§ 64.2-777 General powers of trustee
A. A trustee, without authorization by the court, may exercise:
2. Except as limited by the terms of the trust: a. All powers over the trust property that an unmarried competent owner has over individually owned property; b. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and c. Any other powers conferred by this chapter.
B. The exercise of a power is subject to the fiduciary duties prescribed by this article.
C. Any reference in a trust instrument incorporating the powers authorized under § 64.2-105 shall not be construed to limit powers a trustee may exercise pursuant to this section, unless the settlor expressly states in the trust instrument that such reference should be so construed.
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 1 time. 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. That modification is as follows: in 2012, chapter 614.
2005, c. 935, § 55-548.15; 2012, c. 614.