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Core duties · 4 min lekti
The duty
Va. Code § 64.2-772 provides that a trustee keeps adequate records of the administration of the trust; keeps the trust property separate from the trustee's own; and causes the trust property to be designated so that the trust's interest, so far as feasible, appears in records kept by a third party — though, with records that clearly show each trust's interest, the property of separate trusts may be invested as a whole.
What the records feed
The annual report lists the trust property, liabilities, receipts and disbursements, the source and amount of the trustee's compensation, and the assets with their market values where feasible (Va. Code § 64.2-775(C)) — each of them drawn from the ledger. A trustee who settles accounts before the Commissioner of Accounts exhibits vouchers for disbursements and a statement of cash and investments on hand with each account; a bank's record of a consented transfer or an electronic tax payment, or a copy of a cashed check, can serve as a voucher (Va. Code § 64.2-1311).
How long the record matters
A report that adequately discloses a potential claim starts a one-year period, and without one the period is five years after the trustee leaves office or the trust ends (Va. Code § 64.2-796); a settled court account may be surcharged within ten years after its confirmation (Va. Code § 8.01-245). How long to keep particular records is a question for a licensed Virginia attorney of your choosing or a tax professional.
Lwa yo, mo pou mo
Vouchers and statement of assets on hand; direct payments to account; vouchers for IRS payments
Va. Code § 64.2-1311 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Recordkeeping and identification of trust property
Va. Code § 64.2-772 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty to inform and report
Va. Code § 64.2-775 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Limitation of action against trustee
Va. Code § 64.2-796 ↗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 keep trust money in a personal account?
The trustee keeps the trust property separate from the trustee's own and designated so the trust's interest appears in third-party records where feasible (Va. Code § 64.2-772).
What records does a Virginia trustee's report draw on?
The property, liabilities, receipts and disbursements, the compensation, and the assets with their market values (Va. Code § 64.2-775(C)).
What vouchers does a Virginia court account need?
Vouchers for disbursements and a statement of assets on hand; bank records of consented transfers and electronic tax payments, and check copies, can serve (Va. Code § 64.2-1311).
Lekti ki gen rapò
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