§ 64.2-752 Settlor’s powers; powers of withdrawal
A. While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
B. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
C. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
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 2012, chapter 614; in 2020, chapter 768.
2005, c. 935, § 55-546.03; 2012, c. 614; 2020, c. 768.