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A Virginia successor trustee takes office by accepting (Va. Code § 64.2-754) and from that day owes the duties of Virginia's Uniform Trust Code (Va. Code §§ 64.2-763 to 64.2-779): two 60-day notices to the qualified beneficiaries (Va. Code § 64.2-775(B)), the trustee's report at least annually (Va. Code § 64.2-775(C)) and reasonable compensation (Va. Code § 64.2-761).
Последняя сверка с законами Виргинии и обновление: 2026-10-25.
What "successor trustee" means in Virginia
A trustee is an original, additional or successor trustee or a cotrustee (Va. Code § 64.2-701). A successor takes office when a vacancy occurs — a designated trustee rejects the trusteeship, cannot be identified or does not exist, or a trustee resigns, is disqualified or removed, dies or is adjudicated incapacitated. A vacancy that must be filled is filled, for a noncharitable trust, by the person the terms designate as successor, then by a person the qualified beneficiaries appoint by unanimous agreement, then by a person the court appoints; the court may appoint an additional trustee or a special fiduciary whenever it considers it necessary, and a successor takes the original trustee's rights, powers and duties (Va. Code § 64.2-757).
The circuit court may also appoint a trustee in the place of one named in a will, deed or other writing who dies, becomes incapable, declines, resigns or otherwise ceases to be eligible, on any interested party's motion and with reasonable notice to the others interested (Va. Code §§ 64.2-1405, 64.2-1406). A living trust is not subject to continuing judicial supervision unless the court orders it (Va. Code § 64.2-710).
Taking office: accepting, rejecting, and qualifying
A designated trustee accepts by substantially complying with a method of acceptance the terms provide or, where the terms provide none or the method is not expressly exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance. A designee who has not accepted may reject, and one who does not accept within a reasonable time after knowing of the designation is deemed to have rejected; without accepting, a designee may act to preserve the trust property and inspect it (Va. Code § 64.2-754). Title to the trust property vests in a successor on acceptance, without any conveyance by the prior trustee (Va. Code § 64.2-760).
Some trustees qualify before the circuit court or its clerk. A trustee named in a will qualifies and gives bond where the will was probated before acting (Va. Code § 64.2-1401); a trustee under a deed or other writing qualifies only if the instrument requires it, or voluntarily (Va. Code § 64.2-1403); the clerk may qualify any trustee ex parte, with no prior notice to the beneficiaries (Va. Code § 64.2-1400). A nonresident individual may qualify as trustee under a will, filing a consent to service and giving bond with surety unless a resident cofiduciary qualifies or surety is waived (Va. Code § 64.2-1426). By accepting the trusteeship of a trust administered in Virginia, the trustee submits personally to the jurisdiction of Virginia's courts on any matter involving the trust (Va. Code § 64.2-711).
The two notices: 60 days from accepting, 60 days from knowing
Within 60 days after accepting a trusteeship, the trustee notifies the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number (Va. Code § 64.2-775(B)(2)). Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or knowledge that a formerly revocable trust has become irrevocable, the trustee notifies them of the trust's existence, the identity of the settlor or settlors, the right to request a copy of the trust instrument and the right to a trustee's report (Va. Code § 64.2-775(B)(3)). The qualified beneficiaries are defined in Va. Code § 64.2-701; a beneficiary who has requested notice, a designated charity under a charitable trust and an enforcer of an animal or purpose trust are treated as qualified beneficiaries, and the Attorney General receives the notices only on request (Va. Code § 64.2-708).
Both notices apply only to an irrevocable trust created, or a revocable trust that becomes irrevocable, on or after July 1, 2006 (Va. Code § 64.2-775(E)); while a trust is revocable, the trustee's duties are owed exclusively to the settlor (Va. Code § 64.2-752). The terms of a trust may vary the notices, and a beneficiary may waive them and withdraw the waiver for the future (Va. Code §§ 64.2-703, 64.2-775(D)). They are sent by a method reasonably suitable and likely to result in receipt (Va. Code § 64.2-707).
