A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.

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Terms Used In Virginia Code 64.2-779.2

  • Decanting power: means the power of an authorized fiduciary under the Uniform Trust Decanting Act (§ Virginia Code 64.2-701
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
  • First trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Virginia Code 64.2-701
  • First-trust instrument: means the trust instrument for a first trust. See Virginia Code 64.2-701

B. This article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this article.

C. Except as otherwise provided in a first-trust instrument, for purposes of this article and § 64.2-763 and subsection A of § 64.2-764, the terms of the first trust are deemed to include the decanting power.

2017, c. 592.

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