                                 CODE OF VIRGINIA

NONCHARITABLE TRUST WITHOUT ASCERTAINABLE BENEFICIARY (§ 64.2-727)

Except as otherwise provided in § 64.2-726 or by another statute, the following
rules apply:

1. A trust may be created for a noncharitable purpose without a definite or
definitely ascertainable beneficiary or for a noncharitable but otherwise valid
purpose to be selected by the trustee. The trust may not be enforced for more
than 21 years.

2. A trust authorized by this section may be enforced by a person appointed in
the terms of the trust or, if no person is so appointed, by a person appointed
by the court.

3. Property of a trust authorized by this section may be applied only to its
intended use, except to the extent the court determines that the value of the
trust property exceeds the amount required for the intended use. Except as
otherwise provided in the terms of the trust, property not required for the
intended use shall be distributed to the settlor, if then living, otherwise to
the settlor&#8217;s successors in interest.

HISTORY: 2005, c. 935, § 55-544.09; 2012, c. 614.