Fiduciaries Generally

Passed

P HB1577

Commissioners of accounts; vouchers and statements of assets. Eliminates the authority of a commissioner of accounts to require a fiduciary to produce the original check as proper verification of a specific payment or distribution to a beneficiary or distributee. This bill is identical to SB 995.
Patron - Reese

P HB1715

Fiduciaries; obligation to comply with prudent investor rule. Provides that the investment protections associated with the "legal list" do not operate to relieve a fiduciary of his obligations under Virginia's prudent investor rule.
Patron - Kilgore

P HB2170

Commissioners of accounts; fees. Authorizes a commissioner of accounts, for any services he may perform, to accept a lesser fee than that prescribed by the court or to waive a fee altogether.
Patron - Johnson

P HB2384

Accountings to the commissioner of accounts; no requirement where beneficiary is trustee. Eliminates the requirement to account to a commissioner of accounts with respect to a testamentary trust where the sole beneficiary is also a trustee. A "sole beneficiary" means a person who is (i) the only income beneficiary who is entitled to the principal, or the remaining principal goes to the trustee's estate, or (ii) the only income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons.
Patron - Barlow

P HB2547

Fiduciaries; obligation to report nonresident status; penalty. Requires a fiduciary to notify the clerk and commissioners of accounts when he no longer is a resident of Virginia, and to provide them with his new address, within 30 days after the change in residency. Failure to report the change in resident status and new address may result in imposition of a $50 civil penalty upon the fiduciary. This requirement does not apply to any fiduciary whose cofiduciary is a Virginia resident.
Patron - Van Landingham

P SB995

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