Code of Virginia § 64.2-1401. Jurisdiction for qualification of testamentary trustee; qualification and bond; when surety not required.
267 words·~1 min read·
/va/title-64-2/chapter-14/64-2-1401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. In the case of a testamentary trust, the jurisdiction where the will has been admitted to probate in the Commonwealth shall be the exclusive jurisdiction for the qualification of the trustee under such will. In the case of a will of a nonresident that has not been admitted to probate in the Commonwealth, the trustee under such will shall be permitted to qualify in any jurisdiction in which such will could be probated or, if there is no such jurisdiction, then the trustee shall be permitted to qualify pursuant to § 64.2-1402 .
B. Before proceeding to act as trustee, the trustee named in a will probated after July 1, 1968, shall qualify and give bond before the proper circuit court or clerk with surety as may be required by the court or clerk unless
(i)the will waives surety on the bond,
(ii)surety is not required under § 6.2-1003 , or
(iii)the will was executed prior to July 1, 1968, and the trustee offering to qualify as such was also named in the will as executor and qualifies as such, and the will waives surety upon the bond of such executor.
C. The provisions hereof shall not apply to a testamentary devise or bequest to a church or its trustees.
D. If real estate located in the Commonwealth constitutes any of the trust assets, the qualification of the trustee under this section shall not be in lieu of any other recordation required by law.
1964, c. 464, §§ 26-46.2, 26-46.3; 1966, c. 327; 1968, c. 514; 1981, c. 239, 2012, c. 614 .