Code of Virginia § 64.2-719. Methods of creating trust.

203 words·~1 min read·/va/title-64-2/chapter-7/64-2-719

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A trust may be created by:

1. Transfer of property to another person as trustee during the settlor's lifetime by the settlor or by the settlor's agent, acting in accordance with § 64.2-1612 , under a power of attorney that expressly authorizes the agent to create a trust on the settlor's behalf or by will or other disposition taking effect upon the settlor's death;

2. Declaration by the owner of property that the owner holds identifiable property as trustee;

3. Exercise of a power of appointment in favor of a trustee; or

4. A conservator acting in accordance with § 64.2-2023 .

B. A circuit court, upon petition from an interested party, may create and establish a trust with such trustee and such terms as the court determines. In an order creating and establishing the trust, the court shall determine whether the trustee shall have a duty to qualify in the clerk's office; post bond, with or without surety; or file an inventory and annual accounting with the commissioner of accounts as would apply to a testamentary trustee.

2005, c. 935 , § 55-544.01; 2010, cc. 455 , 632 ; 2012, c. 614 ; 2013, c. 523 ; 2016, c. 186 .