{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1041.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1041.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1041.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1041.html"}],"law_id":74484,"edition_id":1,"section_id":74484,"structure_id":15312,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","history":"2022, c. 354.","full_text":"A\n\nA fiduciary, without court approval, by complying with subsections B and F, may:1\n\nConvert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing:\n\t\t\t\ta. That in administering the trust the net income of the trust will be a unitrust amount rather than net income determined without regard to this article; and\n\t\t\t\tb. The percentage and method used to calculate the unitrust amount;2\n\nChange the percentage or method used to calculate a unitrust amount for a unitrust if the fiduciary adopts in a record a unitrust policy or an amendment or replacement of a unitrust policy providing changes in the percentage or method used to calculate the unitrust amount; or3\n\nConvert a unitrust to an income trust if the fiduciary adopts in a record a determination that, in administering the trust, the net income of the trust will be net income determined without regard to this article rather than a unitrust amount.B\n\nA fiduciary may take an action under subsection A if:1\n\nThe fiduciary determines that the action will assist the fiduciary to administer a trust impartially;2\n\nThe fiduciary sends a notice in a record, in the manner required by § 64.2-1042, describing and proposing to take the action;3\n\nThe fiduciary sends a copy of the notice under subdivision 2 to each settlor of the trust that is:\n\t\t\t\ta. If an individual, living; or\n\t\t\t\tb. If not an individual, in existence;4\n\nAt least one member of each class of the qualified beneficiaries determined under § 64.2-701, other than the Attorney General, receiving the notice under subdivision 2 is:\n\t\t\t\ta. If an individual, legally competent;\n\t\t\t\tb. If not an individual, in existence; or\n\t\t\t\tc. Represented in the manner provided in Article 3 (§ 64.2-714 et seq.) of Chapter 7; and5\n\nThe fiduciary does not receive, by the date specified in the notice under subdivision D 5 of § 64.2-1042, an objection in a record to the action proposed under subdivision 2 from a person to which the notice under subdivision 2 is sent.C\n\nIf a fiduciary receives, not later than the date stated in the notice under subdivision D 5 of \u00a7 64.2-1042, an objection in a record described in subdivision D 4 of \u00a7 64.2-1042 to a proposed action, the fiduciary or a beneficiary may request the court to have the proposed action taken as proposed, taken with modifications, or prevented. A person described in subsection A of \u00a7 64.2-1042 may oppose the proposed action in the proceeding under this subsection, whether or not the person:1\n\nConsented under subsection C of § 64.2-1042; or2\n\nObjected under subdivision D 4 of § 64.2-1042.D\n\nIf, after sending a notice under subdivision B 2, a fiduciary decides not to take the action proposed in the notice, the fiduciary shall notify in a record each person described in subsection A of § 64.2-1042 of the decision not to take the action and the reasons for the decision.E\n\nIf a beneficiary requests in a record that a fiduciary take an action described in subsection A and the fiduciary declines to act or does not act within 90 days after receiving the request, the beneficiary may request the court to direct the fiduciary to take the action requested.F\n\nIn deciding whether and how to take an action authorized by subsection A, or whether and how to respond to a request by a beneficiary under subsection E, a fiduciary shall consider all factors relevant to the trust and the beneficiaries, including relevant factors in subsection E of § 64.2-1036.G\n\nA fiduciary may release or delegate the power to convert an income trust to a unitrust under subdivision A 1, change the percentage or method used to calculate a unitrust amount under subdivision A 2, or convert a unitrust to an income trust under subdivision A 3, for a reason described in subsection G of § 64.2-1038 and in the manner described in subsection H of § 64.2-1038.","order_by":null,"text":{"0":{"id":267662,"text":"A fiduciary, without court approval, by complying with subsections B and F, may:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":267663,"text":"Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing:\n\t\t\t\ta. That in administering the trust the net income of the trust will be a unitrust amount rather than net income determined without regard to this article; and\n\t\t\t\tb. The percentage and method used to calculate the unitrust amount;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":267664,"text":"Change the percentage or method used to calculate a unitrust amount for a unitrust if the fiduciary adopts in a record a unitrust policy or an amendment or replacement of a unitrust policy providing changes in the percentage or method used to calculate the unitrust amount; or","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":267665,"text":"Convert a unitrust to an income trust if the fiduciary adopts in a record a determination that, in administering the trust, the net income of the trust will be net income determined without regard to this article rather than a unitrust amount.