CODE OF VIRGINIA

TESTAMENTARY TRUSTEES (§ 64.2-1306)

A. Except as provided in subsections B and C, testamentary trustees shall
exhibit a statement of all money and other property that the fiduciary has
received, has become chargeable with, or has disbursed for each calendar year
before the commissioner of accounts of the circuit court where the order
conferring his authority was entered on an annual basis commencing on or before
May 1 of the calendar year following initial funding of the trust. Accounts for
each calendar year thereafter shall be filed on or before May 1 of the following
calendar year.

B. All testamentary trustees who qualify prior to July 1, 1993, and elect to
file accounts on a fiscal year basis may continue to file such accounts on an
annual basis within four months after the end of the fiscal year selected.

C. Accountings for trusts where one of the trustees is a corporation qualified
under § 6.2-803, and by other testamentary trustees permitted by the Internal
Revenue Code to file income tax returns on a fiscal year, may be filed on the
basis of the trust fiscal year. The first account shall be filed within 16
months of the date on which the trust was initially funded.

HISTORY: 1993, c. 689, § 26-17.6; 2012, c. 614.