The duties that come with the role
On accepting, a trustee administers the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries (Va. Code § 64.2-763); solely in the beneficiaries' interests (Va. Code § 64.2-764); impartially where there are two or more (Va. Code § 64.2-765); as a prudent person would, with reasonable care, skill and caution (Va. Code § 64.2-766); incurring only reasonable costs (Va. Code § 64.2-767) and using any special skills (Va. Code § 64.2-768). The trustee takes control of and protects the property (Va. Code § 64.2-771), keeps adequate records and separate property (Va. Code § 64.2-772), enforces and defends claims (Va. Code § 64.2-773), collects property held by others (Va. Code § 64.2-774), keeps the qualified beneficiaries informed and reports to them (Va. Code § 64.2-775), and invests under Virginia's Uniform Prudent Investor Act (Va. Code § 64.2-781).
- Good faith, loyalty, impartiality and prudence — Va. Code §§ 64.2-763 to 64.2-766.
- Control, records, claims and collection — Va. Code §§ 64.2-771 to 64.2-774.
- The two notices, the response to requests and the report — Va. Code § 64.2-775.
- Investment as a prudent investor, with a review of the assets at the start — Va. Code §§ 64.2-781, 64.2-784.
First steps before acting
Read the trust instrument and every amendment before acting in the trustee's name; the terms shape every default rule the code states. Record the date of death, the date you accepted and the date you learned the trust was irrevocable, and the date the trust became irrevocable for the July 1, 2006 line. Find the deeds, the account statements and the beneficiary designations; list each asset by how it is titled. Identify the qualified beneficiaries and note, for each, your own answer to whether that person is one today; TrusteeClear records your answers and never decides them. Open the trust's accounts in the trustee's name and keep the trust property separate from your own from day one (Va. Code § 64.2-772).
A bank or title company may ask for proof of authority. Instead of the instrument, the trustee may give a certification of trust with its eight items, the taxpayer identification number among them, signed by any trustee (Va. Code § 64.2-804).
Сроки попечителя в Виргинии: что предусматривают законы
Сверено с законами Виргинии 2026-10-25. Общая информация, не юридическая консультация; официальный текст имеет приоритет.
| Когда | Срок | Что предусматривает закон | Кому | Статья |
|---|---|---|---|---|
| You are named trustee and act on it | No day-count. Acceptance is by the instrument's method or by conduct; the acceptance notice runs from it. | Accept by substantially complying with a method the terms of the trust provide or, where they provide none or the method is not expressly exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance; a designee who does not accept within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship. Title vests in a successor trustee on acceptance, without a conveyance (Va. Code § 64.2-760(C)). | — | Va. Code § 64.2-754 ↗ |
| You accept | At once and throughout; no day-count. | Administer the trust and invest its assets in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with Virginia's Uniform Trust Code — solely in the beneficiaries' interests (Va. Code § 64.2-764), impartially (Va. Code § 64.2-765) and as a prudent person would (Va. Code § 64.2-766), complying with the Uniform Prudent Investor Act. | — | Va. Code § 64.2-763 ↗ |
| You accept | At once; no day-count. | Take reasonable steps to take control of and protect the trust property, to enforce the trust's claims and defend claims against it (Va. Code § 64.2-773), and to compel a former trustee or other person to deliver trust property and redress a breach known to have been committed by a former trustee (Va. Code § 64.2-774). | — | Va. Code § 64.2-771 ↗ |
| You accept, or the trust receives assets | Within a reasonable time — no day-count. | Review the trust assets and make and implement decisions about retaining or disposing of them, to bring the portfolio into compliance with the trust's purposes, terms and circumstances and with the prudent investor rule — the portfolio as a whole (Va. Code § 64.2-782), diversified unless special circumstances make the purposes better served without it (Va. Code § 64.2-783). | — | Va. Code § 64.2-784 ↗ |
| Throughout the administration | Ongoing; no day-count. | Keep adequate records of the administration, keep the trust property separate from your own, and designate it so that the trust's interest appears, so far as feasible, in records a third party keeps. | — | Va. Code § 64.2-772 ↗ |
