{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1307.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1307.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1307.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1307.html"}],"law_id":70650,"edition_id":1,"section_id":70650,"structure_id":14213,"section_number":"64.2-1307","catch_line":"Testamentary trustees under a will waiving accounts; waiver where beneficiary also trustee","history":"1993, c. 689, \u00a7 26-17.7; 2001, c. 73; 2005, c. 821; 2010, cc. 197, 651; 2012, c. 614.","full_text":"A\n\nFor purposes of this section, the term “sole beneficiary” means a person who is (i) the only income beneficiary who is entitled to the principal, or the remaining principal goes to the trustee’s estate or (ii) the only income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons.B\n\nIf (i) the will of a decedent probated on or after July 1, 1993, contains a waiver of the obligations of the testamentary trustee nominated therein to account or (ii) the sole beneficiary of the trust also is a trustee, the trustee will not be required to file accounts with the commissioner of accounts.\n\t\t\tWhere the waiver is contained in the decedent’s will, the trustee shall within 90 days after qualification notify in writing all beneficiaries of the trust, other than the trustee, who are adults, whose addresses are known to the trustee, and to whom income or principal of the trust could be currently distributed; provide each such beneficiary with a copy of the applicable provisions of the will; advise each such beneficiary of his right to require an annual accounting; and provide each such beneficiary with a copy of this section and annually thereafter provide each such beneficiary an accounting upon request. The trustee shall send to the commissioner of accounts a copy of the notice given to each beneficiary or, in the alternative, file a writing with the commissioner of accounts stating that the requirements of this section have been met. For receiving and filing such notice or writing, the commissioner of accounts shall be allowed a fee not to exceed $25.C\n\nLanguage substantially in form and effect as follows shall be sufficient to constitute a waiver in the will of the decedent of the trustee’s obligation to account: “I hereby direct that my trustee(s) shall not be required to file annual accounts with a court as otherwise required by Virginia law.”D\n\nNotwithstanding a waiver in the will of the decedent or any prior consent of a beneficiary, any such adult beneficiary may, at any time during the administration of the trust, demand in a writing delivered to the trustee and to the commissioner of accounts that the trustee settle annually with the commissioner of accounts. Upon notice of such demand to the trustee and the commissioner of accounts, such trustee shall file an account with the commissioner of accounts for a period acceptable to the commissioner of accounts as though there were no waiver by the testator. The beneficiary making such demand may later revoke his demand by a writing delivered to the trustee and the commissioner of accounts. The demand for settlement of the trustee’s account before the commissioner of accounts may also be made by the personal representative of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor, or if none exists, a custodial parent of a minor or by any minor who has attained 14 years of age.E\n\nNotwithstanding the provisions of this section, any trustee under a will of a decedent containing the requisite waiver, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B, and (ii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25.F\n\nNotwithstanding the provisions of this section, any trustee under a will of a decedent probated on or after July 1, 2010, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the will of the decedent does not direct the filing of such inventory or accounts and the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B; (ii) obtains the written consent of the representatives of all incapacitated beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those representatives with the documents and information specified in subsection B; and (iii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25. The consent of an incapacitated beneficiary may be made by the personal representative of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor, or if none exists, a custodial parent of a minor who is not also the trustee. Language substantially in form and effect as follows shall be sufficient to constitute a direction in the will of the decedent of the trustee’s obligation to account: “I hereby direct that my trustee(s) shall be required to file annual accounts with a