                                 CODE OF VIRGINIA

NOTICE (§ 64.2-1042)

A. A notice required by subdivision B 2 of § 64.2-1041 shall be sent in a
manner authorized under § 64.2-707 to:

   1. The qualified beneficiaries determined under &#xA7; 64.2-701, other than
   the Attorney General;

   2. Each person acting as trust director of the trust under the Uniform
   Directed Trust Act (&#xA7; 64.2-779.26 et seq.); and

   3. Each person that is granted a power by the terms of the trust to appoint or
   remove a trustee or person described in subdivision 2, to the extent the power
   is exercisable when the person that exercises the power is not then serving as
   a trustee or person described in subdivision 2.

B. The representation provisions of Article 3 (&#xA7; 64.2-714 et seq.) of
Chapter 7 apply to notice under this section.

C. A person may consent in a record at any time to action proposed under
subdivision B 2 of &#xA7; 64.2-1041. A notice required by subdivision B 2 of
&#xA7; 64.2-1041 need not be sent to a person that consents under this
subsection.

D. A notice required by subdivision B 2 of § 64.2-1041 shall include:

   1. The action proposed under subdivision B 2 of &#xA7; 64.2-1041;

   2. For a conversion of an income trust to a unitrust, a copy of the unitrust
   policy adopted under subdivision A 1 of &#xA7; 64.2-1041;

   3. For a change in the percentage or method used to calculate the unitrust
   amount, a copy of the unitrust policy or amendment or replacement of the
   unitrust policy adopted under subdivision A 2 of &#xA7; 64.2-1041;

   4. A statement that the person to which the notice is sent may object to the
   proposed action by stating in a record the basis for the objection and sending
   or delivering the record to the fiduciary;

   5. The date by which an objection under subdivision 4 must be received by the
   fiduciary, which must be at least 30 days after the date the notice is sent;

   6. The date on which the action is proposed to be taken and the date on which
   the action is proposed to take effect;

   7. The name and contact information of the fiduciary; and

   8. The name and contact information of a person that may be contacted for
   additional information.

HISTORY: 2022, c. 354.