Code of Virginia - Title 55 Property And Conveyances - Chapter 31 Uniform Trust Code

55-541.01 Short title
This Act may be cited as the Uniform Trust Code. (2005, c. 935.) ...
55-541.02 Scope.
A. This chapter applies to express inter vivos trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the ...
55-541.03 Definitions.
In this chapter: "Action," with respect to an act of a trustee, includes a failure to act. "Ascertainable standard" means a standard relating to an ...
55-541.04 Knowledge.
A. Subject to subsection B, a person has knowledge of a fact if the person: 1. Has actual knowledge of it; 2. Has received a ...
55-541.05 Default and mandatory rules
A. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and ...
55-541.06 Common law of trusts; principles of equity.
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of the ...
55-541.07 Governing law.
The meaning and effect of the terms of a trust are determined by: 1. The law of the jurisdiction designated in the terms unless the ...
55-541.08 Principal place of administration.
A. Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of an inter vivos trust designating the principal place of ...
55-541.09 Methods and waiver of notice.
A. Notice to a person under this chapter or the sending of a document to a person under this chapter shall be accomplished in a ...
55-541.10 Others treated as qualified beneficiaries.
A. Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee shall also give notice to any other beneficiary who ...
55-541.11 Nonjudicial settlement agreements
A. For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement ...
55-542.01 Role of court in administration of trust.
A. The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided ...
55-542.02 Jurisdiction over trustee and beneficiary.
A. By accepting the trusteeship of a trust having its principal place of administration in the Commonwealth or by moving the principal place of administration ...
55-542.03 , 55-542.04
Reserved. ...
55-542.05 Proceedings to appoint or remove trustees.
A. Proceedings to appoint or remove trustees may be brought by motion pursuant to §§ 26-48 and 26-50. B. Proceedings to appoint or remove trustees ...
55-542.06 Pleadings; parties; orders; notice
A. In judicial proceedings involving trusts governed under this chapter, including proceedings to modify or terminate a trust: 1. Interests to be affected by the ...
55-543.01 Representation; basic effect.
A. Notice to a person who may represent and bind another person under this chapter has the same effect as if notice were given directly ...
55-543.02 Representation by holder of general testamentary power of appointment.
To the extent there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect ...
55-543.03 Representation by fiduciaries and parents or other ancestors.
To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a ...
55-543.04 Representation by person having substantially identical interest.
Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented ...
55-543.05 Appointment of representative
A. If the court determines that an interest is not represented under this chapter, or that the otherwise available representation might be inadequate, the court ...
55-544.01 Methods of creating trust.
A trust may be created by: 1. Transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition ...
55-544.02 Requirements for creation.
A. A trust is created only if: 1. The settlor has capacity to create a trust; 2. The settlor indicates an intention to create the ...
55-544.03 Trusts created in other jurisdictions.
A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was ...
55-544.04 Trust purposes.
A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and ...
55-544.05 Charitable purposes; enforcement.
A. A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal ...
55-544.06 Creation of trust induced by fraud, duress, or undue influence.
A trust is void to the extent its creation was induced by fraud, duress, or undue influence. (2005, c. 935.) ...
55-544.07 Evidence of oral trust.
Except as required by a statute other than this chapter, a trust need not be evidenced by a trust instrument, but the creation of an ...
55-544.08 Trust for care of animal
A. A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death ...
55-544.09 Noncharitable trust without ascertainable beneficiary.
Except as otherwise provided in § 55-544.08 or by another statute, the following rules apply: 1. A trust may be created for a noncharitable purpose ...
55-544.10 Modification or termination of trust; proceedings for approval or disapproval.
A. In addition to the methods of termination prescribed by §§ 55-544.11 through 55-544.14, a trust terminates to the extent the trust is revoked or ...
55-544.11 Modification or termination of noncharitable irrevocable trust by consent.
A. If upon petition the court finds that the settlor and all beneficiaries consent to the modification or termination of a noncharitable irrevocable trust, the ...
55-544.12 Modification or termination because of unanticipated circumstances or inability to administer trus...
A. The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the ...
55-544.13 Cy pres.
A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: 1. The trust does ...
55-544.14 Modification or termination of uneconomic trust.
A. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate ...
55-544.15 Reformation to correct mistakes.
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by ...
55-544.16 Modification to achieve settlor's tax objectives.
To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's ...
55-544.17 Combination and division of trusts.
