irrevocable trusts could not be modified or terminated without court
involvement. In this Analysis, Kathleen Sablone reviews how the Uniform Trust
Code and decanting statutes offer some options for building flexibility into
existing irrevocable trusts. She writes:
The Uniform Trust Code...
As a result of the
increasing use of trusts in estate planning and a lack of comprehensive
codification of the law governing trusts, in July of 2006 Virginia adopted its
version of the Uniform Trust Code (UTC). Similarly, West Virginia has adopted
the Uniform Trust Code, effective July 1, 2011. In this...
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...
By James Cox *
In part as a result of the increasing use of trusts in estate planning and the lack of a comprehensive codification of the law of trusts, the Virginia Assembly adopted effective July 1, 2006, the Virginia version of the Uniform Trust Code (UTC). West Virginia followed suit, and adopted...