Core duties · 4 min read
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.
The statutes, verbatim
Vouchers and statement of assets on hand; direct payments to account; vouchers for IRS payments
Va. Code § 64.2-1311 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Recordkeeping and identification of trust property
Va. Code § 64.2-772 ↗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
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).
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
- 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).
General information about Virginia law, not legal advice.