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":267666,"text":"A fiduciary may take an action under subsection A if:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"B1"},"5":{"id":267667,"text":"The fiduciary determines that the action will assist the fiduciary to administer a trust impartially;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"6":{"id":267668,"text":"The fiduciary sends a notice in a record, in the manner required by § 64.2-1042, describing and proposing to take the action;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"7":{"id":267669,"text":"The fiduciary sends a copy of the notice under subdivision 2 to each settlor of the trust that is:\n\t\t\t\ta. If an individual, living; or\n\t\t\t\tb. If not an individual, in existence;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"8":{"id":267670,"text":"At least one member of each class of the qualified beneficiaries determined under § 64.2-701, other than the Attorney General, receiving the notice under subdivision 2 is:\n\t\t\t\ta. If an individual, legally competent;\n\t\t\t\tb. If not an individual, in existence; or\n\t\t\t\tc. Represented in the manner provided in Article 3 (§ 64.2-714 et seq.) of Chapter 7; and","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"9":{"id":267671,"text":"The fiduciary does not receive, by the date specified in the notice under subdivision D 5 of § 64.2-1042, an objection in a record to the action proposed under subdivision 2 from a person to which the notice under subdivision 2 is sent.","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"C"},"10":{"id":267672,"text":"If a fiduciary receives, not later than the date stated in the notice under subdivision D 5 of \u00a7 64.2-1042, an objection in a record described in subdivision D 4 of \u00a7 64.2-1042 to a proposed action, the fiduciary or a beneficiary may request the court to have the proposed action taken as proposed, taken with modifications, or prevented. A person described in subsection A of \u00a7 64.2-1042 may oppose the proposed action in the proceeding under this subsection, whether or not the person:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B5","next_prefix":"C1"},"11":{"id":267673,"text":"Consented under subsection C of § 64.2-1042; or","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"12":{"id":267674,"text":"Objected under subdivision D 4 of § 64.2-1042.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"13":{"id":267675,"text":"If, after sending a notice under subdivision B 2, a fiduciary decides not to take the action proposed in the notice, the fiduciary shall notify in a record each person described in subsection A of § 64.2-1042 of the decision not to take the action and the reasons for the decision.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"14":{"id":267676,"text":"If a beneficiary requests in a record that a fiduciary take an action described in subsection A and the fiduciary declines to act or does not act within 90 days after receiving the request, the beneficiary may request the court to direct the fiduciary to take the action requested.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"15":{"id":267677,"text":"In deciding whether and how to take an action authorized by subsection A, or whether and how to respond to a request by a beneficiary under subsection E, a fiduciary shall consider all factors relevant to the trust and the beneficiaries, including relevant factors in subsection E of § 64.2-1036.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"16":{"id":267678,"text":"A fiduciary may release or delegate the power to convert an income trust to a unitrust under subdivision A 1, change the percentage or method used to calculate a unitrust amount under subdivision A 2, or convert a unitrust to an income trust under subdivision A 3, for a reason described in subsection G of § 64.2-1038 and in the manner described in subsection H of § 64.2-1038.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":15312,"edition_id":1,"name":"Unitrust","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:53:52","date_modified":"2026-06-26 03:53:52","permalink":{"id":273907,"object_type":"structure","relational_id":15312,"identifier":"3","token":"64.2\/III\/10.1\/3","url":"\/64.2\/III\/10.1\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13478,"edition_id":1,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273863,"object_type":"structure","relational_id":13478,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58297,"structure_id":15312,"section_number":"64.2-1039","catch_line":"Definitions","url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","metadata":false},{"id":63403,"structure_id":15312,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},{"id":74484,"structure_id":15312,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","metadata":false},{"id":72707,"structure_id":15312,"section_number":"64.2-1042","catch_line":"Notice","url":"\/64.2-1042\/","token":"64.2\/III\/10.1\/3\/64.2-1042","metadata":false},{"id":76075,"structure_id":15312,"section_number":"64.2-1043","catch_line":"Unitrust policy","url":"\/64.2-1043\/","token":"64.2\/III\/10.1\/3\/64.2-1043","metadata":false},{"id":67457,"structure_id":15312,"section_number":"64.2-1044","catch_line":"Unitrust rate","url":"\/64.2-1044\/","token":"64.2\/III\/10.1\/3\/64.2-1044","metadata":false},{"id":72430,"structure_id":15312,"section_number":"64.2-1045","catch_line":"Applicable