| You accept the trusteeship | Within 60 days after accepting — only for a trust irrevocable on or after July 1, 2006 (§ 64.2-775(E)). | Notify the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number, in a manner reasonably suitable under the circumstances and likely to result in receipt — first-class mail, personal delivery, delivery to the last known residence or place of business, or a properly directed electronic message (Va. Code § 64.2-707(A)). While the trust is revocable, the duties are owed to the settlor alone (Va. Code § 64.2-752(A)). | The qualified beneficiaries — each beneficiary who, on the date of determination, is a distributee or permissible distributee of trust income or principal, or would be one if the current interests ended or the trust terminated on that date (Va. Code § 64.2-701) — and any beneficiary who has sent a request for notice, a charity expressly designated to receive distributions and an enforcer of an animal or purpose trust (Va. Code § 64.2-708); the Attorney General for a charitable trust only on request. | Va. Code § 64.2-775(B)(2) ↗ |
| You learn the trust is irrevocable — created so, or become so by the settlor's death or otherwise | Within 60 days after the date you acquire that knowledge — only for a trust irrevocable on or after July 1, 2006 (§ 64.2-775(E)). | Notify the qualified beneficiaries of the trust's existence, the identity of the settlor or settlors, the right to request a copy of the trust instrument and the right to a trustee's report, in a manner reasonably suitable under the circumstances and likely to result in receipt — first-class mail, personal delivery, delivery to the last known residence or place of business, or a properly directed electronic message (Va. Code § 64.2-707(A)). The clock is the trustee's knowledge, not the event. | The qualified beneficiaries — each beneficiary who, on the date of determination, is a distributee or permissible distributee of trust income or principal, or would be one if the current interests ended or the trust terminated on that date (Va. Code § 64.2-701) — and any beneficiary who has sent a request for notice, a charity expressly designated to receive distributions and an enforcer of an animal or purpose trust (Va. Code § 64.2-708); the Attorney General for a charitable trust only on request. | Va. Code § 64.2-775(B)(3) ↗ |
| The trust became irrevocable before July 1, 2006 | No acceptance notice, no irrevocability notice and no annual report required by statute. | Subsection E confines the two 60-day notices and the annual report to an irrevocable trust created, or a revocable trust that becomes irrevocable, on or after the chapter's effective date, July 1, 2006 (Va. Code § 64.2-808); the information duty, the instrument on request and the advance notice of a compensation change apply whatever the date. | — | Va. Code § 64.2-775(E) ↗ |
| A beneficiary asks for information related to the administration | Promptly, unless unreasonable under the circumstances — no day-count. | Respond, and keep the qualified beneficiaries reasonably informed about the administration and of the material facts necessary for them to protect their interests; a good-faith refusal as unreasonable or contrary to the settlor's purposes is not grounds for removal or other sanctions. | — | Va. Code § 64.2-775(A) ↗ |
| A beneficiary asks for a copy of the trust instrument | Promptly — no day-count. | Furnish a copy of the trust instrument to the beneficiary. To a bank, title company or custodian, the trustee may furnish a certification of trust instead (Va. Code § 64.2-804). | — | Va. Code § 64.2-775(B)(1) ↗ |
| You plan to change the method or rate of your compensation | In advance of the change — no day-count. | Notify the qualified beneficiaries before the change. Compensation is as the terms specify or, if they are silent, reasonable under the circumstances, the court able to adjust either (Va. Code § 64.2-761). | The qualified beneficiaries — each beneficiary who, on the date of determination, is a distributee or permissible distributee of trust income or principal, or would be one if the current interests ended or the trust terminated on that date (Va. Code § 64.2-701) — and any beneficiary who has sent a request for notice, a charity expressly designated to receive distributions and an enforcer of an animal or purpose trust (Va. Code § 64.2-708); the Attorney General for a charitable trust only on request. | Va. Code § 64.2-775(B)(4) ↗ |