court as otherwise required by Virginia law.”G\n\nA circuit court having jurisdiction may order the filing of annual accounts if it deems such filings to be in the best interests of one or more beneficiaries of the trust.","order_by":null,"text":{"0":{"id":254873,"text":"For purposes of this section, the term “sole beneficiary” means a person who is (i) the only income beneficiary who is entitled to the principal, or the remaining principal goes to the trustee’s estate or (ii) the only income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":254874,"text":"If (i) the will of a decedent probated on or after July 1, 1993, contains a waiver of the obligations of the testamentary trustee nominated therein to account or (ii) the sole beneficiary of the trust also is a trustee, the trustee will not be required to file accounts with the commissioner of accounts.\n\t\t\tWhere the waiver is contained in the decedent’s will, the trustee shall within 90 days after qualification notify in writing all beneficiaries of the trust, other than the trustee, who are adults, whose addresses are known to the trustee, and to whom income or principal of the trust could be currently distributed; provide each such beneficiary with a copy of the applicable provisions of the will; advise each such beneficiary of his right to require an annual accounting; and provide each such beneficiary with a copy of this section and annually thereafter provide each such beneficiary an accounting upon request. The trustee shall send to the commissioner of accounts a copy of the notice given to each beneficiary or, in the alternative, file a writing with the commissioner of accounts stating that the requirements of this section have been met. For receiving and filing such notice or writing, the commissioner of accounts shall be allowed a fee not to exceed $25.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":254875,"text":"Language substantially in form and effect as follows shall be sufficient to constitute a waiver in the will of the decedent of the trustee’s obligation to account: “I hereby direct that my trustee(s) shall not be required to file annual accounts with a court as otherwise required by Virginia law.”","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":254876,"text":"Notwithstanding a waiver in the will of the decedent or any prior consent of a beneficiary, any such adult beneficiary may, at any time during the administration of the trust, demand in a writing delivered to the trustee and to the commissioner of accounts that the trustee settle annually with the commissioner of accounts. Upon notice of such demand to the trustee and the commissioner of accounts, such trustee shall file an account with the commissioner of accounts for a period acceptable to the commissioner of accounts as though there were no waiver by the testator. The beneficiary making such demand may later revoke his demand by a writing delivered to the trustee and the commissioner of accounts. The demand for settlement of the trustee’s account before the commissioner of accounts may also be made by the personal representative of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor, or if none exists, a custodial parent of a minor or by any minor who has attained 14 years of age.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":254877,"text":"Notwithstanding the provisions of this section, any trustee under a will of a decedent containing the requisite waiver, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B, and (ii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":254878,"text":"Notwithstanding the provisions of this section, any trustee under a will of a decedent probated on or after July 1, 2010, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the will of the decedent does not direct the filing of such inventory or accounts and the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B; (ii) obtains the written consent of the representatives of all incapacitated beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those representatives with the documents and information specified in subsection B; and (iii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25. The consent of an incapacitated beneficiary may be made by the personal representative of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor, or if none exists, a custodial parent of a minor who is not also the trustee. Language substantially in form and effect as follows shall be sufficient to constitute a direction in the will of the decedent of the trustee’s obligation to account: “I hereby direct that my trustee(s) shall be required to file annual accounts with a court as otherwise required by Virginia law.”","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":254879,"text":"A circuit court having jurisdiction may order the filing of annual accounts if it deems such filings to be in the best interests of one or more beneficiaries of the trust.