                                 CODE OF VIRGINIA

TESTAMENTARY TRUSTEES UNDER A WILL WAIVING ACCOUNTS; WAIVER WHERE BENEFICIARY
ALSO TRUSTEE (§ 64.2-1307)

A. For purposes of this section, the term &#8220;sole beneficiary&#8221; means a
person who is (i) the only income beneficiary who is entitled to the principal,
or the remaining principal goes to the trustee&#8217;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. 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.
			Where the waiver is contained in the decedent&#8217;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. Language substantially in form and effect as follows shall be sufficient to
constitute a waiver in the will of the decedent of the trustee&#8217;s
obligation to account: &#8220;I hereby direct that my trustee(s) shall not be
required to file annual accounts with a court as otherwise required by Virginia
law.&#8221;

D. 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&#8217;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. 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.

F. 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&#8217;s obligation to
account: &#8220;I hereby direct that my trustee(s) shall be required to file
annual accounts with a court as otherwise required by Virginia law.&#8221;

G. 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.

HISTORY: 1993, c. 689, § 26-17.7; 2001, c. 73; 2005, c. 821; 2010, cc. 197,
651; 2012, c. 614.