                                 CODE OF VIRGINIA

ACCEPTING OR DECLINING TRUSTEESHIP (§ 64.2-754)

A. Except as otherwise provided in subsection C, a person designated as trustee
accepts the trusteeship:

   1. By substantially complying with a method of acceptance provided in the
   terms of the trust; or

   2. If the terms of the trust do not provide a method or the method provided in
   the terms is not expressly made exclusive, by accepting delivery of the trust
   property, exercising powers or performing duties as trustee, or otherwise
   indicating acceptance of the trusteeship.

B. A person designated as trustee who has not yet accepted the trusteeship may
reject the trusteeship. A designated trustee who does not accept the trusteeship
within a reasonable time after knowing of the designation is deemed to have
rejected the trusteeship.

C. A person designated as trustee, without accepting the trusteeship, may:

   1. Act to preserve the trust property if, within a reasonable time after
   acting, the person sends a rejection of the trusteeship to the settlor or, if
   the settlor is dead or lacks capacity, to a qualified beneficiary; and

   2. Inspect or investigate trust property to determine potential liability
   under environmental or other law or for any other purpose.

HISTORY: 2005, c. 935, § 55-547.01; 2012, c. 614.