Virginia Code 64.2-758: Resignation of trustee
Current as of: 2023 | Check for updates
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A. A trustee may resign:
Terms Used In Virginia Code 64.2-758
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
1. Upon at least 30 days’ notice to the settlor, if living, to all cotrustees, and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; or
2. With the approval of the court.
B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
C. Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.