                                 CODE OF VIRGINIA

DISTRIBUTION UPON TERMINATION (§ 64.2-779)

A. Upon termination or partial termination of a trust, the trustee may send to
the beneficiaries a proposal for distribution. The right of any beneficiary to
object to the proposed distribution terminates if the beneficiary does not
notify the trustee of an objection within 30 days after the proposal was sent
but only if the proposal informed the beneficiary of the right to object and of
the time allowed for objection.

B. Upon the occurrence of an event terminating or partially terminating a trust,
the trustee shall proceed expeditiously to distribute the trust property to the
persons entitled to it, subject to the right of the trustee to retain a
reasonable reserve for the payment of debts, expenses, and taxes.

C. A release by a beneficiary of a trustee from liability for breach of trust is
invalid to the extent:

   1. It was induced by improper conduct of the trustee; or

   2. The beneficiary, at the time of the release, did not know of the
   beneficiary&#8217;s rights or of the material facts relating to the breach.

HISTORY: 2005, c. 935, § 55-548.17; 2012, c. 614.