| Each year of the administration | At least annually — the file counts the first a year after your acceptance; only for a trust irrevocable on or after July 1, 2006. | Send a report of the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, a listing of the assets and, if feasible, their market values. | The distributees and permissible distributees of trust income or principal, and other qualified or nonqualified beneficiaries who request it; not a beneficiary who waived the report and has not withdrawn the waiver (Va. Code § 64.2-775(D)). | Va. Code § 64.2-775(C) ↗ |
| The trust terminates | At the termination — no day-count. | Send the report at termination, with the same contents as the annual report. | The distributees and permissible distributees, and other beneficiaries who request it. | Va. Code § 64.2-775(C) ↗ |
| A trustee leaves office and no cotrustee remains | On the vacancy — no day-count. | The former trustee sends the qualified beneficiaries a report; a personal representative, conservator or guardian may send it for a deceased or incapacitated trustee. | — | Va. Code § 64.2-775(C) ↗ |
| A beneficiary waives a report or other information | Any time; the waiver may be withdrawn for future reports. | A beneficiary may waive the right to a trustee's report or other information and may withdraw the waiver as to future reports and information. The information duties are not among the rules the terms of a trust cannot change (Va. Code § 64.2-703(B)). | — | Va. Code § 64.2-775(D) ↗ |
| You decide to resign without a court order | At least 30 days' notice. | Give notice to the living settlor, all cotrustees and the qualified beneficiaries — not a revocable trust's while the settlor has capacity to revoke — or resign with the court's approval; liability for acts while serving survives, and the former trustee protects and delivers the property expeditiously (Va. Code § 64.2-760). | — | Va. Code § 64.2-758 ↗ |
| You propose to move an inter vivos trust's principal place of administration out of Virginia | Not less than 60 days before initiating the transfer; the objection date not less than 60 days after the notice. | Notify the qualified beneficiaries of the new jurisdiction, the address and telephone number at the new location, the reasons, the anticipated date and the date by which they must object; a timely objection terminates the authority to transfer (Va. Code § 64.2-706(D)). | — | Va. Code § 64.2-706(C) ↗ |
| The settlor of a trust revocable at death dies | The earlier of two years after the death or six months after the trustee sends the person a copy of the instrument and the statutory notice. | A person may commence a proceeding to contest the trust's validity within that window. The notice that shortens it informs the person of the trust's existence, of the trustee's name and address and of the time allowed — a document an attorney prepares. | — | Va. Code § 64.2-753(A) ↗ |
| A potential contestant notifies you of a possible contest | A proceeding commenced within 60 days after the notification was sent. | After the death the trustee may distribute under the terms without liability unless the trustee knows of a pending contest or a potential contestant's notification is followed by a proceeding within 60 days; a beneficiary of a trust later held invalid returns any distribution (Va. Code § 64.2-753(C)). | — | Va. Code § 64.2-753(B) ↗ |
| The settlor of a trust revocable at death dies | No proceeding later than two years after the death — and none without a written demand on the personal representative first. | The trust answers for the settlor's creditors, the costs of administering the estate, the funeral and the family allowance, exempt property and homestead allowance to the extent the probate estate is inadequate; life insurance proceeds under Va. Code § 38.2-3122 are excluded, and distributions before the trustee is served are not affected. | — | Va. Code § 64.2-747(A)(3) ↗ |
| You send a proposal for distribution on termination | A beneficiary's right to object ends 30 days after it was sent — only if it stated the right and the time. | The proposal informs each beneficiary of the right to object and of the time allowed — a document an attorney prepares; a release induced by the trustee's improper conduct, or given without knowledge of the rights or the material facts, is invalid (Va. Code § 64.2-779(C)). | — | Va. Code § 64.2-779(A) ↗ |
| An event terminates the trust | Expeditiously — no day-count. | Distribute the trust property to the persons entitled to it, subject to a reasonable reserve for debts, expenses and taxes. | — | Va. Code § 64.2-779(B) ↗ |
