El texto completo de esta guía está en inglés; el resumen anterior está en su idioma. Los resúmenes de las leyes y el inglés siguen siendo la fuente de referencia.
Closing · 6 min de lectura
How a trust ends
Most trusts end on the event their terms name. A noncharitable irrevocable trust may also be modified or terminated with the court's approval on the consent of the settlor and all beneficiaries, or of all beneficiaries where no material purpose is defeated (Va. Code § 64.2-729), or because of circumstances the settlor did not anticipate (Va. Code § 64.2-730). After notice to the qualified beneficiaries, the trustee of a trust whose property is worth less than $250,000 may terminate it without court approval on concluding that the value does not justify the cost of administration (Va. Code § 64.2-732(A)).
The final report and the proposal
At the termination the trustee sends the report of the trust property, liabilities, receipts and disbursements, the compensation and the assets (Va. Code § 64.2-775(C)). The trustee may send the beneficiaries a proposal for distribution; a beneficiary's right to object ends 30 days after it was sent, if it informed the beneficiary of the right and the time (Va. Code § 64.2-779(A)). The trustee then distributes expeditiously, keeping a reasonable reserve for debts, expenses and taxes (Va. Code § 64.2-779(B)).
The 60-day deemed release
When the trust terminates or the trustee ceases to serve, a beneficiary is deemed to have released the trustee and ratified its actions if the trustee sends the reports for the preceding two years, the taxes, expenses and fees still to be paid, a notice of the termination and of the effect of not objecting in writing within 60 days and, for a terminating trust, a description of property not yet received and a proposal for distribution — and the beneficiary does not object in writing within those 60 days (Va. Code § 64.2-800(B)). Compliance followed by distribution has the effect of a court's order approving the accounts (Va. Code § 64.2-800(E)); a release induced by improper conduct, or given without knowledge of the rights or the facts, is invalid (Va. Code § 64.2-800(A)).
After the trust ends
The limitation periods continue: one year after a report that adequately disclosed a potential claim, else five years after the trust's termination (Va. Code § 64.2-796). The trust's final fiduciary income tax return is due on the usual date (Va. Code § 58.1-381). Whether a release took effect, and what the closing package must contain, are questions for a licensed Virginia attorney of your choosing.
Las leyes, textualmente
Modification or termination of uneconomic trust
Va. Code § 64.2-732 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Distribution upon termination
Va. Code § 64.2-779 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Limitation of action against trustee
Va. Code § 64.2-796 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Beneficiary's consent, release, or ratification
Va. Code § 64.2-800 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Preguntas frecuentes
Can a Virginia trustee end a small trust?
After notice to the qualified beneficiaries, the trustee of a trust worth less than $250,000 may terminate it without court approval on concluding that the value does not justify the cost of administration (Va. Code § 64.2-732(A)).
How long do Virginia beneficiaries have to object to a final distribution?
Thirty days after a proposal that stated the right and the time (Va. Code § 64.2-779(A)); for the deemed release, 60 days after the package was sent (Va. Code § 64.2-800(B)).
Does a Virginia trustee get a release at the end?
A beneficiary may release the trustee; under Va. Code § 64.2-800(B) one who receives the statutory package and does not object in writing within 60 days is deemed to have released the trustee.
Lecturas relacionadas
El Centro de Aprendizaje es información general sobre la ley de Virginia — no es asesoría legal ni sustituye el consejo de un abogado de Virginia con licencia sobre sus hechos específicos. TrusteeClear es software, no un bufete.