                                 CODE OF VIRGINIA

SPENDTHRIFT PROVISION (§ 64.2-743)

A. A spendthrift provision is valid only if it restrains both voluntary and
involuntary transfer of a beneficiary&#8217;s interest.

B. A term of a trust providing that the interest of a beneficiary is held
subject to a &#8220;spendthrift trust,&#8221; or words of similar import, is
sufficient to restrain both voluntary and involuntary transfer of the
beneficiary&#8217;s interest.

C. A beneficiary may not transfer an interest in a trust in violation of a valid
spendthrift provision and, except as otherwise provided in this article, a
creditor or assignee of the beneficiary may not reach the interest or a
distribution by the trustee before its receipt by the beneficiary.

HISTORY: 2005, c. 935, § 55-545.02; 2012, c. 614.