55-548.08 - Powers to direct. - Virginia Statutes

§ 55-548.08. Powers to direct.

A. While a trust is revocable, the trustee may follow a direction of thesettlor that is contrary to the terms of the trust.

B. If the terms of a trust confer upon a person other than the settlor of arevocable trust power to direct certain actions of the trustee, the trusteeshall act in accordance with an exercise of the power unless the attemptedexercise is manifestly contrary to the terms of the trust or the trusteeknows the attempted exercise would constitute a serious breach of a fiduciaryduty that the person holding the power owes to the beneficiaries of the trust.

C. The terms of a trust may confer upon a trustee or other person a power todirect the modification or termination of the trust.

D. A person, other than a beneficiary, who holds a power to direct ispresumptively a fiduciary who, as such, is required to act in good faith withregard to the purposes of the trust and the interests of the beneficiaries.The holder of a power to direct is liable for any loss that results frombreach of a fiduciary duty.

(2005, c. 935.)