55-548.10 - Recordkeeping and identification of trust property. - Virginia Statutes

§ 55-548.10. Recordkeeping and identification of trust property.

A. A trustee shall keep adequate records of the administration of the trust.

B. A trustee shall keep trust property separate from the trustee's ownproperty.

C. Except as otherwise provided in subsection D, a trustee shall cause thetrust property to be designated so that the interest of the trust, to theextent feasible, appears in records maintained by a party other than atrustee or beneficiary.

D. If the trustee maintains records clearly indicating the respectiveinterests, a trustee may invest as a whole the property of two or moreseparate trusts.

E. A deed or other instrument purporting to convey or transfer real orpersonal property to a trust instead of to the trustee or trustees of thetrust shall be deemed to convey or transfer such property to the trustee ortrustees as fully as if made directly to the trustee or trustees.

(2005, c. 935; 2007, c. 197.)