Virginia Code 64.2-779.34: No duty to monitor, inform, or advise.
A. Unless the terms of a trust provide otherwise:
Terms Used In Virginia Code 64.2-779.34
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that (i) has a present or future, vested or contingent, beneficial interest in a trust; (ii) holds a power of appointment over trust property; or (iii) is an identified charitable organization that will or may receive distributions under the terms of the trust. See Virginia Code 64.2-701
- Settlor: except as otherwise provided in § Virginia Code 64.2-701
- Terms of a trust: means :
1. See Virginia Code 64.2-701
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. 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. A trustee does not have a duty to:
a. Monitor a trust director; or
b. Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the trust director; and
2. By taking an action described in subdivision 1, a trustee does not assume the duty excluded by subdivision 1.
B. Unless the terms of a trust provide otherwise:
1. A trust director does not have a duty to:
a. Monitor a trustee or another trust director; or
b. Inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the trust director might have acted differently than a trustee or another trust director; and
2. By taking an action described in subdivision 1, a trust director does not assume the duty excluded by subdivision 1.
2020, c. 768.