Virginia Code 64.2-784: Duties at inception of trusteeship.
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Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this article.
Terms Used In Virginia Code 64.2-784
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trust: includes the assets under the control or management of the trustee. See Virginia Code 64.2-780