55-546.02 - Revocation or amendment of revocable trust. - Virginia Statutes

§ 55-546.02. Revocation or amendment of revocable trust.

A. Unless the terms of a trust expressly provide that the trust isirrevocable, the settlor may revoke or amend the trust. This subsection doesnot apply to a trust created under an instrument executed before July 1, 2006.

B. If a revocable trust is created or funded by more than one settlor:

1. To the extent the trust consists of community property, the trust may berevoked by either spouse acting alone but may be amended only by joint actionof both spouses;

2. To the extent the trust consists of property other than communityproperty, each settlor may revoke or amend the trust with regard to theportion of the trust property attributable to that settlor's contribution; and

3. Upon the revocation or amendment of the trust by fewer than all of thesettlors, the trustee shall promptly notify the other settlors of therevocation or amendment.

C. The settlor may revoke or amend a revocable trust:

1. By substantial compliance with a method provided in the terms of thetrust; or

2. If the terms of the trust do not provide a method, by any methodmanifesting clear and convincing evidence of the settlor's intent.

D. Upon revocation of a revocable trust, the trustee shall deliver the trustproperty as the settlor directs.

E. A settlor's powers with respect to revocation, amendment, or distributionof trust property may be exercised by an agent, acting in accordance with §26-85, under a power of attorney that expressly authorizes such action exceptto the extent expressly prohibited by the terms of the trust.

F. A conservator of the settlor or, if no conservator has been appointed, aguardian of the settlor may exercise a settlor's powers with respect torevocation, amendment, or distribution of trust property only (i) to theextent expressly authorized by the terms of the trust or (ii) authorized bythe court supervising the conservatorship or guardianship for good causeshown.

G. A trustee who does not know that a trust has been revoked or amended isnot liable to the settlor or settlor's successors in interest fordistributions made and other actions taken on the assumption that the trusthad not been amended or revoked.

(2005, c. 935; 2010, cc. 455, 632.)