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2005 SESSION

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SB 891 Uniform Trust Code; created, modification to existing Code to accomodate.

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

SUMMARY AS PASSED: (all summaries)

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 and consists of default rules that govern where the trust instrument is silent. Special rules on revocable trusts and features encourage non-judicial resolution of administrative matters. Existing Virginia statutes are modified to accommodate the Trust Code, and some uniform provisions are modified to retain current Virginia statutory treatment. The bill is effective July 1, 2006.


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