Trustees; settlement of accounts; notice and statements to beneficiaries; requirements. Provides that the beneficiary of a trust shall be deemed to have released a trustee and ratified all actions of a trustee for the administration of a trust if, when the trust terminates or the trustee ceases to serve, the trustee sends the beneficiary notice and the beneficiary does not object within 60 days after the trustee sent such notice. The bill also requires the trustee to provide to the beneficiary certain financial information related to the trust. This bill is identical to SB 566.

Statutes affected:
House: Prefiled and ordered printed; offered 01/10/24 24101335D: 64.2-800
House: Committee substitute printed 24106497D-H1: 64.2-800
House: Bill text as passed House and Senate (HB678ER): 64.2-800
Governor: Acts of Assembly Chapter text (CHAP0446): 64.2-800