Virginia Code 64.2-779.18: Need to distribute not required.
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An authorized fiduciary may exercise the decanting power whether or not under the first trust‘s discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of income or principal at the time of the exercise.
Terms Used In Virginia Code 64.2-779.18
- 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
2017, c. 592.