2006 Code of Virginia § 55-548.13 - Duty to inform and report.

55-548.13. Duty to inform and report.

A. A trustee shall keep the qualified beneficiaries of the trust reasonablyinformed about the administration of the trust and of the material factsnecessary for them to protect their interests. Unless unreasonable under thecircumstances, a trustee shall promptly respond to a beneficiary's requestfor information related to the administration of the trust.

B. A trustee:

1. Upon request of a beneficiary, shall promptly furnish to the beneficiary acopy of the trust instrument;

2. Within 60 days after accepting a trusteeship, shall notify the qualifiedbeneficiaries of the acceptance and of the trustee's name, address, andtelephone number;

3. Within 60 days after the date the trustee acquires knowledge of thecreation of an irrevocable trust, or the date the trustee acquires knowledgethat a formerly revocable trust has become irrevocable, whether by the deathof the settlor or otherwise, shall notify the qualified beneficiaries of thetrust's existence, of the identity of the settlor or settlors, of the rightto request a copy of the trust instrument, and of the right to a trustee'sreport as provided in subsection C; and

4. Shall notify the qualified beneficiaries in advance of any change in themethod or rate of the trustee's compensation.

C. A trustee shall send to the distributees or permissible distributees oftrust income or principal, and to other qualified or nonqualifiedbeneficiaries who request it, at least annually and at the termination of thetrust, a report of the trust property, liabilities, receipts, anddisbursements, including the source and amount of the trustee's compensation,a listing of the trust assets and, if feasible, their respective marketvalues. Upon a vacancy in a trusteeship, unless a cotrustee remains inoffice, a report shall be sent to the qualified beneficiaries by the formertrustee. A personal representative, conservator, or guardian may send thequalified beneficiaries a report on behalf of a deceased or incapacitatedtrustee.

D. A beneficiary may waive the right to a trustee's report or otherinformation otherwise required to be furnished under this section. Abeneficiary, with respect to future reports and other information, maywithdraw a waiver previously given.

E. Subdivisions 2 and 3 of subsection B and subsection C apply only to anirrevocable trust created on or after the effective date of this chapter, andto a revocable trust which becomes irrevocable on or after the effective dateof this chapter.

(2005, c. 935.)