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Troutman Sanders LLP: Virginia Will Become Friendlier to Trustees on July 1, 2012

By David N. Anthony , Melissa Roberts Tannery and Tania S. Sebastian A change in Virginia law effective July 1, 2012, will limit trustee liability with respect to directed trusts, which is good news for corporate and individual trustees alike. The amendment to Virginia Code Section 55-548.08 , which...

Troutman Sanders LLP: Virginia Trust Law to Help Protect Assets from Creditors While Still Enjoying the Assets Takes Effect on July 1, 2012

By David N. Anthony , Melissa Roberts Tannery and Tania S. Sebastian Beginning July 1, 2012, Virginia will allow its residents to create qualified self-settled spendthrift trusts and achieve some protection from creditors. Va. Code Ann. §§ 55-545.03:02 and 55-545.03:03 . Under current Virginia...

Troutman Sanders LLP: New Virginia Law Authorizes Trust Decanting, Allowing A Trustee To Change Some Provisions of An Irrevocable Trust

By Carol F. Burger , Molly F. James , Melissa Roberts Tannery and Tania S. Sebastian Effective July 1, 2012, Virginia has a new law which permits the trustee to change some provisions of an irrevocable trust by appointing or decanting income and/or principal of a trust to another trust, under certain...