| The trust terminates or you cease to serve, and you send the statutory package | 60 days after the package was sent, with no written objection. | A beneficiary who receives the report for the preceding two years, the taxes, expenses and fees still to be paid, the notice of the termination and of the effect of silence, and for a terminating trust a description of property not yet received and a proposal for distribution, and who does not object in writing within 60 days, is deemed to have released the trustee and ratified its actions — with the effect of a court's approval of a final account once the assets are distributed (Va. Code § 64.2-800(E)). An attorney's package; it does not apply to a decanting. | — | Va. Code § 64.2-800(B) ↗ |
| A beneficiary is sent a report that adequately discloses a potential claim and states the time allowed | One year after the report was sent. | A beneficiary may not commence a proceeding for breach of trust after that year; a report adequately discloses a claim if it gives information enough that the beneficiary knows of it or should have inquired (Va. Code § 64.2-796(B)). The statement of the time allowed is an attorney's. | — | Va. Code § 64.2-796(A) ↗ |
| No adequately disclosing report was sent | Five years after the first of the trustee's removal, resignation or death, the end of the beneficiary's interest, or the trust's termination. | The residual period for a beneficiary's proceeding for breach of trust; the section does not reduce the ten years of Va. Code § 8.01-245 (Va. Code § 64.2-796(E)). | — | Va. Code § 64.2-796(C) ↗ |
| Fraud in a proceeding or a statement under the chapter is discovered | Two years after discovery; against one not a perpetrator, no later than five years after the fraud. | An injured person may obtain relief against the perpetrator, or restitution from anyone benefiting except a bona fide purchaser; the rule does not reach fraud on a decedent during life that affects the succession of the estate. | — | Va. Code § 64.2-796(D) ↗ |
| An authorized fiduciary intends to exercise the decanting power | Not later than 60 days before the exercise; the notice period ends 59 days after the notice. | Notice in a record to the living settlor, the qualified beneficiaries, the holders of presently exercisable powers of appointment, the persons who may remove the fiduciary, the other fiduciaries, the advisors and protectors, adverse-interest holders and, for a charitable interest, the Attorney General, with copies of both instruments; early exercise only on every recipient's signed waiver. | — | Va. Code § 64.2-779.5 ↗ |
| A fiduciary proposes to convert to a unitrust or change its method | An objection date at least 30 days after the notice is sent. | Notice to the qualified beneficiaries (not the Attorney General), the trust directors and the holders of appointment or removal powers, with the policy and the dates; an objection sends the decision to the court (Va. Code § 64.2-1041(C)). | — | Va. Code § 64.2-1042 ↗ |
| The trust property is worth less than $250,000 | After notice to the qualified beneficiaries — no day-count. | The trustee may terminate the trust without court approval on concluding that the value does not justify the cost of administration, distributing consistently with the trust's purposes. | — | Va. Code § 64.2-732(A) ↗ |
| A bank, title company or custodian asks to see the trust | When asked — no day-count. | Furnish a certification of trust with its eight items — the trust's existence and the instrument's date, the settlor, the acting trustee and address, the powers, revocability and who may revoke, the cotrustees' signing authority, the taxpayer identification number and the manner of taking title — and the statement that nothing has made it incorrect; any trustee may sign it. | — | Va. Code § 64.2-804 ↗ |
| You are named trustee in a will | Before acting as trustee. | Qualify and give bond, with the surety the court or clerk requires unless the will waives it, before the circuit court or clerk of the jurisdiction where the will was probated; a deed trustee qualifies only where the instrument requires it (Va. Code § 64.2-1403). | The circuit court or its clerk (form CC-1654, Trust Information Form). | Va. Code § 64.2-1401(B) ↗ |
| A trustee who qualified in the clerk's office first receives trust assets | Within four months after the first date any assets are received; later assets within four months after their receipt. | Return an inventory of the real and personal estate under the trustee's supervision and control, each item at its market value on the date received — unless the trustee is not required to account under Va. Code § 64.2-1307. A missing inventory draws a summons, then the court's fine up to $500 (Va. Code § 64.2-1215). | The Commissioner of Accounts (form CC-1673, Inventory for Trust). | Va. Code § 64.2-1300(C) ↗ |
