SB566 - Trusts; release or ratification of trustee by beneficiary, response of beneficiary in writing.
Virginia - 2024 Regular Session
Introduced byCreigh Deeds
Last updated 6 months ago
1 Co-Sponsor
Trustees; settlement of accounts; notice and statements to beneficiaries; requirements. Provides that the beneficiary of a trust shall be deemed to have released a trustee and ratified all actions of a trustee for the administration of a trust if, when the trust terminates or the trustee ceases to serve, the trustee sends the beneficiary notice and the beneficiary does not object within 60 days after the trustee sent such notice. The bill also requires the trustee to provide to the beneficiary certain financial information related to the trust.
STATUS
Passed
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