A. A trustee may resign:

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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  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).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 § 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.

2005, c. 935, § 55-547.05; 2012, c. 614.