Virginia § 64.2-720 Requirements for creation

Virginia Statutes

§ 64.2-720 — Requirements for creation

Virginia § 64.2-720

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIITRUSTS

Ch. 7UNIFORM TRUST CODE

Art. 4CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

This text of Virginia § 64.2-720 (Requirements for creation) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-720 (2026).

Text

A.A trust is created only if:

1.The settlor has capacity to create a trust; or when the trust is created by the settlor's agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor's behalf;

2.The settlor or his agent indicates an intention to create the trust;

3.The trust has a definite beneficiary or is:

a.A charitable trust;

b.A trust for the care of an animal, as provided in § 64.2-726; or

c.A trust for a noncharitable purpose, as provided in § 64.2-727;

4.The trustee has duties to perform; and

5.The same person is not the sole trustee and sole beneficiary.

B.A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

C.A power in a trustee to

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A. A trust is created only if:

1. The settlor has capacity to create a trust; or when the trust is created by the settlor's agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor's behalf;

2. The settlor or his agent indicates an intention to create the trust;

3. The trust has a definite beneficiary or is:

a. A charitable trust;

b. A trust for the care of an animal, as provided in § 64.2-726; or

c. A trust for a noncharitable purpose, as provided in § 64.2-727;

4. The trustee has duties to perform; and

5. The same person is not the sole trustee and sole beneficiary.

B. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

C. A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.