Core duties · 6 min read
The standing duty and the instrument on request
Va. Code § 64.2-775(A) provides that a trustee keeps the qualified beneficiaries reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests and, unless unreasonable under the circumstances, promptly responds to a beneficiary's request for information related to the administration; a trustee who declines in a good-faith belief that answering would be unreasonable or contrary to the settlor's purposes is not subject to removal or other sanctions for it. On a beneficiary's request the trustee promptly furnishes a copy of the trust instrument (Va. Code § 64.2-775(B)(1)), and the trustee notifies the qualified beneficiaries in advance of any change in the method or rate of compensation (Va. Code § 64.2-775(B)(4)).
The two 60-day notices
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 by the settlor's death or otherwise, the trustee notifies them of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument and of the right to a trustee's report (Va. Code § 64.2-775(B)(3)) — a clock that runs from the trustee's knowledge, not the event.
Notice goes 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)) — to the qualified beneficiaries and to any other beneficiary who has requested notice (Va. Code § 64.2-708(A)).
The annual report, and what it can start
At least annually and at the termination of the trust, the trustee sends the distributees and permissible distributees of income or principal, and other qualified or nonqualified beneficiaries who request it, a report of the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their market values (Va. Code § 64.2-775(C)). A report that adequately discloses the existence of a potential claim for breach of trust and informs the beneficiary of the time allowed starts a one-year limitation period (Va. Code § 64.2-796(A)); without one, the period is five years after the trustee leaves office, the beneficiary's interest ends or the trust ends (Va. Code § 64.2-796(C)).
The waiver, the instrument's terms and the 2006 line
A beneficiary may waive the right to a report or other information and may withdraw the waiver as to future reports (Va. Code § 64.2-775(D)). The duties to inform and report are not among the rules the terms of a trust cannot change (Va. Code § 64.2-703), so the instrument may vary them. The two notices and the annual report 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)); the standing duty, the instrument on request and the advance notice of a compensation change apply whatever the date. Whether a particular instrument varies a duty, or a trust falls on one side of the line or the other, is a question for a licensed Virginia attorney of your choosing.
The statutes, verbatim
Default and mandatory rules
Va. Code § 64.2-703 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Methods and waiver of notice
Va. Code § 64.2-707 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Duty to inform and report
Va. Code § 64.2-775 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Limitation of action against trustee
Va. Code § 64.2-796 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Common questions
What notices does a Virginia trustee give?
Two to the qualified beneficiaries — within 60 days after accepting, and within 60 days after learning the trust is irrevocable (Va. Code § 64.2-775(B)(2), (3)) — plus advance notice of a change in compensation (Va. Code § 64.2-775(B)(4)).
How often does a Virginia trustee report?
At least annually and at the termination, to the distributees and permissible distributees and any other beneficiary who requests it (Va. Code § 64.2-775(C)), for a trust irrevocable on or after July 1, 2006 (Va. Code § 64.2-775(E)).
Can a Virginia beneficiary waive the report?
Yes, and withdraw the waiver as to future reports (Va. Code § 64.2-775(D)).
Related reading
The Learning Center is general information about Virginia law — not legal advice, and not a substitute for advice from a licensed Virginia attorney about your specific facts. TrusteeClear is software, not a law firm.
Frequently asked questions
- What notices does a Virginia trustee give?
- Two to the qualified beneficiaries — within 60 days after accepting, and within 60 days after learning the trust is irrevocable (Va. Code § 64.2-775(B)(2), (3)) — plus advance notice of a change in compensation (Va. Code § 64.2-775(B)(4)).
- How often does a Virginia trustee report?
- At least annually and at the termination, to the distributees and permissible distributees and any other beneficiary who requests it (Va. Code § 64.2-775(C)), for a trust irrevocable on or after July 1, 2006 (Va. Code § 64.2-775(E)).
- Can a Virginia beneficiary waive the report?
- Yes, and withdraw the waiver as to future reports (Va. Code § 64.2-775(D)).
General information about Virginia law, not legal advice.