55-547.01 - Accepting or declining trusteeship. - Virginia Statutes

§ 55-547.01. Accepting or declining trusteeship.

A. Except as otherwise provided in subsection C, a person designated astrustee accepts the trusteeship:

1. By substantially complying with a method of acceptance provided in theterms of the trust; or

2. If the terms of the trust do not provide a method or the method providedin the terms is not expressly made exclusive, by accepting delivery of thetrust property, exercising powers or performing duties as trustee, orotherwise indicating acceptance of the trusteeship.

B. A person designated as trustee who has not yet accepted the trusteeshipmay reject the trusteeship. A designated trustee who does not accept thetrusteeship within a reasonable time after knowing of the designation isdeemed to have rejected the trusteeship.

C. A person designated as trustee, without accepting the trusteeship, may:

1. Act to preserve the trust property if, within a reasonable time afteracting, the person sends a rejection of the trusteeship to the settlor or, ifthe settlor is dead or lacks capacity, to a qualified beneficiary; and

2. Inspect or investigate trust property to determine potential liabilityunder environmental or other law or for any other purpose.

(2005, c. 935.)