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What may be delegated
Va. Code § 64.2-769 provides that a trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances, exercising reasonable care, skill and caution in selecting an agent, establishing the scope and terms of the delegation consistent with the trust's purposes and terms, and periodically reviewing the agent's actions to monitor performance and compliance. The agent owes the trust a duty of reasonable care to comply with the terms of the delegation and submits to the jurisdiction of Virginia's courts; a trustee who complies is not liable for the agent's acts. Virginia's section names no notice to the beneficiaries.
Investment and management functions
The Uniform Prudent Investor Act repeats the rule for investment and management functions: the same care in selecting, instructing and monitoring the agent, the agent's duty of reasonable care, and no liability for the trustee who complies (Va. Code § 64.2-788). Investment costs must be appropriate and reasonable (Va. Code § 64.2-786).
Trust directors and the directed trustee
The terms of a trust may grant a power of direction to a trust director (Va. Code § 64.2-779.29). A directed trustee takes reasonable action to comply with the director's exercise or nonexercise of the power and is not liable for doing so, but must not comply where complying would be willful misconduct, and may petition the court for instructions when in reasonable doubt (Va. Code § 64.2-779.32). The Act's terms are defined in Va. Code § 64.2-779.26. Whether a power is a power of direction, and what a directed trustee still owes, are questions for a licensed Virginia attorney of your choosing.
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Delegation by trustee
Va. Code § 64.2-769 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Powers of trust director
Va. Code § 64.2-779.29 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty and liability of directed trustee
Va. Code § 64.2-779.32 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Delegation of investment and management functions
Va. Code § 64.2-788 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Can a Virginia trustee hire an investment adviser?
Yes, delegating investment and management functions with reasonable care in selecting, instructing and monitoring the agent (Va. Code § 64.2-788).
Must a Virginia trustee tell the beneficiaries about a delegation?
Virginia's delegation sections name no notice (Va. Code §§ 64.2-769, 64.2-788); the standing duty to keep the qualified beneficiaries reasonably informed still applies (Va. Code § 64.2-775(A)).
Is a Virginia directed trustee liable for following directions?
Not for taking reasonable action to comply, except where complying would be willful misconduct (Va. Code § 64.2-779.32).
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