After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or ...
55-544.18 Amendment of trust where gift, etc., establishes private foundation or constitutes a charitable tru...
When any such gift, grant, devise or bequest establishes a private foundation (as defined in § 509 of the Internal Revenue Code) or constitutes a ...
55-544.19 Distribution of income of trust which is a private foundation or a charitable trust; prohibitions a...
Every trust which is a private foundation (as defined in § 509 of the Internal Revenue Code) or a charitable trust (as described in § ...
55-544.20 Prohibitions as to trust which is deemed a split-interest trust.
Every trust which is a split-interest trust (as described in § 4947 (a) (2) of the Internal Revenue Code), unless its governing instrument expressly includes ...
55-544.21 Application of {{ 55-544.19 and 55-544.20.
Sections 55-544.19 and 55-544.20 shall apply to any private foundation, charitable trust or split-interest trust defined or described therein and established after December 31, 1969; ...
55-544.22 Interpretation of references to Internal Revenue Code in {{ 55-544.18 through 55-544.21.
Each reference to a section of the Internal Revenue Code made in §§ 55-544.18, 55-544.19, 55-544.20 and 55-544.21 shall include future amendments to such Code ...
55-544.23 Powers of courts not impaired by {{ 55-544.18 through 55-544.22; severability
Nothing in §§ 55-544.18 through 55-544.22 shall impair the power of a court of competent jurisdiction with respect to any such foundation or trust, and ...
55-545.01 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 ...
55-545.02 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 ...
55-545.03 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. ...
55-545.03:1 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 ...
55-545.04 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. ...
55-545.05 Creditor's claim against settlor.
A. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: 1. During the lifetime of the settlor, the ...
55-545.06 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 ...
55-545.07 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.) ...
55-546.01 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 ...
55-546.02 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 ...
55-546.03 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 ...
55-546.04 Limitation on action contesting validity of revocable trust; distribution of trust propert...
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 ...
55-547.01 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 ...
55-547.02 Trustee's bond.
A. Except as otherwise provided in Title 26, a trustee shall give bond, or bond with surety or other security, to secure performance of the ...
55-547.03 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 ...
55-547.04 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 ...
55-547.05 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 ...
55-547.06 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 ...
55-547.07 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 ...
55-547.08 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. ...
55-547.09 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 ...
55-548.01 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 ...
55-548.02 Duty of loyalty.
A. A trustee shall administer the trust solely in the interests of the beneficiaries. B. Subject to the rights of persons dealing with or assisting ...
55-548.03 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 ...
55-548.04 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 ...
55-548.05 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 ...
55-548.06 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 ...
55-548.07 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 ...
55-548.08 Powers to direct.
A. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. B. ...
55-548.09 Control and protection of trust property.
A trustee shall take reasonable steps to take control of and protect the trust property. (2005, c. 935.) ...
55-548.10 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 ...
55-548.11 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.) ...
55-548.12 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 ...
55-548.13 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 ...
55-548.14 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", ...
55-548.15 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 ...
55-548.16 Specific powers of trustee.
A. Without limiting the authority conferred by § 55-548.15, a trustee may: 1. Collect trust property and accept or reject additions to the trust property ...
55-548.17 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 ...
55-550.01 Remedies for breach of trust.
A. A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. B. To remedy a breach ...
55-550.02 Damages for breach of trust.
A. A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: 1. The amount required to restore ...
55-550.03 Damages in absence of breach.
A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent ...
55-550.04 Attorneys' fees and costs.
In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable ...
55-550.05 Limitation of action against trustee.
A. A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or ...
55-550.06 Reliance on trust instrument.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary ...
55-550.07 Event affecting administration or distribution.
If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee ...
55-550.08 Exculpation of trustee.
A. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: 1. Relieves the ...
55-550.09 Beneficiary's consent, release, or ratification.
A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee ...
55-550.10 Limitation on personal liability of trustee.
A. Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity ...
55-550.11 Interest as general partner.
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 ...
55-550.12 Protection of person dealing with trustee.
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 ...
55-550.13 Certification of trust
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 ...
55-551.01 Uniformity of application and construction.
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 ...
55-551.02 Electronic records and signatures.
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 ...
55-551.03 Severability clause.
If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or ...
55-551.04 , 55-551.05
Reserved. ...
55-551.06 Application to existing relationships.
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 ...

Last modified: April 3, 2009