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Sablone on Modifying Irrevocable Trusts Using the UTC and Decanting Statutes

Traditionally, 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...

James Cox on Virginia and West Virginia’s Adoption of 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...

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...

James Cox on Uniform Trust Code in Virginia and West Virginia

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...