| A testamentary trust's first calendar year of funding ends, and each year after | On or before May 1 of the following year (a fiscal-year trust: the first account within 16 months of funding). | Exhibit a statement of all money and property received, chargeable or disbursed for the year, signed by all fiduciaries, with vouchers (Va. Code §§ 64.2-1206, 64.2-1311); a year not accounted for within four months after it ends forfeits that year's compensation unless the commissioner allows it (Va. Code § 64.2-1217). | The Commissioner of Accounts of the court where the trustee qualified (form CC-1684, Account for Trust). | Va. Code § 64.2-1306 ↗ |
| You qualify as trustee under a will that waives accounts | Within 90 days after qualification. | Notify in writing each adult current beneficiary other than the trustee, with a copy of the will's provisions, the right to require an annual accounting and a copy of the section; send the commissioner a copy or a writing that the section was met; any such beneficiary may later demand annual settlements (Va. Code § 64.2-1307(D)). | — | Va. Code § 64.2-1307(B) ↗ |
| The Commissioner of Accounts files a report on your account | Confirmed on the day after 15 days from filing, absent exceptions; the commissioner settles no account until 10 days after posting the fiduciaries' list. | A confirmed report is taken as correct except as it may be surcharged or falsified in a suit in proper time (Va. Code § 64.2-1213); the posting rule is Va. Code § 64.2-1222. | — | Va. Code § 64.2-1212 ↗ |
| An account settled before the Commissioner of Accounts is confirmed | Ten years after confirmation. | A suit to surcharge or falsify the account, or to hold the fiduciary or the sureties liable for a balance it states, is brought within ten years; an action on a fiduciary's bond within ten years after it accrues. | — | Va. Code § 8.01-245 ↗ |
| A trustee who qualified moves out of Virginia | Within 30 days of the change. | Tell the clerk and the Commissioner of Accounts the new address, on pain of a $50 civil penalty, unless a cofiduciary is a Virginia resident; a nonresident qualifying under a will files a consent to service and posts surety (Va. Code § 64.2-1426). | — | Va. Code § 64.2-1409(B) ↗ |
| Any period a statute counts | The day of the event is not counted; a last day on a weekend, holiday or closed day moves for court acts and filings. | Virginia's rule for computing time; the file counts calendar days from the recorded date and shows the statute's own words where the statute counts months or names a calendar date. | — | Va. Code § 1-210 ↗ |
| A personal representative qualifies or a will is probated | Within 30 days after; the affidavit of notice recorded within four months. | Written notice to the surviving spouse, the heirs at law, the will's beneficiaries — among them beneficiaries of a trust the will creates — and the beneficiaries of an earlier probated will, with the statute's statements (forms CC-1616, CC-1617). | — | Va. Code § 64.2-508 ↗Связанное наследство |
| A personal representative elects to publish a notice to creditors | Once a week for two consecutive weeks; claims by the later of at least six months after first publication or 90 days after a copy reaches a known disputed claimant; the affidavit within 30 days after publication and delivery are complete. | The notice the 2026 session enacted (c. 382): published, and delivered or mailed to known disputed claimants; claims presented by delivery or certified mail to the representative or by filing with the commissioner (forms CC-1686, CC-1687). | — | Va. Code § 64.2-508.1 ↗Связанное наследство |
| A personal representative qualifies | Within four months after the order conferring authority. | The estate's inventory to the Commissioner of Accounts, with copies to those who asked under Va. Code § 64.2-1303 (form CC-1670). | — | Va. Code § 64.2-1300(A) ↗Связанное наследство |
| A personal representative qualifies | The first account within 16 months of qualification; then within four months after each following 12-month period. | The estate's accounts to the Commissioner of Accounts (form CC-1680); after six months from qualification the court may order creditors to show cause against distribution (Va. Code § 64.2-556). | — | Va. Code § 64.2-1304 ↗Связанное наследство |
