§ 64.2-779.15 Removal or replacement of authorized fiduciary
An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
1. The person holding the power consents to the modification in a signed record and the modification applies only to the person;
2. The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
3. The court approves the modification and the modification grants a substantially similar power to another person.
History
This law was first created in 2017. The record of its establishment is cataloged in chapter 592 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.
2017, c. 592.