Current with changes from the 2024 legislative session through ch. 845
Section 64.2-799 - Exculpation of trusteeA. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:1. Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.B. An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the existence and contents of the exculpatory term were adequately communicated to the settlor.2005, c. 935, § 55-550.08; 2012, c. 614.Amended by Acts 2012, c. 614.Amended by Acts 2005, c. 935, § 55-550.08.