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":14213,"edition_id":1,"name":"Inventories and Accounts","identifier":"13","label":"chapter","depth":4,"order_by":1,"parent_id":12991,"metadata":{},"date_created":"2026-06-26 03:47:18","date_modified":"2026-06-26 03:47:18","permalink":{"id":274911,"object_type":"structure","relational_id":14213,"identifier":"13","token":"64.2\/IV\/A\/13","url":"\/64.2\/IV\/A\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12991,"edition_id":1,"name":"Fiduciaries","identifier":"A","label":"part","depth":3,"order_by":1,"parent_id":12905,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":274815,"object_type":"structure","relational_id":12991,"identifier":"A","token":"64.2\/IV\/A","url":"\/64.2\/IV\/A\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12905,"edition_id":1,"name":"Fiduciaries and Guardians","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":274813,"object_type":"structure","relational_id":12905,"identifier":"IV","token":"64.2\/IV","url":"\/64.2\/IV\/","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":57415,"structure_id":14213,"section_number":"64.2-1300","catch_line":"Inventories to be filed with commissioners of accounts","url":"\/64.2-1300\/","token":"64.2\/IV\/A\/13\/64.2-1300","metadata":false},{"id":56595,"structure_id":14213,"section_number":"64.2-1301","catch_line":"When inventory and settlement not required","url":"\/64.2-1301\/","token":"64.2\/IV\/A\/13\/64.2-1301","metadata":false},{"id":84852,"structure_id":14213,"section_number":"64.2-1302","catch_line":"Waiver of inventory and settlement for certain estates","url":"\/64.2-1302\/","token":"64.2\/IV\/A\/13\/64.2-1302","metadata":false},{"id":62710,"structure_id":14213,"section_number":"64.2-1303","catch_line":"Copies of inventories and accounts to be provided by personal representatives","url":"\/64.2-1303\/","token":"64.2\/IV\/A\/13\/64.2-1303","metadata":false},{"id":72702,"structure_id":14213,"section_number":"64.2-1304","catch_line":"Personal representatives","url":"\/64.2-1304\/","token":"64.2\/IV\/A\/13\/64.2-1304","metadata":false},{"id":55411,"structure_id":14213,"section_number":"64.2-1305","catch_line":"Conservators, guardians of minors' estates, committees, trustees under \u00a7 64.2-2016, and receivers","url":"\/64.2-1305\/","token":"64.2\/IV\/A\/13\/64.2-1305","metadata":false},{"id":69027,"structure_id":14213,"section_number":"64.2-1306","catch_line":"Testamentary trustees","url":"\/64.2-1306\/","token":"64.2\/IV\/A\/13\/64.2-1306","metadata":false},{"id":70650,"structure_id":14213,"section_number":"64.2-1307","catch_line":"Testamentary trustees under a will waiving accounts; waiver where beneficiary also trustee","url":"\/64.2-1307\/","token":"64.2\/IV\/A\/13\/64.2-1307","metadata":false},{"id":69223,"structure_id":14213,"section_number":"64.2-1308","catch_line":"Forms for inventories and accounts","url":"\/64.2-1308\/","token":"64.2\/IV\/A\/13\/64.2-1308","metadata":false},{"id":68866,"structure_id":14213,"section_number":"64.2-1309","catch_line":"Accounts of sales under deeds of trust","url":"\/64.2-1309\/","token":"64.2\/IV\/A\/13\/64.2-1309","metadata":false},{"id":71524,"structure_id":14213,"section_number":"64.2-1310","catch_line":"Recordation of inventories and accounts of sales","url":"\/64.2-1310\/","token":"64.2\/IV\/A\/13\/64.2-1310","metadata":false},{"id":65481,"structure_id":14213,"section_number":"64.2-1311","catch_line":"Vouchers and statement of assets on hand; direct payments to account; vouchers for IRS payments","url":"\/64.2-1311\/","token":"64.2\/IV\/A\/13\/64.2-1311","metadata":false},{"id":74306,"structure_id":14213,"section_number":"64.2-1312","catch_line":"Report to circuit court; death of fiduciary; fiduciary for recipient of federal benefits","url":"\/64.2-1312\/","token":"64.2\/IV\/A\/13\/64.2-1312","metadata":false},{"id":68025,"structure_id":14213,"section_number":"64.2-1313","catch_line":"Exhibition of accounts when sum does not exceed certain amount","url":"\/64.2-1313\/","token":"64.2\/IV\/A\/13\/64.2-1313","metadata":false},{"id":76384,"structure_id":14213,"section_number":"64.2-1314","catch_line":"Statement in lieu of settlement of accounts by personal representatives in certain circumstances","url":"\/64.2-1314\/","token":"64.2\/IV\/A\/13\/64.2-1314","metadata":false},{"id":67817,"structure_id":14213,"section_number":"64.2-1315","catch_line":"Certification and recording of accounts settled in a judicial proceeding","url":"\/64.2-1315\/","token":"64.2\/IV\/A\/13\/64.2-1315","metadata":false},{"id":64642,"structure_id":14213,"section_number":"64.2-1316","catch_line":"Settlement