26-17.6 - Testamentary trustees. - Virginia Statutes

§ 26-17.6. Testamentary trustees.

A. Except as provided herein, every testamentary trustee shall exhibit suchstatement for each calendar year to the commissioner of accounts of the courtwhere the order conferring his authority was entered on an annual basiscommencing on or before May 1 of the calendar year following initial fundingof the trust. Accounts for each calendar year thereafter will be filed on orbefore May 1 of the following calendar year.

B. All testamentary trustees who qualify prior to July 1, 1993, and elect tofile accounts on a fiscal year basis may continue to file such accounts on anannual basis within four months after the end of the fiscal year selected.

C. Accountings for trusts, one of the trustees of which trust is acorporation qualified under § 6.1-5, and by other testamentary trusteespermitted by the Internal Revenue Code to file income tax returns on a fiscalyear, may be filed on the basis of the trust fiscal year. The first accountshall be filed within sixteen months of the date on which the trust wasinitially funded.

(1993, c. 689.)