| A decedent's personal probate estate is $75,000 or less | At least 60 days after the death. | The successors' affidavit on the Office of the Executive Secretary's form lets a holder pay a small asset to the designated successor (form CC-1685); it is not a trust balance read as a small estate. | — | Va. Code § 64.2-601 ↗Связанное наследство |
| A married decedent domiciled in Virginia dies | The election within six months after the later of probate or an administrator's qualification; the complaint within six months after the election. | The surviving spouse's election of 50 percent of the marital-property portion of the augmented estate (Va. Code § 64.2-308.3), which includes non-probate transfers such as a revocable trust (Va. Code § 64.2-308.6); those transfers drop out if the complaint comes more than 12 months after the death. | — | Va. Code § 64.2-308.12 ↗Связанное наследство |
| A decedent domiciled in Virginia leaves a spouse or minor children | During the administration; the family allowance not longer than one year if the estate cannot pay all claims. | The family allowance (a lump sum up to $30,000 or $2,500 a month for a year), exempt property up to $25,000 (Va. Code § 64.2-310) and the homestead allowance of $25,000 (Va. Code § 64.2-311), with priority over claims in that order. | — | Va. Code § 64.2-309 ↗Связанное наследство |
| A will is probated or administration granted | At probate, with a return when the estate exceeds $15,000. | Ten cents for every $100 of the estate's value over $15,000, with the return of Va. Code § 58.1-1714 (form CC-1651); a county or city may add one-third (Va. Code § 58.1-1718). | — | Va. Code § 58.1-1712 ↗Связанное наследство |
| The trust's tax year ends | On or before May 1 for a calendar year; the fifteenth day of the fourth month after a fiscal year. | File the Virginia fiduciary income tax return (Form 770) for a resident trust required to file a federal return or having Virginia taxable income, or a nonresident trust with Virginia taxable income; a resident trust is one created by a Virginia domiciliary's will, or by or with property of a Virginia domiciliary (Va. Code § 58.1-302). Virginia imposes no estate tax for a death on or after July 1, 2007. | — | Va. Code § 58.1-381 ↗ |
| Death, where the estate may be taxable federally | Nine months after the death (an extension is available). | File the federal estate tax return where the gross estate plus adjusted taxable gifts exceeds the exclusion, or to elect portability of a deceased spouse's unused exclusion. | — | IRS Form 706 ↗Федеральный |
| The trust's tax year ends | The 15th day of the fourth month after year-end (April 15 for a calendar-year trust). | File the trust's federal income tax return and issue a Schedule K-1 to each beneficiary who received distributable income. | — | IRS Form 1041 ↗Федеральный |
Cotrustees and trust directors
Cotrustees unable to reach a unanimous decision may act by majority decision, and on a vacancy the remaining cotrustees may act. Each cotrustee participates unless unavailable or having properly delegated the function to another trustee, and each exercises reasonable care to prevent a cotrustee from committing a serious breach of trust and to compel one to redress it; a dissenting trustee who joins a majority action after notifying the others of the dissent is not liable for it unless it is a serious breach (Va. Code § 64.2-756).
Where the instrument gives a trust director a power of direction, the director may exercise any further power appropriate to it (Va. Code § 64.2-779.29); the directed trustee takes reasonable action to comply and is not liable for doing so, but must not comply where complying would be willful misconduct, and may ask the court for instructions (Va. Code § 64.2-779.32).
Resigning, being removed, and the vacancy
A trustee may resign upon at least 30 days' notice to the settlor, if living, all cotrustees and the qualified beneficiaries — not those of a revocable trust while the settlor can revoke it — or with the court's approval; the resignation does not discharge the trustee's or the sureties' liability for the trustee's acts (Va. Code § 64.2-758). The court may remove a trustee for a serious breach of trust, a lack of cooperation among cotrustees that substantially impairs the administration, unfitness, unwillingness or persistent failure to administer effectively, or on a substantial change of circumstances or a request of all the qualified beneficiaries where removal best serves the beneficiaries and a suitable successor is available (Va. Code § 64.2-759).
