Fiduciaries Generally

P Passed

P HB841
Uniform Prudent Investor Act. Adopts the uniform act, which is intended to facilitate reasonable investment practices by trustees. The bill adopts a standard of prudence which is applied to an investment as part of a total portfolio rather than to the individual investment; makes the fiduciary's central consideration an evaluation of risk versus return; allows investment in anything that meets the requirements of prudent investing; recognizes the need for diversification; and allows delegation of investment and management functions. This bill is recommended by the Virginia Commissioners to the National Conference of Commissioners on Uniform State Laws.
Patron - Clement

P HB1567
Accounting before commissioners of accounts. Provides that for fiduciaries acting on behalf of Social Security, SSI or veterans' benefits recipients, no accounting shall be required for benefits paid to a designated representative on behalf of the recipient if the representative is otherwise required to account for such benefits.
Patron - Johnson

P HB1946
Vouchers and statement of assets on hand. States that a corporate fiduciary's affidavit describing payments of debts, taxes and expenses shall be a sufficient voucher to comply with the filing requirement of § 26-17.9, unless otherwise requested by the commissioner of accounts.
Patron - Howell

P HB2146
Fiduciaries. Requires the commissioner of accounts to file with the court a quarterly list of all fiduciaries whose accounts have been before the commissioner for more than five months and to indicate which are delinquent. The bill reinserts guardians of minors' estates in § 26-17.4 (inadvertently deleted by 1997 guardianship bill).
Patron - Deeds

F Failed

F HB2002
Fiduciaries; prohibition to serving as fiduciary. Prevents a disbarred attorney from serving as a fiduciary except in limited circumstances. Continuing to serve after license revocation or suspension is a Class 2 misdemeanor.
Patron - Howell


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