                                 CODE OF VIRGINIA

DUTY TO INFORM AND REPORT (§ 64.2-775)

A. A trustee shall keep the qualified beneficiaries of the trust reasonably
informed about the administration of the trust and of the material facts
necessary for them to protect their interests. Unless unreasonable under the
circumstances, a trustee shall promptly respond to a beneficiary&#8217;s request
for information related to the administration of the trust. A trustee who fails
to furnish information to a beneficiary or respond to a request for information
regarding the administration of the trust in a good faith belief that to do so
would be unreasonable under the circumstances or contrary to the purposes of the
settlor shall not be subject to removal or other sanctions therefor.

B. A trustee:

   1. Upon request of a beneficiary, shall promptly furnish to the beneficiary a
   copy of the trust instrument;

   2. Within 60 days after accepting a trusteeship, shall notify the qualified
   beneficiaries of the acceptance and of the trustee&#8217;s name, address, and
   telephone number;

   3. Within 60 days after the date the trustee acquires knowledge of the
   creation of an irrevocable trust, or the date the trustee acquires knowledge
   that a formerly revocable trust has become irrevocable, whether by the death
   of the settlor or otherwise, shall notify the qualified beneficiaries of the
   trust&#8217;s existence, of the identity of the settlor or settlors, of the
   right to request a copy of the trust instrument, and of the right to a
   trustee&#8217;s report as provided in subsection C; and

   4. Shall notify the qualified beneficiaries in advance of any change in the
   method or rate of the trustee&#8217;s compensation.

C. A trustee shall send to the distributees or permissible distributees of trust
income or principal, and to other qualified or nonqualified beneficiaries who
request it, at least annually and at the termination of the trust, a report of
the trust property, liabilities, receipts, and disbursements, including the
source and amount of the trustee&#8217;s compensation, a listing of the trust
assets and, if feasible, their respective market values. Upon a vacancy in a
trusteeship, unless a cotrustee remains in office, a report shall be sent to the
qualified beneficiaries by the former trustee. A personal representative,
conservator, or guardian may send the qualified beneficiaries a report on behalf
of a deceased or incapacitated trustee.

D. A beneficiary may waive the right to a trustee&#8217;s report or other
information otherwise required to be furnished under this section. A
beneficiary, with respect to future reports and other information, may withdraw
a waiver previously given.

E. Subdivisions B 2 and B 3 and subsection C apply only to an irrevocable trust
created on or after the effective date of this chapter, and to a revocable trust
that becomes irrevocable on or after the effective date of this chapter.

HISTORY: 2005, c. 935, § 55-548.13; 2007, c. 254; 2012, c. 614.