Code of Virginia § 64.2-779.15. Removal or replacement of authorized fiduciary.
105 words·~1 min read·
/va/title-64-2/chapter-7/64-2-779-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
1. The person holding the power consents to the modification in a signed record and the modification applies only to the person;
2. The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
3. The court approves the modification and the modification grants a substantially similar power to another person.
2017, c. 592 .