2-779.7. Formalities - An exercise of the decanting power shall be made in...

§ 64.2-779.8. Decanting power under expanded distributive discretion - A. As used in this section: "Noncontingent right" means a...

§ 64.2-779.9. Decanting power under limited distributive discretion - A. As used in this section, "limited distributive discretion" means...

§ 64.2-779.10. Trust for beneficiary with disability - A. As used in this section: "Beneficiary with a disability"...

§ 64.2-779.11. Protection of charitable interest - A. As used in this section: "Determinable charitable interest" means...

§ 64.2-779.12. Trust limitation on decanting - A. An authorized fiduciary may not exercise the decanting power...

§ 64.2-779.13. Change in compensation - A. If a first-trust instrument specifies an authorized fiduciary's compensation,...

§ 64.2-779.14. Relief from liability and indemnification - A. Except as otherwise provided in this section, a second-trust...

§ 64.2-779.15. Removal or replacement of authorized fiduciary - An authorized fiduciary may not exercise the decanting power to...

§ 64.2-779.16. Tax-related provisions - A. As used in this section: "Grantor trust" means a...

§ 64.2-779.17. Duration of second trust - A. Subject to subsection B, a second trust may have...

§ 64.2-779.18. Need to distribute not required - An authorized fiduciary may exercise the decanting power whether or...

§ 64.2-779.19. Savings provision - A. If exercise of the decanting power would be effective...

§ 64.2-779.20. Trust for care of animal - A. As used in this section: "Animal trust" means a...

§ 64.2-779.21. Terms of second trust - A reference in this chapter to a trust instrument or...

§ 64.2-779.22. Settlor - A. For purposes of law of the Commonwealth other than...

§ 64.2-779.23. Later-discovered property - A. Except as otherwise provided in subsection C, if exercise...

§ 64.2-779.24. Obligations - A debt, liability, or other obligation enforceable against property of...

§ 64.2-779.25. Accountings - If accounts for the first trust are filed with the...

§ 64.2-779.26. Definitions - As used in this article, unless the context requires a...

§ 64.2-779.27. Application - A. Except as otherwise provided in subsection B and §...

§ 64.2-779.28. Exclusions - A. This article does not apply to a: 1. Power...

§ 64.2-779.29. Powers of trust director - A. Subject to § 64.2-779.30, the terms of a trust...

§ 64.2-779.30. Limitations on trust director - A trust director is subject to the same rules as...

§ 64.2-779.31. Duty and liability of trust director - A. Subject to subsection B, with respect to a power...

§ 64.2-779.32. Duty and liability of directed trustee - A. Subject to subsection B, a directed trustee shall take...

§ 64.2-779.33. Duty to provide information to trust director or trustee - A. Subject to § 64.2-779.34, a trustee shall provide information...

§ 64.2-779.34. No duty to monitor, inform, or advise - A. Unless the terms of a trust provide otherwise: 1....

§ 64.2-779.35. Limitation of action against trust director - A. An action against a trust director for breach of...

§ 64.2-779.36. Defenses in action against trust director - In an action against a trust director for breach of...

§ 64.2-779.37. Jurisdiction over trust director - A. By accepting appointment as a trust director of a...

§ 64.2-779.38. Office of trust director - Unless the terms of a trust provide otherwise, the rules...

§ 64.2-780. Definition of terms - As used in this article: "Controlling document" means the will,...

§ 64.2-781. Prudent investor rule - A. Except as otherwise provided in subsection B or §...

§ 64.2-782. Standard of care; portfolio strategy; risk and return objectives - A. A trustee shall invest and manage trust assets as...

§ 64.2-783. Diversification by trustee - A trustee shall diversify the investments of the trust unless...

§ 64.2-784. Duties at inception of trusteeship - Within a reasonable time after accepting a trusteeship or receiving...

§ 64.2-785. Loyalty and impartiality - A. A trustee shall invest and manage the trust assets...

§ 64.2-786. Investment costs - In investing and managing trust assets, a trustee may only...

§ 64.2-787. Reviewing compliance - Compliance with the prudent investor rule is determined in light...

§ 64.2-788. Delegation of investment and management functions - A. A trustee may delegate investment and management functions that...

§ 64.2-789. Language invoking standard of article - The following terms or comparable language in the provisions of...

§ 64.2-790. Application to existing trusts - This article applies to trusts existing on and created after...

§ 64.2-791. Uniformity of application and construction - This article shall be applied and construed to effectuate its...

§ 64.2-792. Remedies for breach of trust - A. A violation by a trustee of a duty the...

§ 64.2-793. Damages for breach of trust - A. A trustee who commits a breach of trust is...

§ 64.2-794. Damages in absence of breach - A. A trustee is accountable to an affected beneficiary for...

§ 64.2-795. Attorney fees and costs - In a judicial proceeding involving the administration of a trust,...

§ 64.2-796. Limitation of action against trustee - A. A beneficiary may not commence a proceeding against a...

§ 64.2-797. Reliance on trust instrument - A trustee who acts in reasonable reliance on the terms...

§ 64.2-798. Event affecting administration or distribution - If the happening of an event, including marriage, divorce, performance...

§ 64.2-799. Exculpation of trustee - A. A term of a trust relieving a trustee of...

§ 64.2-800. Beneficiary's consent, release, or ratification - A trustee is not liable to a beneficiary for breach...

§ 64.2-801. Limitation on personal liability of trustee - A. Except as otherwise provided in the contract, a trustee...

§ 64.2-802. Interest as general partner - A. Except as otherwise provided in subsection C or unless...

§ 64.2-803. Protection of person dealing with trustee - A. A person other than a beneficiary who in good...

§ 64.2-804. Certification of trust - A. Instead of furnishing a copy of the trust instrument...

§ 64.2-805. Uniformity of application and construction - In applying and construing this uniform act, consideration shall be...

§ 64.2-806. Electronic records and signatures - The provisions of this chapter governing the legal effect, validity,...

§ 64.2-807. Repealed - Repealed by Acts 2015, c. 709, cl. 2.

§ 64.2-808. Application to existing relationships - A. Except as otherwise provided in this chapter: 1. This...

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Code of Virginia Title 64.2 - Wills, Trusts, and Fiduciaries Chapter 7 - Uniform Trust Code

Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 7 - Uniform Trust Code