Virginia Code 64.2-730: Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
Current as of: 2024 | Check for updates
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A. The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification shall be made in accordance with the settlor’s probable intention.
Terms Used In Virginia Code 64.2-730
- Court: means the court of the Commonwealth having jurisdiction in matters related to trusts. See Virginia Code 64.2-701
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Virginia Code 64.2-701
- Settlor: except as otherwise provided in § Virginia Code 64.2-701
- Terms of a trust: means :
1. See Virginia Code 64.2-701
B. The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust’s administration.
C. Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.