SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2016 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 64.2-719 of the Code of Virginia is amended and reenacted as follows:
§ 64.2-719. Methods of creating trust.
A. A trust may be created by:
1. Transfer of property to another person as trustee during
the settlor's lifetime by the settlor or by the settlor's agent, acting in
accordance with § 64.2-1612, under a power of attorney that expressly
authorizes the agent to create a trust on the settlor's behalf; or by
will or other disposition taking effect upon the settlor's death;
2. Declaration by the owner of property that the owner holds identifiable property as trustee;
3. Exercise of a power of appointment in favor of a trustee; or
4. A conservator acting in accordance with § 64.2-2023.
B. A circuit court, upon petition from an interested party, may create and establish a trust with such trustee and such terms as the court determines. In an order creating and establishing the trust, the court shall determine whether the trustee shall have a duty to qualify in the clerk's office; post bond, with or without surety; or file an inventory and annual accounting with the commissioner of accounts as would apply to a testamentary trustee.
2. That the provisions of this act are declarative of existing law.