{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-703.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-703.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-703.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-703.html"}],"law_id":86944,"edition_id":1,"section_id":86944,"structure_id":14203,"section_number":"64.2-703","catch_line":"Default and mandatory rules","history":"2005, c. 935, \u00a7 55-541.05; 2007, c. 216; 2012, c. 614; 2020, c. 768.","full_text":"A\n\nExcept as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.B\n\nThe terms of a trust prevail over any provision of this chapter except:1\n\nThe requirements for creating a trust;2\n\nSubject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;3\n\nThe requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;4\n\nThe power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734;5\n\nThe effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);6\n\nThe power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;7\n\nThe power of the court under subsection B of § 64.2-761 to adjust a trustee’s compensation specified in the terms of the trust that is unreasonably low or high;8\n\nThe effect of an exculpatory term under § 64.2-799;9\n\nThe rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;10\n\nPeriods of limitation for commencing a judicial proceeding; and11\n\nThe power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.","order_by":null,"text":{"0":{"id":311277,"text":"Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":311278,"text":"The terms of a trust prevail over any provision of this chapter except:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":311279,"text":"The requirements for creating a trust;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":311280,"text":"Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":311281,"text":"The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":311282,"text":"The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":311283,"text":"The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":311284,"text":"The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"8":{"id":311285,"text":"The power of the court under subsection B of § 64.2-761 to adjust a trustee’s compensation specified in the terms of the trust that is unreasonably low or high;","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"9":{"id":311286,"text":"The effect of an exculpatory term under § 64.2-799;","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"B9"},"10":{"id":311287,"text":"The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;","type":"section","prefixes":["B","9"],"prefix":"9","entire_prefix":"B9","prefix_anchor":"B9","level":2,"prior_prefix":"B8","next_prefix":"B10"},"11":{"id":311288,"text":"Periods of limitation for commencing a judicial proceeding; and","type":"section","prefixes":["B","10"],"prefix":"10","entire_prefix":"B10","prefix_anchor":"B10","level":2,"prior_prefix":"B9","next_prefix":"B11"},"12":{"id":311289,"text":"The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.","type":"section","prefixes":["B","11"],"prefix":"11","entire_prefix":"B11","prefix_anchor":"B11","level":2,"prior_prefix":"B10"}},"ancestry":[{"id":14203,"edition_id":1,"name":"General Provisions and Definitions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12725,"metadata":{},"date_created":"2026-06-26 03:47:16","date_modified":"2026-06-26 03:47:16","permalink":{"id":274109,"object_type":"structure","relational_id":14203,"identifier":"1","token":"64.2\/III\/7\/1","url":"\/64.2\/III\/7\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12725,"edition_id":1,"name":"Uniform Trust Code","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":274107,"object_type":"structure","relational_id":12725,"identifier":"7","token":"64.2\/III\/7","url":"\/64.2\/III\/7\/","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":77403,"structure_id":14203,"section_number":"64.2-700","catch_line":"Scope","url":"\/64.2-700\/","token":"64.2\/III\/7\/1\/64.2-700","metadata":false},{"id":80693,"structure_id":14203,"section_number":"64.2-701","catch_line":"Definitions","url":"\/64.2-701\/","token":"64.2\/III\/7\/1\/64.2-701","metadata":false},{"id":85487,"structure_id":14203,"section_number":"64.2-702","catch_line":"Knowledge","url":"\/64.2-702\/","token":"64.2\/III\/7\/1\/64.2-702","metadata":false},{"id":86944,"structure_id":14203,"section_number":"64.2-703","catch_line":"Default and mandatory rules","url":"\/64.2-703\/","token":"64.2\/III\/7\/1\/64.2-703","metadata":false},{"id":70374,"structure_id":14203,"section_number":"64.2-704","catch_line":"Common law of trusts; principles of equity","url":"\/64.2-704\/","token":"64.2\/III\/7\/1\/64.2-704","metadata":false},{"id":78961,"structure_id":14203,"section_number":"64.2-705","catch_line":"Governing law","url":"\/64.2-705\/","token":"64.2\/III\/7\/1\/64.2-705","metadata":false},{"id":85685,"structure_id":14203,"section_number":"64.2-706","catch_line":"Principal place of administration","url":"\/64.2-706\/","token":"64.2\/III\/7\/1\/64.2-706","metadata":false},{"id":56469,"structure_id":14203,"section_number":"64.2-707","catch_line":"Methods and waiver of notice","url":"\/64.2-707\/","token":"64.2\/III\/7\/1\/64.2-707","metadata":false},{"id":76542,"structure_id":14203,"section_number":"64.2-708","catch_line":"Others treated as qualified beneficiaries","url":"\/64.2-708\/","token":"64.2\/III\/7\/1\/64.2-708","metadata":false},{"id":55392,"structure_id":14203,"section_number":"64.2-709","catch_line":"Nonjudicial settlement agreements","url":"\/64.2-709\/","token":"64.2\/III\/7\/1\/64.2-709","metadata":false}],"previous_section":{"id":85487,"structure_id":14203,"section_number":"64.2-702","catch_line":"Knowledge","url":"\/64.2-702\/","token":"64.2\/III\/7\/1\/64.2-702","metadata":false},"next_section":{"id":70374,"structure_id":14203,"section_number":"64.2-704","catch_line":"Common law of trusts; principles of equity","url":"\/64.2-704\/","token":"64.2\/III\/7\/1\/64.2-704","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-703\/","history_text":"

