{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-732.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-732.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-732.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-732.html"}],"law_id":66862,"edition_id":1,"section_id":66862,"structure_id":14034,"section_number":"64.2-732","catch_line":"Modification or termination of uneconomic trust","history":"2005, c. 935, \u00a7 55-544.14; 2012, c. 614; 2024, cc. 282, 336; 2025, c. 148.","full_text":"A\n\nAfter notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $250,000 may terminate the trust without court approval if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. Notice required by this section shall be sent in accordance with &#xA7; 64.2-707.B\n\nThe court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.C\n\nUpon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust and may simultaneously utilize the provisions of &#xA7; 64.2-779.D\n\nThis section does not apply to an easement for conservation or preservation.E\n\nExpenses incurred by the trustee incident to the termination of a trust pursuant to this section shall be paid by the trust estate.","order_by":null,"text":{"0":{"id":242444,"text":"After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $250,000 may terminate the trust without court approval if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. Notice required by this section shall be sent in accordance with &#xA7; 64.2-707.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":242445,"text":"The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":242446,"text":"Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust and may simultaneously utilize the provisions of &#xA7; 64.2-779.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":242447,"text":"This section does not apply to an easement for conservation or preservation.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":242448,"text":"Expenses incurred by the trustee incident to the termination of a trust pursuant to this section shall be paid by the trust estate.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14034,"edition_id":1,"name":"Creation, Validity, Modification, and Termination of Trust","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":12725,"metadata":{},"date_created":"2026-06-26 03:46:39","date_modified":"2026-06-26 03:46:39","permalink":{"id":274263,"object_type":"structure","relational_id":14034,"identifier":"4","token":"64.2\/III\/7\/4","url":"\/64.2\/III\/7\/4\/","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":79648,"structure_id":14034,"section_number":"64.2-719","catch_line":"Methods of creating trust","url":"\/64.2-719\/","token":"64.2\/III\/7\/4\/64.2-719","metadata":false},{"id":69632,"structure_id":14034,"section_number":"64.2-720","catch_line":"Requirements for creation","url":"\/64.2-720\/","token":"64.2\/III\/7\/4\/64.2-720","metadata":false},{"id":83069,"structure_id":14034,"section_number":"64.2-721","catch_line":"Trusts created in other jurisdictions","url":"\/64.2-721\/","token":"64.2\/III\/7\/4\/64.2-721","metadata":false},{"id":55125,"structure_id":14034,"section_number":"64.2-722","catch_line":"Trust purposes","url":"\/64.2-722\/","token":"64.2\/III\/7\/4\/64.2-722","metadata":false},{"id":60061,"structure_id":14034,"section_number":"64.2-723","catch_line":"Charitable purposes; enforcement","url":"\/64.2-723\/","token":"64.2\/III\/7\/4\/64.2-723","metadata":false},{"id":58193,"structure_id":14034,"section_number":"64.2-724","catch_line":"Creation of trust induced by fraud, duress, or undue influence","url":"\/64.2-724\/","token":"64.2\/III\/7\/4\/64.2-724","metadata":false},{"id":85469,"structure_id":14034,"section_number":"64.2-725","catch_line":"Evidence of oral trust","url":"\/64.2-725\/","token":"64.2\/III\/7\/4\/64.2-725","metadata":false},{"id":55689,"structure_id":14034,"section_number":"64.2-726","catch_line":"Trust for care of animal","url":"\/64.2-726\/","token":"64.2\/III\/7\/4\/64.2-726","metadata":false},{"id":81678,"structure_id":14034,"section_number":"64.2-727","catch_line":"Noncharitable trust without ascertainable beneficiary","url":"\/64.2-727\/","token":"64.2\/III\/7\/4\/64.2-727","metadata":false},{"id":84830,"structure_id":14034,"section_number":"64.2-728","catch_line":"Modification or termination of trust; proceedings for approval or disapproval","url":"\/64.2-728\/","token":"64.2\/III\/7\/4\/64.2-728","metadata":false},{"id":80099,"structure_id":14034,"section_number":"64.2-729","catch_line":"Modification or termination of noncharitable irrevocable trust by consent","url":"\/64.2-729\/","token":"64.2\/III\/7\/4\/64.2-729","metadata":false},{"id":66263,"structure_id":14034,"section_number":"64.2-730","catch_line":"Modification or termination because of unanticipated circumstances or inability to administer trust effectively","url":"\/64.2-730\/","token":"64.2\/III\/7\/4\/64.2-730","metadata":false},{"id":69697,"structure_id":14034,"section_number":"64.2-731","catch_line":"Cy pres","url":"\/64.2-731\/","token":"64.2\/III\/7\/4\/64.2-731","metadata":false},{"id":66862,"structure_id":14034,"section_number":"64.2-732","catch_line":"Modification or termination of uneconomic trust","url":"\/64.2-732\/","token":"64.2\/III\/7\/4\/64.2-732","metadata":false},{"id":84040,"structure_id":14034,"section_number":"64.2-733","catch_line":"Reformation to correct mistakes","url":"\/64.2-733\/","token":"64.2\/III\/7\/4\/64.2-733","metadata":false},{"id":60974,"structure_id":14034,"section_number":"64.2-734","catch_line":"Modification to achieve settlor's tax objectives","url":"\/64.2-734\/","token":"64.2\/III\/7\/4\/64.2-734","metadata":false},{"id":69919,"structure_id":14034,"section_number":"64.2-735","catch_line":"Combination and division of trusts","url":"\/64.2-735\/","token":"64.2\/III\/7\/4\/64.2-735","metadata":false},{"id":61715,"structure_id":14034,"section_number":"64.2-736","catch_line":"Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust","url":"\/64.2-736\/","token":"64.2\/III\/7\/4\/64.2-736","metadata":false},{"id":83369,"structure_id":14034,"section_number":"64.2-737","catch_line":"Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation","url":"\/64.2-737\/","token":"64.2\/III\/7\/4\/64.2-737","metadata":false},{"id":69457,"structure_id":14034,"section_number":"64.2-738","catch_line":"Prohibitions