of fiduciary's accounts by commissioner in chancery; report to commissioner of accounts","url":"\/64.2-1316\/","token":"64.2\/IV\/A\/13\/64.2-1316","metadata":false},{"id":62071,"structure_id":14213,"section_number":"64.2-1317","catch_line":"Disposition of papers relating to estates","url":"\/64.2-1317\/","token":"64.2\/IV\/A\/13\/64.2-1317","metadata":false}],"previous_section":{"id":69027,"structure_id":14213,"section_number":"64.2-1306","catch_line":"Testamentary trustees","url":"\/64.2-1306\/","token":"64.2\/IV\/A\/13\/64.2-1306","metadata":false},"next_section":{"id":69223,"structure_id":14213,"section_number":"64.2-1308","catch_line":"Forms for inventories and accounts","url":"\/64.2-1308\/","token":"64.2\/IV\/A\/13\/64.2-1308","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1307\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 689 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. Unfortunately, the 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2001, chapter 73<\/a>; in 2005, chapter 821<\/a>; in 2010, chapters 197<\/a> and 651<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":[{"id":57415,"section_number":"64.2-1300","catch_line":"Inventories to be filed with commissioners of accounts","order_by":null,"url":"\/64.2-1300\/"},{"id":68025,"section_number":"64.2-1313","catch_line":"Exhibition of accounts when sum does not exceed certain amount","order_by":null,"url":"\/64.2-1313\/"}],"refers_to":false,"permalink":{"id":274941,"object_type":"law","relational_id":70650,"identifier":"64.2-1307","token":"64.2\/IV\/A\/13\/64.2-1307","url":"\/64.2-1307\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1307\/","token":"64.2\/IV\/A\/13\/64.2-1307","dublin_core":{"Title":"Testamentary trustees under a will waiving accounts; waiver where beneficiary also trustee","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1307","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For purposes of this section, the term “sole beneficiary<\/span>” means a person who is (i) the only income beneficiary who is entitled to the principal, or the remaining principal goes to the trustee<\/span>’s estate or (ii) the only income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If (i) the will<\/span> of a decedent probated on or after July 1, 1993, contains a waiver<\/span> of the obligations of the testamentary trustee<\/span> nominated therein to account or (ii) the sole beneficiary<\/span> of the trust also is a trustee<\/span>, the trustee<\/span> will<\/span> not be required to file accounts with the commissioner of accounts.\n\t\t\tWhere the waiver<\/span> is contained in the decedent’s will<\/span>, the trustee<\/span> shall within 90 days after qualification notify in writing all beneficiaries of the trust, other than the trustee<\/span>, who are adults, whose addresses are known to the trustee<\/span>, and to whom income or principal of the trust could be currently distributed; provide each such beneficiary with a copy of the applicable provisions of the will<\/span>; advise each such beneficiary of his right to require an annual accounting; and provide each such beneficiary with a copy of this section and annually thereafter provide each such beneficiary an accounting upon request. The trustee<\/span> shall send to the commissioner of accounts a copy of the notice given to each beneficiary or, in the alternative, file a writing with the commissioner of accounts stating that the requirements of this section have been met. For receiving and filing such notice or writing, the commissioner of accounts shall be allowed a fee not to exceed $25. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Language substantially in form and effect as follows shall be sufficient to constitute a waiver<\/span> in the will<\/span> of the decedent of the trustee<\/span>’s obligation to account: “I hereby direct that my trustee<\/span>(s) shall not be required to file annual accounts with a court<\/span> as otherwise required by Virginia law<\/span>.” <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding a waiver<\/span> in the will<\/span> of the decedent or any prior consent of a beneficiary, any such adult beneficiary may, at any time during the administration of the trust, demand in a writing delivered to the trustee<\/span> and to the commissioner of accounts that the trustee<\/span> settle annually with the commissioner of accounts. Upon notice of such demand to the trustee<\/span> and the commissioner of accounts, such trustee<\/span> shall file an account with the commissioner of accounts for a period acceptable to the commissioner of accounts as though there were no waiver<\/span> by the testator. The beneficiary making such demand may later revoke his demand by a writing delivered to the trustee<\/span> and the commissioner of accounts. The demand for settlement<\/span> of the trustee<\/span>’s account before the commissioner of accounts may also be made by the personal representative<\/span> of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact<\/span><\/span> for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor<\/span>, or if none exists, a custodial parent of a minor<\/span> or by any minor<\/span> who has attained 14 years of age. