Virginia SB 78: Trust decanting; authorized fiduciary.

Bill Text

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2018 SESSION

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18101870D

SENATE BILL NO. 78 

Offered January 10, 2018 

Prefiled December 4, 2017 

A BILL to amend and reenact �� 64.2-701 and 64.2-779.5 of the 
 Code of Virginia, relating to trust decanting; authorized fiduciary. 
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Patron-- Edwards 

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Referred to Committee for Courts of Justice 

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Be it enacted by the General Assembly of Virginia:

1. That �� 64.2-701 and 64.2-779.5 of the Code of Virginia are 
 amended and reenacted as follows:

� 64.2-701. Definitions.

As used in this chapter, unless the context requires a 
 different meaning:

"Action," with respect to an act of a trustee, 
 includes a failure to act.

"Appointive property" means the property or property 
 interest subject to a power of appointment.

"Ascertainable standard" means a standard relating 
 to an individual's health, education, support, or maintenance within the 
 meaning of � 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986 
 and any applicable regulations.

"Authorized fiduciary" means (i) a trustee or other 
 fiduciary, other than a settlor, that has discretion to distribute or direct a 
 trustee to distribute part or all of the income or principal of the first trust 
 to one or more current beneficiaries and that is 
 not (a) a current beneficiary of the first trust or a beneficiary to which 
 the net income or principal of the first trust would be 
 distributed if the first trust were 
 terminated, (b) a trustee of the first trust that 
 may be removed and replaced by a current beneficiary who 
 has the power to remove the existing trustee of the first trust and designate as 
 successor trustee a person that 
 may be a related or subordinate party, as defined in 26 U.S.C. � 
 672(c), with respect to such current beneficiary, or (c) an individual trustee 
 whose legal obligation to support a beneficiary may be satisfied by 
 distributions of income and principal of the first trust; 
 (ii) a special fiduciary appointed under � 64.2-779.6; or (iii) a special-needs 
 fiduciary under � 64.2-779.10.

"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.

"Charitable interest" means an interest in a trust 
 that (i) is held by an identified charitable organization and makes the 
 organization a qualified beneficiary; (ii) benefits only charitable 
 organizations and, if the interest were held by an identified charitable 
 organization, would make the organization a qualified beneficiary; or (iii) is 
 held solely for charitable purposes and, if the interest were held by an 
 identifie