value","url":"\/64.2-1045\/","token":"64.2\/III\/10.1\/3\/64.2-1045","metadata":false},{"id":66259,"structure_id":15312,"section_number":"64.2-1046","catch_line":"Period","url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","metadata":false},{"id":81750,"structure_id":15312,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","url":"\/64.2-1047\/","token":"64.2\/III\/10.1\/3\/64.2-1047","metadata":false}],"previous_section":{"id":63403,"structure_id":15312,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},"next_section":{"id":72707,"structure_id":15312,"section_number":"64.2-1042","catch_line":"Notice","url":"\/64.2-1042\/","token":"64.2\/III\/10.1\/3\/64.2-1042","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1041\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":79031,"section_number":"64.2-1036","catch_line":"Fiduciary duties; general principles","order_by":null,"url":"\/64.2-1036\/"},{"id":66868,"section_number":"64.2-1037","catch_line":"Judicial review of exercise of discretionary power; request for instruction","order_by":null,"url":"\/64.2-1037\/"},{"id":58297,"section_number":"64.2-1039","catch_line":"Definitions","order_by":null,"url":"\/64.2-1039\/"},{"id":72707,"section_number":"64.2-1042","catch_line":"Notice","order_by":null,"url":"\/64.2-1042\/"},{"id":76075,"section_number":"64.2-1043","catch_line":"Unitrust policy","order_by":null,"url":"\/64.2-1043\/"}],"refers_to":[{"id":80594,"section_number":"64.2-1038","catch_line":"Fiduciary's power to adjust","order_by":null,"url":"\/64.2-1038\/"},{"id":72707,"section_number":"64.2-1042","catch_line":"Notice","order_by":null,"url":"\/64.2-1042\/"},{"id":80693,"section_number":"64.2-701","catch_line":"Definitions","order_by":null,"url":"\/64.2-701\/"},{"id":87339,"section_number":"64.2-714","catch_line":"Representation; basic effect","order_by":null,"url":"\/64.2-714\/"}],"permalink":{"id":273917,"object_type":"law","relational_id":74484,"identifier":"64.2-1041","token":"64.2\/III\/10.1\/3\/64.2-1041","url":"\/64.2-1041\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","dublin_core":{"Title":"Authority of fiduciary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1041","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A fiduciary<\/span>, without court<\/span> approval, by complying with subsections B and F, may: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Convert an income trust<\/span> to a unitrust if the fiduciary<\/span> adopts in a record<\/span> a unitrust policy<\/span> for the trust providing:\n\t\t\t\ta. That in administering the trust the net income<\/span> of the trust will<\/span> be a unitrust amount<\/span> rather than net income<\/span> determined without regard to this article; and\n\t\t\t\tb. The percentage and method used to calculate the unitrust amount<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Change the percentage or method used to calculate a unitrust amount<\/span> for a unitrust if the fiduciary<\/span> adopts in a record<\/span> a unitrust policy<\/span> or an amendment or replacement of a unitrust policy<\/span> providing changes in the percentage or method used to calculate the unitrust amount<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Convert a unitrust to an income trust<\/span> if the fiduciary<\/span> adopts in a record<\/span> a determination that, in administering the trust, the net income<\/span> of the trust will<\/span> be net income<\/span> determined without regard to this article rather than a unitrust amount<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A fiduciary<\/span> may take an action under subsection A if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The fiduciary<\/span> determines that the action will<\/span> assist the fiduciary<\/span> to administer a trust impartially; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The fiduciary<\/span> sends a notice in a record<\/span>, in the manner required by § 64.2-1042<\/a>, describing and proposing to take the action; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The fiduciary<\/span> sends a copy of the notice under subdivision 2 to each settlor<\/span> of the trust that is:\n\t\t\t\ta. If an individual, living; or\n\t\t\t\tb. If not an individual, in existence; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> At least one member of each class of the qualified beneficiaries determined under § 64.2-701<\/a>, other than the Attorney General<\/span>, receiving the notice under subdivision 2 is:\n\t\t\t\ta. If an individual, legally competent;\n\t\t\t\tb. If not an individual, in existence; or\n\t\t\t\tc. Represented in the manner provided in Article 3 (§ 64.2-714<\/a> et seq.) of Chapter 7; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The fiduciary<\/span> does not receive, by the date specified in the notice under subdivision D 5 of § 64.2-1042<\/a>, an objection in a record<\/span> to the action proposed under subdivision 2 from a person<\/span> to which the notice under subdivision 2 is sent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If a fiduciary<\/span> receives, not later than the date stated in the notice under subdivision D 5 of \u00a7 64.2-1042<\/a>, an objection in a record<\/span> described in subdivision D 4 of \u00a7 64.2-1042<\/a> to a proposed action, the fiduciary<\/span> or a beneficiary may request the court<\/span> to have the proposed action taken as proposed, taken with modifications, or prevented. A person<\/span> described in subsection A of \u00a7 64.2-1042<\/a> may oppose the proposed action in the proceeding under this subsection, whether or not the person<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Consented under subsection C of § 64.2-1042<\/a>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Objected under subdivision D 4 of § 64.2-1042<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If, after sending a notice under subdivision B 2, a fiduciary<\/span> decides not to take the action proposed in the notice, the fiduciary<\/span> shall notify in a record<\/span> each person<\/span> described in subsection A of § 64.2-1042<\/a> of the decision not to take the action and the reasons for the decision. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If a beneficiary requests in a record<\/span> that a fiduciary<\/span> take an action described in subsection A and the fiduciary<\/span> declines to act or does not act within 90 days after receiving the request, the beneficiary may request the court<\/span> to direct the fiduciary<\/span> to take the action requested. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> In deciding whether and how to take an action authorized by subsection A, or whether and how to respond to a request by a beneficiary under subsection E, a fiduciary<\/span> shall consider all factors relevant to the trust and the beneficiaries, including relevant factors in subsection E of § 64.2-1036<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A fiduciary<\/span> may release or delegate the power to convert an income trust<\/span> to a unitrust under subdivision A 1, change the percentage or method used to calculate a unitrust amount<\/span> under subdivision A 2, or convert a unitrust to an income trust<\/span> under subdivision A 3, for a reason described in subsection G of § 64.2-1038<\/a> and in the manner described in subsection H of § 64.2-1038<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY OF FIDUCIARY (\u00a7 64.2-1041)\n\nA. A fiduciary, without court approval, by complying with subsections B and F,\nmay:\n\n 1. Convert an income trust to a unitrust if the fiduciary adopts in a record a\n unitrust policy for the trust providing:\n \t\t\t\ta. That in administering the trust the net income of the trust will be a\n unitrust amount rather than net income determined without regard to this\n article; and\n \t\t\t\tb. The percentage and method used to calculate the unitrust amount;\n\n 2. Change the percentage or method used to calculate a unitrust amount for a\n unitrust if the fiduciary adopts in a record a unitrust policy or an amendment\n or replacement of a unitrust policy providing changes in the percentage or\n method used to calculate the unitrust amount; or\n\n 3. Convert a unitrust to an income trust if the fiduciary adopts in a record a\n determination that, in administering the trust, the net income of the trust\n will be net income determined without regard to this article rather than a\n unitrust amount.\n\nB. A fiduciary may take an action under subsection A if:\n\n 1. The fiduciary determines that the action will assist the fiduciary to\n administer a trust impartially;\n\n 2. The fiduciary sends a notice in a record, in the manner required by §\n 64.2-1042, describing and proposing to take the action;\n\n 3. The fiduciary sends a copy of the notice under subdivision 2 to each\n settlor of the trust that is:\n \t\t\t\ta. If an individual, living; or\n \t\t\t\tb. If not an individual, in existence;\n\n 4. At least one member of each class of the qualified beneficiaries determined\n under § 64.2-701, other than the Attorney General, receiving the notice\n under subdivision 2 is:\n \t\t\t\ta. If an individual, legally competent;\n \t\t\t\tb. If not an individual, in existence; or\n \t\t\t\tc. Represented in the manner provided in Article 3 (§ 64.2-714 et\n seq.) of Chapter 7; and\n\n 5. The fiduciary does not receive, by the date specified in the notice under\n subdivision D 5 of § 64.2-1042, an objection in a record to the action\n proposed under subdivision 2 from a person to which the notice under\n subdivision 2 is sent.\n\nC. If a fiduciary receives, not later than the date stated in the notice under\nsubdivision D 5 of \u00a7 64.2-1042, an objection in a record described in\nsubdivision D 4 of \u00a7 64.2-1042 to a proposed action, the fiduciary or a\nbeneficiary may request the court to have the proposed action taken as proposed,\ntaken with modifications, or prevented. A person described in subsection A of \u00a7\n64.2-1042 may oppose the proposed action in the proceeding under this\nsubsection, whether or not the person:\n\n 1. Consented under subsection C of § 64.2-1042; or\n\n 2. Objected under subdivision D 4 of § 64.2-1042.\n\nD. If, after sending a notice under subdivision B 2, a fiduciary decides not to\ntake the action proposed in the notice, the fiduciary shall notify in a record\neach person described in subsection A of § 64.2-1042 of the decision not to\ntake the action and the reasons for the decision.\n\nE. If a beneficiary requests in a record that a fiduciary take an action\ndescribed in subsection A and the fiduciary declines to act or does not act\nwithin 90 days after receiving the request, the beneficiary may request the\ncourt to direct the fiduciary to take the action requested.\n\nF. In deciding whether and how to take an action authorized by subsection A, or\nwhether and how to respond to a request by a beneficiary under subsection E, a\nfiduciary shall consider all factors relevant to the trust and the\nbeneficiaries, including relevant factors in subsection E of § 64.2-1036.\n\nG. A fiduciary may release or delegate the power to convert an income trust to a\nunitrust under subdivision A 1, change the percentage or method used to\ncalculate a unitrust amount under subdivision A 2, or convert a unitrust to an\nincome trust under subdivision A 3, for a reason described in subsection G of\n§ 64.2-1038 and in the manner described in subsection H of §\n64.2-1038.\n\nHISTORY: 2022, c. 354.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}