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Bill > HB1380


VA HB1380

Uniform Directed Trust Act; codifies Act.


summary

Introduced
01/08/2020
In Committee
02/24/2020
Crossed Over
01/27/2020
Passed
03/03/2020
Dead
Signed/Enacted/Adopted
04/07/2020

Introduced Session

2020 Regular Session

Bill Summary

Uniform Directed Trust Act. Codifies the Uniform Directed Trust Act, which expressly validates terms of a trust that provide for a trust director, a term that is defined in the Act, and prescribes a set of rules for directed trusts, including allocation of fiduciary duties.

AI Summary

This bill codifies the Uniform Directed Trust Act, which expressly validates the use of "trust directors" in trusts. The Act prescribes a set of rules for directed trusts, including the allocation of fiduciary duties between trustees and trust directors. Key provisions include defining the powers and duties of trust directors, directing trustees to comply with a trust director's instructions, and outlining the circumstances in which a trustee or trust director can be liable for a breach of trust. The bill also makes related amendments to the Virginia Uniform Trust Code, such as clarifying the duties of co-trustees.

Committee Categories

Business and Industry, Justice

Sponsors (1)

Last Action

Governor: Acts of Assembly Chapter text (CHAP0768) (on 04/07/2020)

bill text


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