                                 CODE OF VIRGINIA

BENEFICIARY&#8217;S CONSENT, RELEASE, OR RATIFICATION (§ 64.2-800)

A. A trustee is not liable to a beneficiary for breach of trust if the
beneficiary consented to the conduct constituting the breach, released the
trustee from liability for the breach, or ratified the transaction constituting
the breach, unless:

   1. The consent, release, or ratification of the beneficiary was induced by
   improper conduct of the trustee; or

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

B. A beneficiary shall be deemed to have released a trustee and ratified all
actions of a trustee for the administration of the trust if, when the trust
terminates or the trustee ceases to serve:

   1. The trustee sends the beneficiary the following:
   				a. A report as described in subsection C of &#xA7; 64.2-775, for the
   immediately preceding two years;
   				b. The amount of any taxes, expenses, or fees, including trustee fees and
   any reserves, remaining to be paid;
   				c. Notice that (i) the trust is terminating or that the trustee is ceasing
   to serve; (ii) if the beneficiary does not object in writing to the trustee
   within 60 days after the trustee sent the notice and information, the
   beneficiary shall be deemed to have released the trustee and ratified all
   actions of the trustee; and (iii) the trustee is unaware of any undisclosed
   information that could give rise to a claim by the beneficiary; and
   				d. If the trust is terminating, a description of any trust property or
   interests reasonably anticipated but not yet received and a proposal for
   distribution; and

   2. The beneficiary does not notify the trustee of the beneficiary&#8217;s
   objection in writing within 60 days after the trustee sent the notice and
   information pursuant to subdivision 1.

C. The provisions of subsection B shall not apply to a transaction pursuant to
Article 8.1 (&#xA7; 64.2-779.1 et seq.) of Chapter 7.

D. In the event the trustee is not released and his actions ratified pursuant to
the process provided by subsection B, the trustee shall not be precluded from
obtaining a release of liability by another permitted method.

E. When a trustee complies with the provisions of subsection B, has received no
objection or has resolved any objection, and distributes the assets of a
terminating trust to a beneficiary or to a successor trustee, such action shall
have the same legal and preclusive effect as if a court had entered a final
order approving the trustee&#8217;s final account or approving the
trustee&#8217;s interim accounts. A beneficiary or other party who received the
notice and statements and either consented or did not object shall be prohibited
from bringing a claim against the trustee.

HISTORY: 2005, c. 935, § 55-550.09; 2012, c. 614; 2024, cc. 446, 600.