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding the provisions of this section, any trustee<\/span> under a will<\/span> of a decedent containing the requisite waiver<\/span>, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee<\/span> (i) obtains the written consent of all adult beneficiaries, other than the trustee<\/span>, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B, and (ii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Notwithstanding the provisions of this section, any trustee<\/span> under a will<\/span> of a decedent probated on or after July 1, 2010, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the will<\/span> of the decedent does not direct the filing of such inventory or accounts and the trustee<\/span> (i) obtains the written consent of all adult beneficiaries, other than the trustee<\/span>, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with the documents and information specified in subsection B; (ii) obtains the written consent of the representatives of all incapacitated beneficiaries, other than the trustee<\/span>, to whom income or principal of the trust could be currently distributed, after providing those representatives with the documents and information specified in subsection B; and (iii) files those consents with the commissioner of accounts on or before the date on which the inventory or next required accounting would otherwise be due. For receiving and filing such written consent, the commissioner of accounts shall be allowed a fee not to exceed $25. The consent of an incapacitated beneficiary may be made by the personal representative<\/span> of a deceased beneficiary whose estate is a beneficiary, an attorney-in-fact<\/span><\/span> for a beneficiary, a guardian of an incapacitated beneficiary, a committee of a convict or insane beneficiary, the duly qualified guardian of a minor<\/span>, or if none exists, a custodial parent of a minor<\/span> who is not also the trustee<\/span>. Language substantially in form and effect as follows shall be sufficient to constitute a direction in the will<\/span> of the decedent of the trustee<\/span>’s obligation to account: “I hereby direct that my trustee<\/span>(s) shall be required to file annual accounts with a court<\/span> as otherwise required by Virginia law<\/span>.” <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A circuit<\/span> court<\/span> having jurisdiction<\/span> may order<\/span> the filing of annual accounts if it deems such filings to be in the best interests of one or more beneficiaries of the trust. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTESTAMENTARY TRUSTEES UNDER A WILL WAIVING ACCOUNTS; WAIVER WHERE BENEFICIARY\nALSO TRUSTEE (\u00a7 64.2-1307)\n\nA. For purposes of this section, the term “sole beneficiary” means a\nperson who is (i) the only income beneficiary who is entitled to the principal,\nor the remaining principal goes to the trustee’s estate or (ii) the only\nincome beneficiary and has either a general power of appointment over the\nprincipal or has a special power of appointment that is not limited to a\nparticular class of persons.\n\nB. If (i) the will of a decedent probated on or after July 1, 1993, contains a\nwaiver of the obligations of the testamentary trustee nominated therein to\naccount or (ii) the sole beneficiary of the trust also is a trustee, the trustee\nwill not be required to file accounts with the commissioner of accounts.\n\t\t\tWhere the waiver is contained in the decedent’s will, the trustee shall\nwithin 90 days after qualification notify in writing all beneficiaries of the\ntrust, other than the trustee, who are adults, whose addresses are known to the\ntrustee, and to whom income or principal of the trust could be currently\ndistributed; provide each such beneficiary with a copy of the applicable\nprovisions of the will; advise each such beneficiary of his right to require an\nannual accounting; and provide each such beneficiary with a copy of this section\nand annually thereafter provide each such beneficiary an accounting upon\nrequest. The trustee shall send to the commissioner of accounts a copy of the\nnotice given to each beneficiary or, in the alternative, file a writing with the\ncommissioner of accounts stating that the requirements of this section have been\nmet. For receiving and filing such notice or writing, the commissioner of\naccounts shall be allowed a fee not to exceed $25.