Va. Code § 64.2-779.34

Current with changes from the 2024 legislative session through ch. 845

Section 64.2-779.34 - No duty to monitor, inform, or advise

A. Unless the terms of a trust provide otherwise:

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.

Va. Code § 64.2-779.34

2020, c. 768.

Added by Acts 2020 c. 768, § 1, eff. 7/1/2020.