A trustee who has resigned or been removed keeps the duties and powers needed to protect the property until it is delivered, and delivers it expeditiously to the cotrustee, the successor or the person entitled (Va. Code § 64.2-760). A trustee who qualified before the clerk and moves out of Virginia tells the clerk and the Commissioner of Accounts the new address within 30 days (Va. Code § 64.2-1409(B)).
Compensation, the report, and the ways trustees get into trouble
A trustee is entitled to the compensation the terms specify or, where they do not, to compensation reasonable under the circumstances, the court able to allow more or less (Va. Code § 64.2-761); the trustee notifies the qualified beneficiaries in advance of any change in the method or rate (Va. Code § 64.2-775(B)(4)) and is reimbursed for expenses properly incurred (Va. Code § 64.2-762). The trustee's report goes to the distributees and permissible distributees, and the beneficiaries who request it, at least annually and at the termination (Va. Code § 64.2-775(C)).
A trustee's violation of a duty is a breach of trust, for which the court may compel performance, enjoin, compel redress, order an accounting, appoint a special fiduciary, suspend or remove the trustee, reduce or deny compensation or order other relief (Va. Code § 64.2-792); the trustee is liable for the greater of the loss and the profit (Va. Code § 64.2-793). A transaction for the trustee's own account, or with the trustee's spouse, relatives, agent or attorney, is voidable by an affected beneficiary (Va. Code § 64.2-764); an exculpatory term does not reach bad faith or reckless indifference (Va. Code § 64.2-799); and a beneficiary's consent or release protects the trustee only if informed (Va. Code § 64.2-800(A)).
When a licensed Virginia attorney is the right next call
Whether to accept, whether to qualify before the clerk, who the qualified beneficiaries are on a date, whether the trust stands inside subsection E, whether the instrument varies a duty, how a particular transaction fares under the duty of loyalty, and what a report should contain to start the one-year period are questions a licensed Virginia attorney of your choosing answers from the instrument and the facts. TrusteeClear organizes the record and shows the statute's clocks from your dates; it does not decide them.
Частые вопросы
How does a successor trustee take over in Virginia?
By accepting the trusteeship — under the instrument's method or by conduct (Va. Code § 64.2-754) — once a vacancy occurs (Va. Code § 64.2-757). Title vests on acceptance without a conveyance (Va. Code § 64.2-760); a certification of trust (Va. Code § 64.2-804) establishes the trustee's authority to banks and buyers. A trustee named in a will qualifies before the clerk first (Va. Code § 64.2-1401).
What notices does a Virginia successor trustee send?
Two, each to the qualified beneficiaries: within 60 days of accepting, notice of the acceptance and the trustee's name, address and telephone number (Va. Code § 64.2-775(B)(2)); within 60 days of acquiring knowledge that the trust is irrevocable, notice of its existence, the settlor's identity, the right to a copy of the instrument and the right to a trustee's report (Va. Code § 64.2-775(B)(3)) — for a trust irrevocable on or after July 1, 2006 (Va. Code § 64.2-775(E)).
Can a Virginia successor trustee be paid?
Yes — as the terms specify, or compensation reasonable under the circumstances where they are silent, with the court able to allow more or less (Va. Code § 64.2-761); the qualified beneficiaries receive advance notice of any change in the method or rate (Va. Code § 64.2-775(B)(4)).
Does a Virginia successor trustee have to recover property from the previous trustee?
The trustee takes reasonable steps to compel a former trustee or other person to deliver trust property, and to redress a breach of trust known to have been committed by a former trustee (Va. Code § 64.2-774); the former trustee delivers the property expeditiously (Va. Code § 64.2-760).
Ключевые положения Кодекса о трастах Виргинии
Accepting or declining trusteeship
Va. Code § 64.2-754 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Vacancy in trusteeship; appointment of successor
Va. Code § 64.2-757 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to administer trust and invest
Va. Code § 64.2-763 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
Va. Code § 64.2-775 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
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