CODE OF VIRGINIA

METHODS OF CREATING TRUST (§ 64.2-719)

A. A trust may be created by:

   1.  Transfer of property to another person as trustee during the
   settlor’s lifetime by the settlor or by the settlor’s agent,
   acting in accordance with § 64.2-1612, under a power of attorney that
   expressly authorizes the agent to create a trust on the settlor’s behalf
   or by will or other disposition taking effect upon the settlor’s death;

   2.  Declaration by the owner of property that the owner holds identifiable
   property as trustee;

   3.  Exercise of a power of appointment in favor of a trustee; or

   4.  A conservator acting in accordance with § 64.2-2023.

B. A circuit court, upon petition from an interested party, may create and
establish a trust with such trustee and such terms as the court determines. In
an order creating and establishing the trust, the court shall determine whether
the trustee shall have a duty to qualify in the clerk’s office; post bond,
with or without surety; or file an inventory and annual accounting with the
commissioner of accounts as would apply to a testamentary trustee.

HISTORY: 2005, c. 935, § 55-544.01; 2010, cc. 455, 632; 2012, c. 614; 2013, c.
523; 2016, c. 186.