§ 64.2-720 Requirements for creation
1. The settlor has capacity to create a trust; or when the trust is created by the settlor’s agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor’s behalf;
2. The settlor or his agent indicates an intention to create the trust;
3. The trust has a definite beneficiary or is: a. A charitable trust; b. A trust for the care of an animal, as provided in § 64.2-726; or c. A trust for a noncharitable purpose, as provided in § 64.2-727;
5. The same person is not the sole trustee and sole beneficiary.
B. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
C. A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
History
This law was first created in 2005. The record of its establishment is cataloged in chapter 935 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2010, chapters 455 and 632; in 2012, chapter 614.
2005, c. 935, § 55-544.02; 2010, cc. 455, 632; 2012, c. 614.