This law was first created in 2005. The record of its establishment is cataloged in chapter 935<\/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. It has been modified 3 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 2007, chapter 216<\/a>; in 2012, chapter 614<\/a>; in 2020, chapter 768<\/a>.<\/p>","references":false,"refers_to":[{"id":84830,"section_number":"64.2-728","catch_line":"Modification or termination of trust; proceedings for approval or disapproval","order_by":null,"url":"\/64.2-728\/"},{"id":60974,"section_number":"64.2-734","catch_line":"Modification to achieve settlor's tax objectives","order_by":null,"url":"\/64.2-734\/"},{"id":56108,"section_number":"64.2-742","catch_line":"Rights of beneficiary's creditor or assignee","order_by":null,"url":"\/64.2-742\/"},{"id":63666,"section_number":"64.2-755","catch_line":"Trustee's bond","order_by":null,"url":"\/64.2-755\/"},{"id":61636,"section_number":"64.2-756","catch_line":"Cotrustees","order_by":null,"url":"\/64.2-756\/"},{"id":71429,"section_number":"64.2-761","catch_line":"Compensation of trustee","order_by":null,"url":"\/64.2-761\/"},{"id":60365,"section_number":"64.2-779.32","catch_line":"Duty and liability of directed trustee","order_by":null,"url":"\/64.2-779.32\/"},{"id":56442,"section_number":"64.2-779.34","catch_line":"No duty to monitor, inform, or advise","order_by":null,"url":"\/64.2-779.34\/"},{"id":55970,"section_number":"64.2-799","catch_line":"Exculpation of trustee","order_by":null,"url":"\/64.2-799\/"},{"id":81265,"section_number":"64.2-801","catch_line":"Limitation on personal liability of trustee","order_by":null,"url":"\/64.2-801\/"},{"id":64879,"section_number":"64.2-804","catch_line":"Certification of trust","order_by":null,"url":"\/64.2-804\/"}],"permalink":{"id":274123,"object_type":"law","relational_id":86944,"identifier":"64.2-703","token":"64.2\/III\/7\/1\/64.2-703","url":"\/64.2-703\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-703\/","token":"64.2\/III\/7\/1\/64.2-703","dublin_core":{"Title":"Default and mandatory rules","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-703","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee<\/span>, relations among trustees<\/span>, and the rights and interests of a beneficiary<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The terms of a trust prevail over any provision of this chapter except: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The requirements for creating a trust; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Subject to subsection I of § 64.2-756<\/a> and §§ 64.2-779.32<\/a> and 64.2-779.34<\/a>, the duty of a trustee<\/span> to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The power of the court<\/span> to modify or terminate a trust under §§ 64.2-728<\/a> through 64.2-734<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The effect of a spendthrift provision<\/span> and the rights of certain creditors<\/span> and assignees to reach a trust as provided in Article 5 (§ 64.2-742<\/a> et seq.); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The power of the court<\/span> under § 64.2-755<\/a> to require, dispense with, or modify or terminate a bond<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The power of the court<\/span> under subsection B of § 64.2-761<\/a> to adjust a trustee<\/span>’s compensation specified in the terms of the trust that is unreasonably low or high; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The effect of an exculpatory term under § 64.2-799<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The rights under §§ 64.2-801<\/a> through 64.2-804<\/a> of a person<\/span> other than a trustee<\/span> or beneficiary<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Periods of limitation for commencing a judicial proceeding; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The power of the court<\/span> to take such action and exercise such jurisdiction<\/span> as may be necessary in the interests of justice. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFAULT AND MANDATORY RULES (\u00a7 64.2-703)\n\nA. Except as otherwise provided in the terms of the trust, this chapter governs\nthe duties and powers of a trustee, relations among trustees, and the rights and\ninterests of a beneficiary.\n\nB. The terms of a trust prevail over any provision of this chapter except:\n\n 1. The requirements for creating a trust;\n\n 2. Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and\n 64.2-779.34, the duty of a trustee to act in good faith and in accordance with\n the terms and purposes of the trust and the interests of the beneficiaries;\n\n 3. The requirement that a trust and its terms be for the benefit of its\n beneficiaries, and that the trust have a purpose that is lawful, not contrary\n to public policy, and possible to achieve;\n\n 4. The power of the court to modify or terminate a trust under §§\n 64.2-728 through 64.2-734;\n\n 5. The effect of a spendthrift provision and the rights of certain creditors\n and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et\n seq.);\n\n 6. The power of the court under § 64.2-755 to require, dispense with, or\n modify or terminate a bond;\n\n 7. The power of the court under subsection B of § 64.2-761 to adjust a\n trustee’s compensation specified in the terms of the trust that is\n unreasonably low or high;\n\n 8. The effect of an exculpatory term under § 64.2-799;\n\n 9. The rights under §§ 64.2-801 through 64.2-804 of a person other\n than a trustee or beneficiary;\n\n 10. Periods of limitation for commencing a judicial proceeding; and\n\n 11. The power of the court to take such action and exercise such jurisdiction\n as may be necessary in the interests of justice.\n\nHISTORY: 2005, c. 935, \u00a7 55-541.05; 2007, c. 216; 2012, c. 614; 2020, c. 768.","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}}