Code of Virginia § 64.2-758. Resignation of trustee.
112 words·~1 min read·
/va/title-64-2/chapter-7/64-2-758A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A trustee may resign:
1. Upon at least 30 days' notice to the settlor, if living, to all cotrustees, and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; or
2. With the approval of the court.
B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
C. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
2005, c. 935 , § 55-547.05; 2012, c. 614 .