Virginia § 64.2-779.2 Fiduciary duty

Virginia Statutes

§ 64.2-779.2 — Fiduciary duty

Virginia § 64.2-779.2

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIITRUSTS

Ch. 7UNIFORM TRUST CODE

Art. 8.1UNIFORM TRUST DECANTING ACT

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Bluebook

Va. Code Ann. § 64.2-779.2 (2026).

Text

A.In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.

B.This article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this article.

C.Except as otherwise provided in a first-trust instrument, for purposes of this article and § 64.2-763 and subsection A of § 64.2-764, the terms of the first trust are deemed to include the decanting power.

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A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.

B. This article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this article.

C. Except as otherwise provided in a first-trust instrument, for purposes of this article and § 64.2-763 and subsection A of § 64.2-764, the terms of the first trust are deemed to include the decanting power.