Virginia Code 64.2-1407: Who to execute the trust until new trustee appointed
A. The personal representative of a deceased trustee, or the remaining trustee or trustees if there were more than one trustee and one or more but less than all of them have died, resigned, become incapable of executing the trust on account of physical or mental disability or confinement in prison, become ineligible to continue to serve as trustee because of no longer being a resident of the Commonwealth where residency is statutorily required, or otherwise become ineligible to continue serving as trustee, shall execute the trust, or so much of the trust as remained unexecuted at the time such lack of capacity to execute the trust or such ineligibility came into being until an appointment is made pursuant to this part, unless the instrument creating the trust directs otherwise or some other trustee is appointed for the purpose by a circuit court having jurisdiction of the case. In the case of removal of the trust management function by a corporate trustee, the corporate trustee shall continue to execute the trust until such time as an appointment is made pursuant to this part.
Terms Used In Virginia Code 64.2-1407
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
B. The provisions of this section shall not apply to any trust governed by the Uniform Trust Code (§ 64.2-700 et seq.).
Code 1919, § 6300; 1930, p. 350; 1940, p. 302; 1942, p. 168; Code 1950, § 26-51; 1998, cc. 392, 410; 2001, c. 38; 2005, c. 935; 2012, c. 614.