as to trust that is deemed a split-interest trust","url":"\/64.2-738\/","token":"64.2\/III\/7\/4\/64.2-738","metadata":false},{"id":79217,"structure_id":14034,"section_number":"64.2-739","catch_line":"Application of \u00a7\u00a7 64.2-737 and 64.2-738","url":"\/64.2-739\/","token":"64.2\/III\/7\/4\/64.2-739","metadata":false},{"id":78805,"structure_id":14034,"section_number":"64.2-740","catch_line":"Interpretation of references to Internal Revenue Code in \u00a7\u00a7 64.2-736 through 64.2-739","url":"\/64.2-740\/","token":"64.2\/III\/7\/4\/64.2-740","metadata":false},{"id":73508,"structure_id":14034,"section_number":"64.2-741","catch_line":"Powers of courts not impaired by \u00a7\u00a7 64.2-736 through 64.2-740","url":"\/64.2-741\/","token":"64.2\/III\/7\/4\/64.2-741","metadata":false}],"previous_section":{"id":69697,"structure_id":14034,"section_number":"64.2-731","catch_line":"Cy pres","url":"\/64.2-731\/","token":"64.2\/III\/7\/4\/64.2-731","metadata":false},"next_section":{"id":84040,"structure_id":14034,"section_number":"64.2-733","catch_line":"Reformation to correct mistakes","url":"\/64.2-733\/","token":"64.2\/III\/7\/4\/64.2-733","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-732\/","history_text":"<p>This law was first created in 2005. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?051+ful+CHAP0935\">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 2012, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0614\">614<\/a>; in 2024, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?241+ful+CHAP0282\">282<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?241+ful+CHAP0336\">336<\/a>; in 2025, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?251+ful+CHAP0148\">148<\/a>.<\/p>","references":[{"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\/"}],"refers_to":false,"permalink":{"id":274317,"object_type":"law","relational_id":66862,"identifier":"64.2-732","token":"64.2\/III\/7\/4\/64.2-732","url":"\/64.2-732\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-732\/","token":"64.2\/III\/7\/4\/64.2-732","dublin_core":{"Title":"Modification or termination of uneconomic trust","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-732","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> After notice to the qualified beneficiaries, the <span class=\"dictionary\">trustee<\/span> of a trust consisting of trust <span class=\"dictionary\">property<\/span> having a total <span class=\"dictionary\">value<\/span> less than $250,000 may terminate the trust without <span class=\"dictionary\">court<\/span> approval if the <span class=\"dictionary\">trustee<\/span> concludes that the <span class=\"dictionary\">value<\/span> of the trust <span class=\"dictionary\">property<\/span> is insufficient to justify the cost of administration. Notice required by this section shall be sent in accordance with &#xA7; <a class=\"law\" title=\"Methods and waiver of notice\" href=\"\/64.2-707\/\">64.2-707<\/a>. <a id=\"paragraph-242444\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-732\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The <span class=\"dictionary\">court<\/span> may modify or terminate a trust or remove the <span class=\"dictionary\">trustee<\/span> and appoint a different <span class=\"dictionary\">trustee<\/span> if it determines that the <span class=\"dictionary\">value<\/span> of the trust <span class=\"dictionary\">property<\/span> is insufficient to justify the cost of administration. <a id=\"paragraph-242445\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-732\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Upon termination of a trust under this section, the <span class=\"dictionary\">trustee<\/span> shall distribute the trust <span class=\"dictionary\">property<\/span> in a manner consistent with the purposes of the trust and may simultaneously utilize the provisions of &#xA7; <a class=\"law\" title=\"Distribution upon termination\" href=\"\/64.2-779\/\">64.2-779<\/a>. <a id=\"paragraph-242446\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-732\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> This section does not apply to an easement for conservation or preservation. <a id=\"paragraph-242447\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-732\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> Expenses incurred by the <span class=\"dictionary\">trustee<\/span> incident to the termination of a trust pursuant to this section shall be paid by the trust estate. <a id=\"paragraph-242448\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-732\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMODIFICATION OR TERMINATION OF UNECONOMIC TRUST (\u00a7 64.2-732)\n\nA. After notice to the qualified beneficiaries, the trustee of a trust\nconsisting of trust property having a total value less than $250,000 may\nterminate the trust without court approval if the trustee concludes that the\nvalue of the trust property is insufficient to justify the cost of\nadministration. Notice required by this section shall be sent in accordance with\n&#xA7; 64.2-707.\n\nB. The court may modify or terminate a trust or remove the trustee and appoint a\ndifferent trustee if it determines that the value of the trust property is\ninsufficient to justify the cost of administration.\n\nC. Upon termination of a trust under this section, the trustee shall distribute\nthe trust property in a manner consistent with the purposes of the trust and may\nsimultaneously utilize the provisions of &#xA7; 64.2-779.\n\nD. This section does not apply to an easement for conservation or preservation.\n\nE. Expenses incurred by the trustee incident to the termination of a trust\npursuant to this section shall be paid by the trust estate.\n\nHISTORY: 2005, c. 935, \u00a7 55-544.14; 2012, c. 614; 2024, cc. 282, 336; 2025, c.\n148.","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}}