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2004 SESSION

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SB 506 Uniform Trust Code; created.

Introduced by: William C. Mims | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Uniform Trust Code. Sets out the Uniform Trust Code which was finalized by the National Conference of Commissioners on Uniform State Laws in 2000 and is the first national codification of the law of trusts. Much of the Code is a codification of the common law of trusts. Most of the Uniform Trust Code consists of default rules that apply only if the terms of the trust fail to address or insufficiently cover an issue. The drafter of a trust is free to override a substantial majority of the Code's provisions, although there are some that are not subject to override. Includes comprehensive provisions on representation of beneficiaries in the Uniform Trust Code, as are rules on trust modification and termination. There are special rules on revocable trusts. A subcommittee of the Virginia Bar Association Section on Wills, Trusts and Estates is examining the act. The intent is to have the bill carried over to the 2005 General Assembly Session so that it can continue to be studied and so that provisions of current statutory law that are impacted are identified and revised.


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