\n\nC. Language substantially in form and effect as follows shall be sufficient to\nconstitute a waiver in the will of the decedent of the trustee’s\nobligation to account: “I hereby direct that my trustee(s) shall not be\nrequired to file annual accounts with a court as otherwise required by Virginia\nlaw.”\n\nD. Notwithstanding a waiver in the will of the decedent or any prior consent of\na beneficiary, any such adult beneficiary may, at any time during the\nadministration of the trust, demand in a writing delivered to the trustee and to\nthe commissioner of accounts that the trustee settle annually with the\ncommissioner of accounts. Upon notice of such demand to the trustee and the\ncommissioner of accounts, such trustee shall file an account with the\ncommissioner of accounts for a period acceptable to the commissioner of accounts\nas though there were no waiver by the testator. The beneficiary making such\ndemand may later revoke his demand by a writing delivered to the trustee and the\ncommissioner of accounts. The demand for settlement of the trustee’s\naccount before the commissioner of accounts may also be made by the personal\nrepresentative of a deceased beneficiary whose estate is a beneficiary, an\nattorney-in-fact for a beneficiary, a guardian of an incapacitated beneficiary,\na committee of a convict or insane beneficiary, the duly qualified guardian of a\nminor, or if none exists, a custodial parent of a minor or by any minor who has\nattained 14 years of age.\n\nE. Notwithstanding the provisions of this section, any trustee under a will of a\ndecedent containing the requisite waiver, whenever probated, shall be relieved\nof the duty to file an inventory or annual accounts with the commissioner of\naccounts if the trustee (i) obtains the written consent of all adult\nbeneficiaries, other than the trustee, to whom income or principal of the trust\ncould be currently distributed, after providing those beneficiaries with the\ndocuments and information specified in subsection B, and (ii) files those\nconsents with the commissioner of accounts on or before the date on which the\ninventory or next required accounting would otherwise be due. For receiving and\nfiling such written consent, the commissioner of accounts shall be allowed a fee\nnot to exceed $25.\n\nF. Notwithstanding the provisions of this section, any trustee under a will of a\ndecedent probated on or after July 1, 2010, shall be relieved of the duty to\nfile an inventory or annual accounts with the commissioner of accounts if the\nwill of the decedent does not direct the filing of such inventory or accounts\nand the trustee (i) obtains the written consent of all adult beneficiaries,\nother than the trustee, to whom income or principal of the trust could be\ncurrently distributed, after providing those beneficiaries with the documents\nand information specified in subsection B; (ii) obtains the written consent of\nthe representatives of all incapacitated beneficiaries, other than the trustee,\nto whom income or principal of the trust could be currently distributed, after\nproviding those representatives with the documents and information specified in\nsubsection B; and (iii) files those consents with the commissioner of accounts\non or before the date on which the inventory or next required accounting would\notherwise be due. For receiving and filing such written consent, the\ncommissioner of accounts shall be allowed a fee not to exceed $25. The consent\nof an incapacitated beneficiary may be made by the personal representative of a\ndeceased beneficiary whose estate is a beneficiary, an attorney-in-fact for a\nbeneficiary, a guardian of an incapacitated beneficiary, a committee of a\nconvict or insane beneficiary, the duly qualified guardian of a minor, or if\nnone exists, a custodial parent of a minor who is not also the trustee. Language\nsubstantially in form and effect as follows shall be sufficient to constitute a\ndirection in the will of the decedent of the trustee’s obligation to\naccount: “I hereby direct that my trustee(s) shall be required to file\nannual accounts with a court as otherwise required by Virginia law.”\n\nG. A circuit court having jurisdiction may order the filing of annual accounts\nif it deems such filings to be in the best interests of one or more\nbeneficiaries of the trust.\n\nHISTORY: 1993, c. 689, \u00a7 26-17.7; 2001, c. 73; 2005, c. 821; 2010, cc. 197,\n651; 2012, c. 614.","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}}