Bill Text: VA HB230 | 2016 | Regular Session | Chaptered

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Bill Title: Trusts; a circuit court may create and establish upon petition of an interested party.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Passed) 2016-03-01 - Governor: Acts of Assembly Chapter text (CHAP0186) [HB230 Detail]

Download: Virginia-2016-HB230-Chaptered.html

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CHAPTER 186 An Act to amend and reenact §64.2-719 of the Code of Virginia, relating to judicial creation of trusts. [H 230] Approved March 1, 2016

 

Be it enacted by the General Assembly of Virginia:

1. That §64.2-719 of the Code of Virginia is amended and reenacted as follows:

§64.2-719. Methods of creating trust.

A. A trust may be created by:

1. Transfer of property to another person as trustee during the settlor's lifetime by the settlor or by the settlor's agent, acting in accordance with §64.2-1612, under a power of attorney that expressly authorizes the agent to create a trust on the settlor's behalf; or by will or other disposition taking effect upon the settlor's death;

2. Declaration by the owner of property that the owner holds identifiable property as trustee;

3. Exercise of a power of appointment in favor of a trustee; or

4. A conservator acting in accordance with §64.2-2023.

B. A circuit court, upon petition from an interested party, may create and establish a trust with such trustee and such terms as the court determines. In an order creating and establishing the trust, the court shall determine whether the trustee shall have a duty to qualify in the clerk's office; post bond, with or without surety; or file an inventory and annual accounting with the commissioner of accounts as would apply to a testamentary trustee.

2. That the provisions of this act are declarative of existing law.