COMMISSIONER OF ACCOUNTS POSITION ON VIRGINIA CODE § 64.2732

COMMISSIONER OF ACCOUNTS POSITION ON VIRGINIA CODE § 64.2-732

The commissioner of accounts may approve the termination of a testamentary trust in accordance with the provisions of Virginia Code § 64.2-732. The commissioner must also approve a Final Account of the Trustee, and the following documents should accompany the request to terminate the testamentary trust:

  1. Statement as to why the value of the trust assets is insufficient to justify the costs of administration.
  2. Written consent of the qualified beneficiaries to the termination and plan of distribution (and evidence of notice to all beneficiaries or their representatives).
  3.  A plan of distribution and a statement as to why such plan is consistent with the testamentary intent of the trustor.

In the event that the commissioner believes that either the termination or the plan of distribution is contrary to the testator's intent, then the commissioner will decline to approve the termination of the trust. The trustee may seek review of the commissioner’s determination from the Court.





 



Links

Home   :::   Terms of Use   :::   Privacy Statement   :::   Copyright © 2008  COA-FFX, Inc.