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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 | history

SUMMARY AS PASSED:

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.

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. There are special rules on revocable trusts and features which encourage non-judicial resolution of administrative matters.  The bill contains modifications to existing Virginia Code sections to accommodate the Uniform Trust Code and provisions that modify the Uniform Trust Code to retain current Virginia statutory treatment of some matters.  The bill is effective January 1, 2006.